80 STAT. ]
PUBLIC LAW 89-485-JULY 1, 1966
by the Attorney General prior to the date of enactment of this amendment, shall be conclusively presumed not to have been in violation of any antitrust laws other than section 2 of the Act of July 2, 1890 (section 2 of the Sherman Antitrust Act, 15 U.S.C. 2). "(e) Any court having pending before it on or after the date of enactment of this amendment any litigation initiated under the antitrust laws by the Attorney General with respect to any acquisition, merger, or consolidation of the kind described in section 3(a) of this Act shall apply the substantive rule of law set forth in section 3 of this Act.
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241
^e Stat. 209,
^^^n.e, pp. 237,
" (f) For the purposes of this section, the term 'antitrust laws' means "Antitrust the Act of July 2, 1890 (the Sherman Antitrust Act, 15 U.S.C. 1-7), i ^ ^ | " the Act of October 15, 1914 (the Clayton Act, 15 U.S.C. 12-27), and ss stat! 730! any other Acts in pari materia." SEC. 12. (a) Section 23A of the Federal Keserve Act, as amended ^^^3°^"^ *° ^"'"" (12 U.S.C. 371c), is amended by adding at the end thereof the fol- 48 Stat. i83: lowing new paragraphs: Posr, p. 243. "For the purposes of this section, (1) the term 'extension of credit' crl'cwr'^^'"" '^ and 'extensions of credit' shall be deemed to include (A) any purchase of securities, other assets or obligations under repurchase agreement, and (B) the discount of promissory notes, bills of exchange, conditional sales contracts, or similar paper, whether with or without recourse, except that the acquisition of such paper by a member bank from another bank, without recourse, shall not be deemed to be a 'discount' by such member bank for such other bank; and (2) noninterest-bearing deposits to the credit of a bank shall not be deemed to be a loan or advance or extension of credit to the bank of deposit, nor shall the giving of immediate credit to a bank upon uncollected items received in the ordinary course of business be deemed to be a loan or advance or extension of credit to the depositing bank. " For the purposes of this section, the term 'affiliate' shall include, "Amnate." with respect to any member bank, any bank holding company of which such member bank is a subsidiary within the meaning of the Bank Holding Company Act of 1956, as amended, and any other subsidiary of such company. "The provisions of this section shall not apply to (1) stock, bonds, Exemptions. debentures, or other obligations of any company of the kinds described in section 4(c)(1) of the Bank Holding Company Act of 1956, as ^"'^' P- 239. amended; (2) stock, bonds^ debentures, or other obligations accepted as security for debts previously contracted, provided that such collateral shall not be held for a period of over two years; (3) shares which are of the kinds and amounts eligible for investment by national banks under the provisions of section 5136 of the Revised Statutes; ^^ ^^^ ^'*" (4) any extension of credit by a member bank to a bank holding company of which such bank is a subsidiary or to another subsidiary of such bank holding company, if made within one year after the effective date of this amendment to section 23A and pursuant to a contract lawfully entered into prior to January 1, 1966; or (5) any transaction by a member bank with another bank the deposits of which are insured by the Federal Deposit Insurance Corporation, if more than 50 per centum of the voting stock of such other bank is owned by the member bank or held by trustees for the benefit of the shareholders of the member bank." (b) Section 25 of the Federal Reserve Act, as amended (12 U.S.C. brL°chirof na601), is amended by striking out "either or both of" immediately tionai banks? preceding "the following powers" in the introductory paragraph and ^9 Stat. 755. oy inserting after the paragraph designated "Second." the following new paragraph: "Third. To acquire and hold, directly or indirectly, stock or other evidences of ownership in one or more banks organized under the laAV
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