The Board of Governors of the Federal Reserve System,
the Comptroller of the Currency, the Board of Directors of the Federal
Deposit Insurance Corporation, and the Federal Home Loan Bank Board
may not approve any application relating to the takeover of any domestic
financial institution by a foreign person until July 1, 1980, unless—
(1) such takeover is necessary
to prevent the bankruptcy or insolvency of the domestic financial
institution involved;
(2) the application was initially submitted for filing on or before
March 5, 1980;
(3)
the domestic financial institution has deposits of less than $100,000,000;
(4) the application relates
to a takeover of shares or assets pursuant to a foreign person’s intrafirm
reorganization of its interests in a domestic financial institution,
including specifically any application to establish a bank holding
company pursuant to such reorganization;
(5) the application relates to a takeover
of the assets or shares of a domestic financial institution if such
assets or shares are owned or controlled by a foreign person; or
(6) the application relates
to the takeover of a domestic financial institution which is a subsidiary
of a bank holding company under an order to divest by December 31,
1980.
[12 USC 3101 note.]
