Notes on 12 U.S.C. § 3101 : US Code - Notes

Search Notes on 12 U.S.C. § 3101 : US Code - Notes

(Pub. L. 95-369, Sec. 1(b), Sept. 17, 1978, 92 Stat. 607; Pub. L.
102-242, title II, Sec. 202(e), Dec. 19, 1991, 105 Stat. 2290; Pub.
L. 106-102, title I, Sec. 142(a), Nov. 12, 1999, 113 Stat. 1384.)
REFERENCES IN TEXT
This chapter, referred to in text, was in the original "this
Act", meaning Pub. L. 95-369, Sept. 17, 1978, 92 Stat. 607, known
as the International Banking Act of 1978, which enacted this
chapter and sections 347d and 611a of this title, amended sections
72, 378, 614, 615, 618, 619, 1813, 1815, 1817, 1818, 1820 to 1823,
1828, 1829b, 1831b, and 1841 of this title, and enacted provisions
set out as notes under sections 36, 247, 601, 611a, and 3101 of
this title. For complete classification of this Act to the Code,
see Short Title note set out below and Tables.
The Bank Holding Company Act of 1956, referred to in par. (13),
is act May 9, 1956, ch. 240, 70 Stat. 133, as amended, which is
classified principally to chapter 17 (Sec. 1841 et seq.) of this
title. For complete classification of this Act to the Code, see
Short Title note set out under section 1841 of this title and
Tables.
AMENDMENTS
1999 - Par. (15). Pub. L. 106-102 substituted "or State agency;"
for "State agency, or subsidiary of a foreign bank;".
1991 - Par. (13). Pub. L. 102-242, Sec. 202(e)(1), inserted
reference to affiliate after first reference to "the terms".
Pars. (15) to (17). Pub. L. 102-242, Sec. 202(e)(2), added pars.
(15) to (17).
EFFECTIVE DATE OF 1999 AMENDMENT
Amendment by Pub. L. 106-102 effective 120 days after Nov. 12,
1999, see section 161 of Pub. L. 106-102, set out as a note under
section 24 of this title.
SHORT TITLE OF 1991 AMENDMENT
Section 201 of Pub. L. 102-242 provided that: "This subtitle
[subtitle A (Secs. 201-215) of title II of Pub. L. 102-242,
enacting sections 3109 to 3111 of this title, amending this section
and sections 1467a, 1817, 1820, 1842, 2803, 2804, 3102, 3104 to
3108, and 4009 of this title and sections 44, 57a, 1607, 1681s,
1691c, 1692l, and 1693o of Title 15, Commerce and Trade, and
enacting provisions set out as a note under section 3102 of this
title] may be cited as the 'Foreign Bank Supervision Enhancement
Act of 1991'."
SHORT TITLE
Section 1(a) of Pub. L. 95-369 provided that: "This Act [enacting
this chapter and sections 347d and 611a of this title, amending
sections 72, 378, 614, 615, 618, 619, 1813, 1815, 1817, 1818, 1820
to 1823, 1828, 1829b, 1831b and 1841 of this title, and enacting
provisions set out as notes under sections 36, 247, 601, and 611a
of this title] may be cited as the 'International Banking Act of
1978'."
FOREIGN CONTROL OF UNITED STATES FINANCIAL INSTITUTIONS
Pub. L. 96-221, title IX, Secs. 901, 902, Mar. 31, 1980, 94
Stat. 192, 193, provided that:
"Sec. 901. For purposes of this title enacting this provision -
"(1) the term 'domestic financial institution' means any bank,
mutual savings bank, or savings and loan association organized
under the laws of any State or of the United States;
"(2) the term 'foreign person' means any foreign organization
or any individual resident in a foreign country or any
organization or individual owned or controlled by such an
organization or individual; and
"(3) the term 'takeover' means any acquisition of the stock or
assets of any domestic financial institution if, after such
acquisition, the amount of stock or assets held is 5 per centum
or more of the institution's stock or assets.
"Sec. 902. The Board of Governors of the Federal Reserve System,
the Comptroller of the Currency, the Board of Directors of the
Federal Deposit Insurance Corporation, and the Federal Home Loan
Bank Board may not approve any application relating to the takeover
of any domestic financial institution by a foreign person until
July 1, 1980, unless -
"(1) such takeover is necessary to prevent the bankruptcy or
insolvency of the domestic financial institution involved;
"(2) the application was initially submitted for filing on or
before March 5, 1980;
"(3) the domestic financial institution has deposits of less
than $100,000,000;
"(4) the application relates to a takeover of shares or assets
pursuant to a foreign person's intrafirm reorganization of its
interests in a domestic financial institution, including
specifically any application to establish a bank holding company
pursuant to such reorganization;
"(5) the application relates to a takeover of the assets or
shares of a domestic financial institution if such assets or
shares are owned or controlled by a foreign person; or
"(6) the application relates to the takeover of a domestic
financial institution which is a subsidiary of a bank holding
company under an order to divest by December 31, 1980."
(!1) So in original. The comma probably should follow the quotation
marks.