PUBLIC LAW 101-73-AUG. 9, 1989 103 STAT. 321 "(B) commence any business activity, other than the activities described in paragraph (2); or "(C) continue any business activity, other than the activi- ties described in paragraph (2), after the end of the 2-year period beginning on the date on which such company re- ceived approval under subsection (e) of this section to become a savings and loan holding company subject to the limitations contained in this subparagraph. "(2) EXEMPT ACTIVITIES. —The prohibitions of subparagraphs (B) and (C) of paragraph (1) shall not apply to the following business activities of any savings and loan holding company or any subsidiary (of such company) which is not a savings associa- tion: "(A) Furnishing or performing management services for a savings association subsidiary of such company. "(B) Conducting an insurance agency or escrow business. "(C) Holding, managing, or liquidating assets owned or acquired from a savings association subsidiary of such com- pany. "(D) Holding or managing properties used or occupied by a savings association subsidiary of such company. "(E) Acting as trustee under deed of trust. "(F) Any other activity— "(i) which the Board of Governors of the Federal Reserve System, by regulation, has determined to be permissible for bank holding companies under section 4(c) of the Bank Holding Company Act of 1956, unless the Director, by regulation, prohibits or limits any such activity for savings and loan holding companies; or _ " (ii) in which multiple savings and loan holding companies were authorized (by regulation) to directly engage on March 5, 1987. "(G) In the case of a savings and loan holding company, purchasing, holding, or disposing of stock acquired in connection with a qualified stock issuance if the purchase of such stock by such savings and loan holding company is approved by the Director pursuant to subsection (q)(l)(D). " (3) CERTAIN LIMITATIONS ON ACTIVITIES NOT APPLICABLE TO CERTAIN HOLDING COMPANIES. —Notwithstanding paragraphs (4) ^ and (6) of this subsection, the limitations contained in subpara- graphs (B) and (C) of paragraph (1) shall not apply to any savings and loan holding company (or any subsidiary of such company) which controls— "(A) only 1 savings association, if the savings association subsidiary of such company is a qualified thrift lender (as determined under subsection (m)); or "(B) more than 1 savings association, if— "(i) all, or all but 1, of the savings association subsidi- aries of such company were initially acquired by the ^ company or by an individual who would be deemed to control such company if such individual were a com- pany— "(I) pursuant to an acquisition under section 13(c) or 13(k) of the Federal Deposit Insurance Act or section 408(m) of the National Housing Act; or "(II) pursuant to an acquisition in which assist- ance was continued to a savings association under
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