Page:United States Statutes at Large Volume 105 Part 3.djvu/509

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PUBLIC LAW 102-242 —DEC. 19, 1991 105 STAT. 2393 National Bank Act or any other law governing the powers of a national bank.", (b) NATIONAL BANKS. — Chapter 1 of title LXII of the Revised Statutes of the United States (12 U.S.C. 5138 et seq.) is amended by adding at the end the following new section: "SEC. 5156A. MERGERS, CONSOLIDATIONS, AND OTHER ACQUISITIONS AU- 12 USC 215c. THORIZED. "(a) IN GENERAL.— Subject to sections 5(d)(3) and 18(c) of the Federal Deposit Insurance Act and all other applicable laws, any national bank may acquire or be acquired by any insured depository institution. " (b) EXPEDITED APPROVAL OF ACQUISITIONS. — "(1) IN GENERAL.— Any application by a national bank to acquire or be acquired by another insured depository institution which is required to be filed with the Comptroller of the Currency by section 5(d)(3) of the Federal Deposit Insurance Act or any other applicable law or regulation shall be approved or disapproved in writing by the agency before the end of the 60- day period beginning on the date such application is filed with the agency. "(2) EXTENSIONS OF PERIOD. — The period for approval or disapproval referred to in paragraph (1) may be extended for an additional 30-day period if the Comptroller of the Currency determines that— "(A) an applicant has not furnished all of the information required to be submitted; or jy "(B) in the Comptroller's judgment, any material information submitted is substantially inaccurate or incomplete. "(c) RULE OF CONSTRUCTION. —No provision of this section shall be construed as authorizing a national bank or a subsidiary of a national bank to engage in any activity not otherwise authorized under this Act or any other law governing the powers of national banks. "(d) ACQUIRE DEFINED.— For purposes of this section, the term 'acquire' means to acquire, directly or indirectly, ownership or control through a merger or consolidation or an acquisition of assets or assumption of liabilities, provided that following such merger, consolidation, or acquisition, an acquiring insured depository institution may not own the shares of the acquired insured depository institution.". Approved December 19, 1991. LEGISLATIVE HISTORY—S. 543 (H.R. 3768): HOUSE REPORTS: Nos. 102-330 accompanying H.R. 3768 (Comm. on Banking, Finance and Urban Affairs) and 102-407 (Comm. of Conference). SENATE REPORTS: No. 102-167 (Comm. on Banking, Housing, and Urban Affairs). CONGRESSIONAL RECORD, Vol. 137 (1991): Nov. 13, 14, 18, 19, 21, considered and passed Senate. Nov. 21, H.R. 3768 considered and passed House. Nov. 23, S. 543 considered and passed House, amended, in lieu of H.R. 3768. Nov. 26, House agreed to conference report. Nov. 27, Senate agreed to conference report. WEEKLY COMPILATION OF PRESIDENTIAL DOCUMENTS, Vol. 27 (1991): Dec. 19, Presidential statement.