PUBLIC LAW 101-73—AUG. 9, 1989 103 STAT. 319
- '(J) ACQUIRE. —The term 'acquire' has the meaning given
to such term in section 13(f)(8) of the Federal Deposit Insurance Act. "(2) CONTROL.— For purposes of this section, a person shall be deemed to have control of— "(A) a savings association if the person directly or in- directly or acting in concert with one or more other per- sons, or through one or more subsidiaries, owns, controls, or holds with power to vote, or holds proxies representing, more than 25 percent of the voting shares of such savings association, or controls in any manner the election of a majority of the directors of such association; (B) any other company if the person directly or in- directly or acting in concert with one or more other per- sons, or through one or more subsidiaries, owns, controls, or holds with power to vote, or holds proxies representing, more than 25 percent of the voting shares or rights of such other company, or controls in any manner the election or appointment of a majority of the directors or trustees of such other company, or is a general partner in or has contributed more than 25 percent of the capital of such other company; "(C) a trust if the person is a trustee thereof; or "(D) a savings association or any other company if the Director determines, after reasonable notice and oppor- tunity for hearing, that such person directly or indirectly exercises a controlling influence over the management or policies of such association or other company. "(3) EXCLUSIONS. —Notwithstanding any other provision of this subsection, the term 'savings and loan holding company' does not include— "(A) any company by virtue of its ownership or control of voting shares of a savings association or a savings and loan holding company acquired in connection with the under- writing of securities if such shares are held only for such period of time (not exceeding 120 days unless extended by the Director) as will permit the sale thereof on a reasonable basis; and "(B) any trust (other than a pension, profit-sharing, shareholders', voting, or business trust) which controls a savings association or a savings and loan holding company if such trust by its terms must terminate within 25 years or not later than 21 years and 10 months after the death of individuals living on the effective date of the trust, and is (i) in existence on June 26, 1967, or (ii) a testamentary trust created on or after June 26, 1967. " (4) SPECIAL RULE RELATING TO QUALIFIED STOCK ISSUANCE. — No savings and loan holding company shall be deemed to control a savings association solely by reason of the purchsise by such savings and loan holding company of shares issued by such savings association, or issued by any savings and loan holding company (other than a bank holding company) which controls such savings association, in connection with a qualified stock issuance if such purchase is approved by the Director under subsection (q)(l)(D), unless the acquiring savings and loan hold- ing company, directly or indirectly, or acting in concert with 1 or more other persons, or through 1 or more subsidiaries, owns,
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