§ 215c. — Mergers, consolidations, and other acquisitions authorized.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC215c]
TITLE 12--BANKS AND BANKING
CHAPTER 2--NATIONAL BANKS
SUBCHAPTER XVI--CONSOLIDATION AND MERGER
Sec. 215c. Mergers, consolidations, and other acquisitions
authorized
(a) In general
Subject to sections 1815(d)(3) and 1828(c) of this title 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 under any 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
(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 \1\ or any other law
governing the powers of national banks.
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\1\ See References in Text note below.
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(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.
(R.S. 5156A, as added Pub. L. 102-242, title V, Sec. 502(b), Dec. 19,
1991, 105 Stat. 2393; amended Pub. L. 104-208, div. A, title II,
Sec. 2201(b)(1), Sept. 30, 1996, 110 Stat. 3009-403.)
References in Text
This Act, referred to in subsec. (c), probably means the National
Bank Act, act June 3, 1864, ch. 106, 13 Stat. 99, as amended, which is
classified principally to chapter 2 (Sec. 21 et seq.) of this title. For
complete classification of this Act to the Code, see References in Text
note set out under section 38 of this title.
Codification
Section was not enacted as part of act Nov. 7, 1918, ch. 209, as
added Sept. 8, 1959, Pub. L. 86-230, Sec. 20, 73 Stat. 460, which
comprises this subchapter.
Amendments
1996--Subsec. (b)(1). Pub. L. 104-208 substituted ``under any
applicable law'' for ``by section 1815(d)(3) of this title or any other
applicable law''.
