12 U.S.C. § 1849 : US Code - Section 1849: Saving provision

Search 12 U.S.C. § 1849 : US Code - Section 1849: Saving provision

(a) General rule
Nothing herein contained shall be interpreted or construed as
approving any act, action, or conduct which is or has been or may
be in violation of existing law, nor shall anything herein
contained constitute a defense to any action, suit, or proceeding
pending or hereafter instituted on account of any prohibited
antitrust or monopolistic act, action, or conduct, except as
specifically provided in this section.
(b) Antitrust review
(1) In general
The Board shall immediately notify the Attorney General of any
approval by it pursuant to section 1842 of this title of a
proposed acquisition, merger, or consolidation transaction and,
if the transaction also involves an acquisition under section
1843 of this title, the Board shall also notify the Federal Trade
Commission of such approval. If the Board has found that it must
act immediately in order to prevent the probable failure of a
bank or bank holding company involved in any such transaction,
the transaction may be consummated immediately upon approval by
the Board. If the Board has advised the Comptroller of the
Currency or the State supervisory authority, as the case may be,
of the existence of an emergency requiring expeditious action and
has required the submission of views and recommendations within
ten days, the transaction may not be consummated before the fifth
calendar day after the date of approval by the Board. In all
other cases, the transaction may not be consummated before the
thirtieth calendar day after the date of approval by the Board
or, if the Board has not received any adverse comment from the
Attorney General of the United States relating to competitive
factors, such shorter period of time as may be prescribed by the
Board with the concurrence of the Attorney General, but in no
event less than 15 calendar days after the date of approval. Any
action brought under the antitrust laws arising out of an
acquisition, merger, or consolidation transaction approved under
section 1842 of this title shall be commenced prior to the
earliest time under this subsection at which the transaction
approval under section 1842 of this title might be consummated.
The commencement of such an action shall stay the effectiveness
of the Board's approval unless the court shall otherwise
specifically order. In any such action, the court shall review de
novo the issues presented. In any judicial proceeding attacking
any acquisition, merger, or consolidation transaction approved
pursuant to section 1842 of this title on the ground that such
transaction alone and of itself constituted a violation of any
antitrust laws other than section 2 of title 15, the standards
applied by the court shall be identical with those that the Board
is directed to apply under section 1842 of this title. Upon the
consummation of an acquisition, merger, or consolidation
transaction approved under section 1842 of this title in
compliance with this chapter and after the termination of any
antitrust litigation commenced within the period prescribed in
this section, or upon the termination of such period if no such
litigation is commenced therein, the transaction may not
thereafter be attacked in any judicial proceeding on the ground
that it alone and of itself constituted a violation of any
antitrust laws other than section 2 of title 15, but nothing in
this chapter shall exempt any bank holding company involved in
such a transaction from complying with the antitrust laws after
the consummation of such transaction.
(2) Section 1823(f) cases
(A) If -
(i) the Federal Deposit Insurance Corporation learns that a
bank insured by such Corporation is in danger of closing; and
(ii) the Corporation is considering assisting the acquisition
of such bank and its affiliated banks by another bank or
holding company under section 1823(f) of this title and such
acquisition is subject to the approval of the Board under
section 1842 of this title;
the Corporation shall immediately notify the Board of such facts.
(B) Upon receipt of notice from the Federal Deposit Insurance
Corporation under subparagraph (A) or at such earlier time as
deemed appropriate by the Board, the Board shall immediately
notify the Attorney General of the United States of the facts
concerning the possible acquisition.
(C) Within 5 days of receiving notice under subparagraph (B),
the Attorney General shall notify the Board in writing of the
Attorney General's preliminary finding as to the consistency of
the possible acquisition with the antitrust laws.
(D) The Board may reduce or eliminate the post-approval waiting
period established under paragraph (1) for an acquisition to
which this paragraph applies, except that such period may not be
eliminated or reduced to less than 5 days without the concurrence
of the Attorney General.
(c) Antitrust proceedings; Board and State banking agency as party;
representation by counsel
In any action brought under the antitrust laws arising out of any
acquisition, merger, or consolidation transaction approved by the
Board under section 1842 of this title, the Board and any State
banking supervisory agency having jurisdiction within the State
involved, may appear as a party of its own motion and as of right,
and be represented by its counsel.
(d) Treatment of merger transactions consummated prior or
subsequent to May 9, 1956, and not in litigation prior to July 1,
1966
Any acquisition, merger, or consolidation of the kind described
in section 1842(a) of this title which was consummated at any time
prior or subsequent to May 9, 1956, and as to which no litigation
was initiated by the Attorney General prior to July 1, 1966, shall
be conclusively presumed not to have been in violation of any
antitrust laws other than section 2 of title 15.
(e) Antitrust litigation; substantive law applicable to proceedings
pending on or after July 1, 1966, with respect to merger
transactions
Any court having pending before it on or after July 1, 1966, any
litigation initiated under the antitrust laws by the Attorney
General with respect to any acquisition, merger, or consolidation
of the kind described in section 1842(a) of this title shall apply
the substantive rule of law set forth in section 1842 of this
title.
(f) "Antitrust laws" defined
For the purposes of this section, the term "antitrust laws" means
the Act of July 2, 1890 (the Sherman Antitrust Act), the Act of
October 15, 1914 (the Clayton Act), and any other Acts in pari
materia.