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12 U.S.C. § 3205 — Management official in position prior to November 10, 1978

submitted 48 years ago by Pub. L. 95-630 to r/title-12-BANKS-AND-BANKING · 249 words · no verdicts yet

in plain englishAI-generated · not legal advice

A person who began serving as a management official before November 10, 1978, and was not then violating the specified law may continue. A regulator may allow up to 15 months for later compliance, and certain listed changes do not trigger the prohibition.

(a) A person whose management-official service began before November 10, 1978, and who was not violating section 19 of title 15 immediately before that date may continue in the position despite sections 3202 and 3203. After circumstances make the service prohibited, the appropriate regulator may allow a reasonable compliance period of up to 15 months. A merger, acquisition, increase in total assets, opening of offices, or change in management duties is not such a change in circumstances.

(b) Beginning November 10, 1978, a person serving as a management official of a company that is neither a depository institution nor a depository holding company, and also serving in one of those roles for a depository institution or holding company, may continue the latter service even if the first company becomes a diversified savings-and-loan holding company as defined in section 1730a(a)(1).

the actual law source: uscode.house.gov ↗public domain
(a) Continuation of service

A person whose service in a position as a management official began prior to November 10, 1978, and who was not immediately prior to November 10, 1978, in violation of section 19 of title 15 is not prohibited by section 3202 or section 3203 of this title from continuing to serve in that position. The appropriate Federal depository institutions regulatory agency may provide a reasonable period of time for compliance with this chapter, not exceeding fifteen months, after any change in circumstances which makes service described in the preceding sentence prohibited by this chapter, except that a merger, acquisition, increase in total assets, establishment of one or more offices, or change in management responsibilities shall not constitute changes in circumstances which would make such service prohibited by section 3202 or section 3203 of this title.

(b) Depository institution and diversified savings and loan holding company

Effective on November 10, 1978, a person who serves as a management official of a company which is not a depository institution or a depository holding company and as a management official of a depository institution or a depository holding company is not prohibited from continuing to serve as a management official of that depository institution or depository holding company as a result of that company which is not a depository institution or depository holding company becoming a diversified savings and loan holding company as that term is defined in section 1730a(a) 1 of this title.

Source credit: (Pub. L. 95–630, title II, § 206, Nov. 10, 1978, 92 Stat. 3674; Pub. L. 97–110, title III, § 302, Dec. 26, 1981, 95 Stat. 1515; Pub. L. 100–650, §§ 5(b)(2), 6, Nov. 10, 1988, 102 Stat. 3820, 3821; Pub. L. 103–325, title III, § 338(a), Sept. 23, 1994, 108 Stat. 2235; Pub. L. 104–208, div. A, title II, § 2210(b), Sept. 30, 1996, 110 Stat. 3009–410.)

history & why it existsrecord from the source credit
  • 1978Enacted · Pub. L. 95-630 · 92 Stat. 3674
  • 1981Amended · Pub. L. 97-110 · 95 Stat. 1515
  • 1988Amended · Pub. L. 100-650 · 102 Stat. 3820, 3821
  • 1994Amended · Pub. L. 103-325 · 108 Stat. 2235
  • 1996Amended · Pub. L. 104-208 · 110 Stat. 3009

A history note hasn’t been published yet. The record shows enactment by Pub. L. 95-630 on 1978-11-10.

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