Page:United States Statutes at Large Volume 114 Part 5.djvu/1020

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114 STAT. 3034 PUBLIC LAW 106-569—DEC. 27, 2000 (1) by striking "for one year" and inserting "for a period of not more than 3 years"; and (2) by adding at the end the following: "In accordance with regulations issued by the Comptroller of the Currency, a national bank may adopt bylaws that provide for staggering the terms of its directors.". (b) AMENDMENT TO THE BANKING ACT OF 1933.—Section 31 of the Banking Act of 1933 (12 U.S.C. 71a) is amended in the first sentence, by inserting before the period ", except that the Comptroller of the Currency may, by regulation or order, exempt a national bank from the 25-member limit established by tlus section". SEC. 1206. AMENDMENT TO NATIONAL BANK CONSOLIDATION AND MERGER ACT. The National Bank Consolidation and Merger Act (12 U.S.C. 215 et seq.) is amended by inserting after section 5, as added by this title, the following new section: 12 USC 215a-3. "SEC. 6. MERGERS AND CONSOLIDATIONS WITH SUBSIDIARIES AND NONBANK AFFILIATES. "(a) IN GENERAL. — Upon the approval of the Comptroller, a national bank may merge with one or more of its nonbank subsidiaries or affiliates. "(b) SCOPE. —Nothing in this section shall be construed— "(1) to affect the applicability of section 18(c) of the Federal Deposit Insurance Act; or "(2) to grant a national bank any power or authority that is not permissible for a national bank under other applicable provisions of law. "(c) REGULATIONS.— The Comptroller shall promulgate regulations to implement this section.". SEC, 1207. LOANS ON OR PURCHASES BY INSTITUTIONS OF THEIR OWN STOCK; AFFILIATIONS. (a) AMENDMENT TO THE REVISED STATUTES.—Section 5201 of the Revised Statutes of the United States (12 U.S.C. 83) is amended to read as follows: "SEC. 520L LOANS BY BANK ON ITS OWN STOCK. "(a) GENERAL PROHIBITION.— No national bank shall make any loan or discount on the security of the shares of its own capital stock. "(b) EXCLUSION.— For purposes of this section, a national bank shall not be deemed to be making a loan or discount on the security of the shares of its own capital stock if it acquires the stock to prevent loss upon a debt previously contracted for in good faith.". (b) AMENDMENTS TO THE FEDERAL DEPOSIT INSURANCE ACT.— Section 18 of the Federal Deposit Insurance Act (12 U.S.C. 1828) is amended— (1) by redesignating subsection (t), as added by section 730 of the Gramm-Leach-Bliley Act (Public Law 106-102; 113 Stat. 1476), as subsection (u); and (2) by adding at the end the following new subsection: "(v) LOANS BY INSURED INSTITUTIONS ON THEIR OWN STOCK.— "(1) GENERAL PROHIBITION.—No insured depository institution may make any loan or discount on the security of the shares of its own capital stock.