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12 U.S.C. § 1971Definitions

submitted 56 years ago by Pub. L. 91-607 to r/title-12-BANKS-AND-BANKING · 135 words · no verdicts yet

in plain englishAI-generated · not legal advice

This section adopts banking terms from other statutes and gives special meanings for “company” and “trust service.” It also classifies a financial subsidiary of a national bank as a bank-holding-company subsidiary for this chapter.

In this chapter, “bank,” “bank holding company,” “subsidiary,” and “Board” have the meanings in section 1841. For this chapter only, “company” in section 1841 means any person, estate, trust, partnership, corporation, association, or similar organization, but not a corporation whose majority of shares is owned by the United States or a State. “Trust service” means a service normally performed by a bank trust department. A financial subsidiary of a national bank conducting activities under section 24a(a) is treated as a subsidiary of a bank holding company, not as a subsidiary of a bank.
the actual law source: uscode.house.gov ↗public domain

As used in this chapter, the terms “bank”, “bank holding company”, “subsidiary”, and “Board” have the meaning ascribed to such terms in section 1841 of this title. For purposes of this chapter only, the term “company”, as used in section 1841 of this title, means any person, estate, trust, partnership, corporation, association, or similar organization, but does not include any corporation the majority of the shares of which are owned by the United States or by any State. The term “trust service” means any service customarily performed by a bank trust department. For purposes of this chapter, a financial subsidiary of a national bank engaging in activities pursuant to section 24a(a) of this title shall be deemed to be a subsidiary of a bank holding company, and not a subsidiary of a bank.

Source credit: (Pub. L. 91–607, title I, § 106(a), Dec. 31, 1970, 84 Stat. 1766; Pub. L. 106–102, title I, § 121(c), Nov. 12, 1999, 113 Stat. 1380.)

history & why it existsrecord from the source credit
  • 1970Enacted · Pub. L. 91-607 · 84 Stat. 1766
  • 1999Amended · Pub. L. 106-102 · 113 Stat. 1380

A history note hasn’t been published yet. The record shows enactment by Pub. L. 91-607 on 1970-12-31.

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