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PUBLIC LAW 89-485-JULY 1, 1966
[80 STAT.
to attempt to monopolize the business of banking in any part of the United States, or "(2) any other proposed acquisition or merger or consolidation under this section whose effect in any section of the country may be substantially to lessen competition, or to tend to create a monopoly, or which in any other manner would be in restraint or trade, unless it finds that the anticompetitive effects of the roposed transaction are clearly outweighed in the public interest y the probable effect of the transaction in meeting the convenience and needs of the community to be served. I n every case, the Board shall take into consideration the financial and managerial resources and future prospects of the company or companies and the banks concerned, and the convenience and needs of the community to be served." (d) Subsection (d) of section 3 of the Bank Holding Company 70 Stat. 135. Act of 1956 (12 U.S.C. 1842(d)) is amended by striking the words "in which such bank holding company maintains its principal office and place of business or in which it conducts its principal operations" and inserting in lieu thereof the words "in which the operations of such bank holding company's banking subsidiaries were principally conducted on the effective date of this amendment or the date on which such company became a bank holding company, whichever is later,". Such subsection is further amended by adding at the end thereof the following new sentence: "For the purposes of this section, the State in which the operations of a bank holding company's subsidiaries are principally conducted is that State in which total deposits of all such banking subsidiaries are largest." Interests in nong^c. 8. (a) Subsection (a) of section 4 of the Bank Holding Ccmbankxng orgamza- ^^^^^_^ ^^^ ^^ ^^^^ ^^^ VKC. 1843(a)) Is amended to read as follows: " (a) Except as otherwise provided in this Act, no bank holding company shall— "(1) after the date of enactment of this Act acquire direct or indirect ownership or control of any voting shares of any company which is not a bank, or "(2) after two years from the date as of which it becomes a bank holding company, or, in the case of any company that has been continuously affiliated since May 15, 1955, with a company which was registered under the Investment Company Act of 15 USC 80a-5i 1940, pHor to May 15, 1955, in such a manner as to constitute an affiliated companv within the meaning of that Act, after December 31, 1978, retani direct or indirect ownership or control of any voting shares of any company which is not a bank or a bank holding company or engage in any business other than that of banking or of managing or controlling banks or of furnishing services to or performing services for any bank of which it owns or controls 25 per centum or more of the voting shares. The Board is authorized, upon application by a bank holding company, to extend the period referred to in paragraph (2) above from time to time as to such bank holding company for not more than one year at a time, if, in its judgment, such an extension would not be detrimental to the public interest, bait no such extensions shall in the aggregate exceed three years." (b) Subsection (c) of section 4 of the Bank Holding Company Act of 1956 (12 U.S.C. 1843 (c)) is amended to read as follows: "(c) The prohibitions in this section shall not appl^ to any bank holding company which is a labor, agricultural, or horticultural organization and which is exempt from taxation under section 501 of the
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