12 U.S.C. 184112 U.S.C. 310112 U.S.C. 184112 U.S.C. 1842Except as otherwise provided in this subchapter, a majority of the shares of the capital stock of any such corporation shall at all times be held and owned by citizens of the United States, by corporations the controlling interest in which is owned by citizens of the United States, chartered under the laws of the United States or of a State of the United States, or by firms or companies, the controlling interest in which is owned by citizens of the United States. Notwithstanding any other provisions of this subchapter, one or more foreign banks, institutions organized under the laws of foreign countries which own or control foreign banks, or banks organized under the laws of the United States, the States of the United States, or the District of Columbia, the controlling interests in which are owned by any such foreign banks or institutions, may, with the prior approval of the Board of Governors of the Federal Reserve System and upon such terms and conditions and subject to such rules and regulations as the Board of Governors of the Federal Reserve System may prescribe, own and hold 50 per centum or more of the shares of the capital stock of any corporation organized under this subchapter and any such corporation shall be subject to the same provisions of law as any other corporation organized under this subchapter, and the terms “controls” and “controlling interest” shall be construed consistently with the definition of “control” in section 2 of the Bank Holding Company Act of 1956 []. For the purposes of the preceding sentence of this paragraph the term “foreign bank” shall have the meaning assigned to it in the International Banking Act of 1978 [ et seq.]. Any company, other than a bank as defined in section 2 of the Bank Holding Company Act of 1956, that after , directly or indirectly acquires control of a corporation organized or operating under the provisions of this subchapter or subchapter I of this chapter shall be subject to the provisions of the Bank Holding Company Act of 1956 [ et seq.] in the same manner and to the same extent that bank holding companies are subject thereto, except that such company shall not by reason of this paragraph be deemed a bank holding company for the purpose of section 3 of the Bank Holding Company Act of 1956 [].
Dec. 23, 1913, ch. 6, § 25ADec. 24, 1919, ch. 1841 Stat. 378Aug. 23, 1935, ch. 61449 Stat. 717Pub. L. 95–369, § 3(f)92 Stat. 609Pub. L. 100–86, title I, § 102(c)(1)101 Stat. 566Pub. L. 102–242, title I, § 142(e)(2)105 Stat. 2281( (par.), formerly § 25(a), as added , ; amended , title III, § 329, ; , , ; , , ; renumbered § 25A, , , .)
Editorial Notes
References in Text
This subchapter, referred to in text, was in the original “this section”, meaning section 25A of act , which is classified to this subchapter (§ 611 et seq.).
Pub. L. 95–36992 Stat. 607section 3101 of this titleThe International Banking Act of 1978, referred to in text, is , , , which enacted chapter 32 (§ 3101 et seq.) and sections 347d and 611a of this title, amended this section and sections 72, 378, 614, 615, 618, 1813, 1815, 1817, 1818, 1820, 1821, 1822, 1823, 1828, 1829b, 1831b, and 1841 of this title, and enacted provisions set out as notes under sections 247, 611a, and 3101 of this title and formerly set out as notes under sections 36, 247, and 601 of this title. For complete classification of this Act to the Code, see Short Title note set out under and Tables.
Subchapter I of this chapter, referred to in text, was in the original “section 25”, meaning section 25 of the Federal Reserve Act, which is classified to subchapter I (§ 601 et seq.) of this chapter.
act May 9, 1956, ch. 24070 Stat. 133section 1841 of this titleThe Bank Holding Company Act of 1956, referred to in text, is , , which is classified principally to chapter 17 (§ 1841 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under and Tables.
Codification
section 611 of this titleSection is comprised of par. 11 (undesignated) of section 25A of act , which comprises this subchapter. For complete classification of section 25A of this Act, see Codification note set out under .
Amendments
Pub. L. 100–861987— inserted provisions which related to any company, other than bank as defined in section 2 of Bank Holding Company Act of 1956, that after , directly or indirectly acquires control of corporation organized or operating under provisions of this subchapter or subchapter I of this chapter to be subject to provisions of Bank Holding Company Act of 1956 in same manner and to same extent that bank holding companies are subject thereto, except that such company shall not by reason of this paragraph be deemed bank holding company for purpose of section 3 of such Act.
Pub. L. 95–3691978— inserted “Except as otherwise provided in this subchapter” before “a majority of the shares”, and inserted provision relating to the ownership of 50 per centum of the shares of capital stock by a foreign bank with prior approval of the Board of Governors of the Federal Reserve System.
section 19 of title 151935—Act , struck out provisions relating to application of , to directors, officers or employees of corporations organized under sections 611–631 of this title, and excepting certain persons who received approval of Federal Reserve Board, from application of this section.
Statutory Notes and Related Subsidiaries
Exception for Midland Bank, London, England
Pub. L. 100–86, title I, § 102(c)(2)101 Stat. 566