80 STAT. ]
PUBLIC LAW 89-485-JULY 1, 1966
243
by proxies duly authorized in writing; but no officer, clerk, teller, or bookkeeper of such bank shall act as proxy; and no shareholder whose liability is past due and unpaid shall be allowed to vote. Whenever shares of stock cannot be voted by reason of being held by the bank as sole trustee such shares shall be excluded in determining whether matters voted upon by the shareholders were adopted by the requisite percentage of shares." (d) Paragraph (c) of section 5211 of the Revised Statutes (12 U.S.C. 161) is amended by striking out the second sentence thereof. (e) The last sentence of the sixteenth paragraph of section 4 of the Federal Reserve Act, as amended (12 U.S.C. 304), is amended by 48'*stat*^i6r*' striking out all of the language therein which follows the colon and by inserting in lieu thereof the following: ^Provided, That whenever any member banks within the same Federal Reserve district are subsidiaries of the same bank holding company within the meaning of the Bank Holding Company Act of 1956, participation in any such nomination or election by such member banks, including such bank holding company if it is also a member bank, shall be confined to one of such banks, which may be designated for the purpose by such holding company." (f) The nineteenth paragraph of section 9 of the Federal Reserve Act (12 U.S.C. 334) is amended by striking out the last sentence of '^^ ^*^*- '^^^• such paragraph. (g) The twenty-second paragraph of section 9 of the Federal Repeal. Reserve Act (12 U.S.C. 337) is repealed. (h) The third paragraph of section 23A of the Federal Reserve Act (12 U.S.C. 37lc) is amended by striking out that part of the first sen- '•^ ^t^*^- '^^^• tence that reads "For the purpose of this section, the term 'affiliate' shall include holding company affiliates as well as other affiliates, and"; and by changing the word "the" following such language to read "The". (i) Paragraph (4) of section 3(c) of the Investment Company Act ^^PIof 1940 (15 U.S.C. 80a-3) is repealed. ^4 Stat. 798. (j) Paragraph (11) of section 202(a) of the Investment Advisers Act of 1940 (15 U.S.C. 801>-2) is amended by striking out the words "or any holding company affiliate, as defined in the Banking Act of 1933" and substituting therefor the words "or any bank holding company as defined in the Bank Holding Company Act of 1956". Approved July 1, 1966.
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