12 U.S.C. § 215a–3 — Mergers and consolidations with subsidiaries and nonbank affiliates

submitted 108 years ago by Pub. L. 106-569 to r/title-12-BANKS-AND-BANKING · 81 words · no verdicts yet

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With the Comptroller's approval, a national bank can merge with one or more of its own nonbank subsidiaries or affiliates. This doesn't change any other law's limits on the bank's powers, and the Comptroller must write regulations to carry out this rule.

(a) In general — With the Comptroller's approval, a national bank may merge with one or more of its own nonbank subsidiaries or affiliates. (b) Scope — Nothing here changes how section 1828(c) of this title applies, and nothing here gives a national bank any power that other laws don't already allow it to have. (c) Regulations — The Comptroller must write regulations to put this section into effect.

the actual law source: uscode.house.gov ↗public domain

(a) In general

Upon the approval of the Comptroller, a national bank may merge with one or more of its nonbank subsidiaries or affiliates.

(b) Scope

Nothing in this section shall be construed—

(1)

to affect the applicability of section 1828(c) of this title; or

(2)

to grant a national bank any power or authority that is not permissible for a national bank under other applicable provisions of law.

The Comptroller shall promulgate regulations to implement this section.

Source credit: (Nov. 7, 1918, ch. 209, § 6, as added Pub. L. 106–569, title XII, § 1206, Dec. 27, 2000, 114 Stat. 3034.)

history & why it existsrecord from the source credit

1918Enacted · Pub. L. 106-569 · 114 Stat. 3034

A history note hasn’t been published yet. The record shows enactment by Pub. L. 106-569 on 1918-11-07.

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