Page:United States Statutes at Large Volume 82.djvu/49

This page needs to be proofread.
PUBLIC LAW 90-000—MMMM. DD, 1968

82 STAT. ]

PUBLIC LAW 90-255-FEB. 14, 1968

voting shares of such insured institution, or controls in any manner the election of a majority of the directors of such institution; " (B) any other company 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 voting shares or rights of such other company, or controls in any manner the election or appointment of a majority of the directors or trustees of such other company, or is a general partner in or has contributed more than 25 per centum of the capital of such other company; " (C) a trust if the person is a trustee thereof; or " (D) an insured institution or any other company if the Corporation determines, after reasonable notice and opportunity for hearing, that such person directly or indirectly exercises a controlling influence over the management or policies of such institution or other company. "(3) Notwithstanding any other provision of this subsection, the term 'savings and loan holding company' does not include— " (A) any company by virtue of its ownership or control of voting shares of an insured institution or a savings and loan holding company acquired in connection with the underwriting of securities if such shares are held only for such period of time (not exceeding one hundred and twenty days unless extended by the Corporation) as will permit the sale thereof on a reasonable basis; and " (B) any trust (other than a pension, profit-sharing, shareholders', voting, or business trust) which controls an insured institution or a savings and loan holding company if such trust by its terms must terminate within twenty-five years or not later than twenty-one years and ten months after the death of individuals living on the effective date of the trust, and is (i) in existence on June 26, 1967, or (ii) a testamentary trust created on or after June 26, 1967. " (b) REGISTRATION AND EXAMINATION.— (1) Within one hundred

and eighty days after the enactment of the Savings and Loan Holding Company Amendments of 1967, or within ninety days after becoming a savings and loan holding company, whichever is later, each savings and loan holding company shall register with the Corporation on forms prescribed by the Corporation, which shall include such information, under oath or otherwise, with respect to the financial condition, ownership, operations, management, and intercompany relationships of such holding company and its subsidiaries, and related matters, as the Corporation may deem necessary or appropriate to carry out the purposes of this section. Upon application, the Corporation may extend the time within which a savings and loan holding company shall register and file the requisite information. "(2) Each savings and loan holding company and each subsidiary rg^^o^^j"^ °^ thereof, other than an insured institution, shall file with the Corporation, and the Federal home loan bank of the district in which its prin-i cipal office is located, such reports as may be required by the Corporation. Such reports shall be made under oath or otherwise, and shall be in such form and for such periods, as the Corporation may prescribe.

96-600 O - 69