12 C.F.R. § 584.4 Prohibited acquisitions.
Title 12 - Banks and Banking
No savings and loan holding company, directly or indirectly, or through one or more subsidiaries or through one or more transactions, shall: (a) Acquire by purchase or otherwise, or retain, more than five percent of the voting stock or shares of a savings association not a subsidiary, or of a savings and loan holding company not a subsidiary, nor, in the case of a multiple savings and loan holding company (other than a multiple savings and loan holding company described in §584.2a(a)(ii) of this chapter), acquire or retain more than five percent of the voting shares of any company not a subsidiary that is engaged in any business activity other than those specified in §584.2(b) of this part: Provided, That this paragraph (a) shall not apply to voting shares of a savings association or of a savings and loan holding company— (1) Held as a bona fide fiduciary (whether with or without the sole discretion to vote such shares); (2) Held temporarily pursuant to an underwriting commitment in the normal course of an underwriting business; (3) Held in an account solely for trading purposes or over which no control is held other than control of voting rights acquired in the normal course of a proxy solicitation; (4) Acquired in securing or collecting a debt previously contracted in good faith, for two years after the date of acquisition or for such additional time (not exceeding 3 years) as the Office may permit if, in the Office's judgment, such an extension would not be detrimental to the public interest; (5) Acquired under section 13(k)(1)(A)(i) of the Federal Deposit Insurance Act (or section 408(m) of the National Housing Act as in effect immediately prior to the enactment of the Financial Institutions Reform, Recovery and Enforcement Act of 1989); (6) Held by any insurance companies as defined in section 2(a)(17) of the Investment Company Act of 1940: Provided, That all shares held by all insurance company affiliates of such savings association or savings and loan holding company may not in the aggregate exceed five percent of all outstanding shares or of the voting power of the savings association or savings and loan holding company, and such shares are not acquired or retained with a view to acquiring, exercising, or transferring control of the savings association or savings and loan holding company; and (7) Shares acquired pursuant to a qualified stock issuance if such a purchase is approved pursuant to §574.8 of this chapter; Provided, That the aggregate amount of shares held under this paragraph (a), (other than pursuant to paragraphs (a)(1), (a)(2), (a)(3), (a)(4), and (a)(6)) may not exceed 15 percent of all outstanding shares or the voting power of a savings association or savings and loan holding company. (b) Acquire control of an uninsured institution or retain, for more than one year after the date any savings association subsidiary becomes uninsured, control of such association.
Title 12: Banks and Banking
PART 584—REGULATED ACTIVITIES
§ 584.4 Prohibited acquisitions.
