§ 221a. — Additional definitions.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC221a]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER I--DEFINITIONS, ORGANIZATION, AND GENERAL PROVISIONS
AFFECTING SYSTEM
Sec. 221a. Additional definitions
As used in this chapter--
(a) The terms ``banks'', ``national bank'', ``national banking
association'', ``member bank'', ``board'', ``district'', and ``reserve
bank'' shall have the meanings assigned to them in section 221 of this
title.
(b) Except where otherwise specifically provided, the term
``affiliate'' shall include any corporation, business trust,
association, or other similar organization--
(1) Of which a member bank, directly or indirectly, owns or
controls either a majority of the voting shares or more than 50 per
centum of the number of shares voted for the election of its
directors, trustees, or other persons exercising similar functions
at the preceding election, or controls in any manner the election of
a majority of its directors, trustees, or other persons exercising
similar functions; or
(2) Of which control is held, directly or indirectly, through
stock ownership or in any other manner, by the shareholders of a
member bank who own or control either a majority of the shares of
such bank or more than 50 per centum of the number of shares voted
for the election of directors of such bank at the preceding
election, or by trustees for the benefit of the shareholders of any
such bank; or
(3) Of which a majority of its directors, trustees, or other
persons exercising similar functions are directors of any one member
bank; or
(4) Which owns or controls, directly or indirectly, either a
majority of the shares of capital stock of a member bank or more
than 50 per centum of the number of shares voted for the election of
directors of a member bank at the preceding election, or controls in
any manner the election of a majority of the directors of a member
bank, or for the benefit of whose shareholders or members all or
substantially all the capital stock of a member bank is held by
trustees.
(June 16, 1933, ch. 89, Sec. 2, 48 Stat. 162; Aug. 23, 1935, ch. 614,
title III, Sec. 301, 49 Stat. 707; Pub. L. 89-485, Sec. 13(a), (b), July
1, 1966, 80 Stat. 242.)
References in Text
As used in this chapter, referred to in text, was in the original
``As used in this Act and in any provision of law amended by this Act'',
meaning act June 16, 1933, ch. 89, 48 Stat. 162, as amended, known as
the Banking Act of 1933. For complete classification of this Act to the
Code, see References in Text note set out under section 227 of this
title and Tables.
Amendments
1966--Subsec. (b)(4). Pub. L. 89-485, Sec. 13(a), added par. (4)
which incorporates definitions of ``holding company affiliate''
contained in cls. (1) and (2) of former subsec. (c) of this section, and
substituted ``a member bank'' for ``any one bank'' in first two places.
Subsec. (c). Pub. L. 89-485, Sec. 13(b), repealed definition of
``holding company affiliate'', cls. (1) and (2) thereof now being
incorporated in the subsec. (b)(4) definition of ``affiliate'',
substituting ``a member bank'' for ``any one bank'' in first two places
and the par. excluding therefrom any corporations stock of which is
fully owned by the United States and any organization determined by the
Board of Governors of the Federal Reserve System not to be engaged,
directly or indirectly, as a business in holding the stock of, or
managing or controlling, banks, banking associations, savings banks, or
trust companies.
1935--Subsec. (c). Act Aug. 23, 1935, added last par.
Section Referred to in Other Sections
This section is referred to in sections 371d, 1464, 1828 of this
title; title 26 section 601.
