110 STAT. 3009 -407 PUBLIC LAW 104-208—SEPT. 30, 1996 lowest composite ratings at the later of the institution's most recent examination or subsequent review. "(C) ACTIVITIES PERMISSIBLE.— Following consummation of the proposal, the bank holding company engages directly or through a subsidiary solely in— "(i) activities that are permissible under subsection (c)(8), as determined by the Board by regulation or order thereunder, subject to all of the restrictions, terms, and conditions of such subsection and such regulation or order; and "(ii) such other activities as are otherwise permissible under this section, subject to the restrictions, terms and conditions, including any prior notice or approval requirements, provided in this section. " (D) SIZE OF ACQUISITION.— "(i) ASSET SIZE.—The book value of the total assets to be acquired does not exceed 10 percent of the consolidated total risk-weighted assets of the acquiring bank holding company. "(ii) CONSIDERATION. —The gross consideration to be paid for the securities or assets does not exceed 15 percent of the consolidated Tier 1 capital of the acquiring bank holding company. "(E) NOTICE NOT OTHERWISE WARRANTED.—For proposals described in paragraph (5)(B), the Board has not, before the conclusion of the period provided in paragraph (5)(B), advised the bank holding company that a notice under paragraph (1) is required. "(F) COMPLIANCE CRITERION. —During the 12-month period ending on the date on which the bank holding company proposes to commence an activity or acquisition, no administrative enforcement action has been commenced, and no cease and desist order has been issued pursuant to section 8 of the Federal Deposit Insurance Act, against the bank holding company or any depository institution subsidiary of the holding company, and no such enforcement action, order, or other administrative enforcement proceeding is pending as of such date. " (5) NOTIFICATION.— "(A) COMMENCEMENT OF ACTIVITIES APPROVED BY RULE. — ^A bank holding company that qualifies under paragraph (4) and that proposes to engage de novo, directly or through a subsidiary, in any activity that is permissible under subsection (c)(8), as determined by the Board by regulation, may commence that activity without prior notice to the Board and must provide written notification to the Board not later than 10 business days after commencing the activity. "(B) ACTIVITIES PERMITTED BY ORDER AND ACQUISI- TIONS.— "(i) IN GENERAL.— At least 12 business days before commencing any activity pursuant to paragraph (3) (other than an activity described in subparagraph (A) of this paragraph) or acquiring shares or assets of
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