Page:United States Statutes at Large Volume 82.djvu/48

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PUBLIC LAW 90-000—MMMM. DD, 1968

PUBLIC LAW 90-255-FEB. 14, 1968 uREGULATION

OF H O L D I N G

[82 STAT.

COMPANIES

"SEC. 408. (a) DEFINITIONS.— (1) As used in this section, unless the context otherwise requires— " (A) 'insured institution' means a Federal savings and loan association, a building and loan, savings and loan, or homestead association or a cooperative bank, the accounts of whic^ are insured by the Federal Savings and Loan Insurance Corporation; " (B) 'uninsured institution' means any association or bank referred to in subparagraph (A) hereof, the accounts of which are not insured by the Federal Savings and Loan Insurance Corporation; " (C) 'company' means any corporation, partnership, trust, joint-stock company, or similar organization, but does not include the Federal Savings and Loan Insurance Corporation, any Federal home loan bank, or any company the majority of the shares of which is owned by the United States or any State, or by an officer of the United States or any State in his official capacity, or by an instrumentality of the United States or any State; " (D) 'savings and loan holding company' means any company which directly or indirectly controls an insured institution or controls any other company wiich is a savings and loan holding company by virtue of this subsection; " (E) 'multiple savings and loan holding company' means any savings and loan holding company which directly or indirectly controls two or more insured institutions; " (F) 'diversified savings and loan holding company' means any savings and loan holding company whose subsidiary insured institution and related activities as permitted under paragraph (2) of subsection (c) of this section represented, on either an actual or a pro forma basis, less than 50 per centum of its consolidated net worth at the close of its preceding fiscal year and of its consolidated net earnings for such fiscal year (or, during the first year's operation of the section, at such time as the holding company so qualifies), as determined in accordance with regulations issued by the Corporation; " (G) 'person' means an individual or company; " (H) 'subsidiary' of a person means any company which is controlled by such person, or by a company which is a subsidiary of such person by virtue of this subsection; " (I) 'affiliate' of a specified insured institution means any person or company which controls, is controlled by, or is under common control with, such insured institution; and " (J) 'State' includes the District of Columbia and the Commonwealth of Puerto Eico. "(2) For purposes of this section, a person shall be deemed to have control of— " (A) an insured institution if the person directly or indirectly or acting in concert with one or more other persons, or through one or more subsidiaries, owns, controls, or holds with power to vote, or holds proxies representing, more than 25 per centum of the