The prohibitions of section 212.3 do not
apply in the case of any one or more of the following organizations
or to a subsidiary thereof;
(a) a depository organization that
has been placed formally in liquidation, or which is in the hands
of a receiver, conservator, or other official exercising a similar
function;
(b) a corporation operating under section 25 or section
25A of the Federal Reserve Act (12 U.S.C. 601 et seq. and 12
U.S.C. 611 et seq., respectively) (Edge corporations and agreement
corporations);
(c) a credit union being served by a management
official of another credit union;
(d) a depository organization
that does not do business within the United States except as an incident
to its activities outside the United States;
(e) a state-chartered
savings and loan guaranty corporation;
(f) a Federal Home Loan
Bank or any other bank organized solely to serve depository institutions
(a banker’s bank) or solely for the purpose of providing securities
clearing services and services related thereto for depository institutions
and securities companies;
(g) a depository organization that
is closed or is in danger of closing as determined by the appropriate
federal depository institutions regulatory agency and is acquired
by another depository organization. This exemption lasts for five
years, beginning on the date the depository organization is acquired;
and
(h) (1) a diversified
savings and loan holding company (as defined in section 10(a)(1)(F)
of the Home Owners’ Loan Act (12 U.S.C. 1467a(a)(1)(F)) with respect
to the service of a director of such company who also is a director
of an unaffiliated depository organization if—
(i) both the diversified savings and
loan holding company and the unaffiliated depository organization
notify their appropriate federal depository institutions regulatory
agency at least 60 days before the dual service is proposed to begin;
and
(ii) the appropriate regulatory
agency does not disapprove the dual service before the end of the
60-day period.
3-784
(2) The Board may disapprove a notice of proposed service if it finds
that—
(i) the service cannot be structured or limited so as to preclude
an anticompetitive effect in financial services in any part of the
United States;
(ii) the service
would lead to substantial conflicts of interest or unsafe or unsound
practices; or
(iii) the notificant
failed to furnish all the information required by the Board.
(3) The Board may require that any
interlock permitted under this paragraph (h) be terminated if a change
in circumstances occurs with respect to one of the interlocked depository
organizations that would have provided a basis for disapproval of
the interlock during the notice period.
