12 CFR 26.4 - Interlocking relationships permitted by statute.
§ 26.4
Interlocking relationships permitted by statute.
The prohibitions of § 26.3 do not apply in the case of any one or more of the following organizations or to a subsidiary thereof:
(a)
A depository organization that has been placed formally in liquidation, or which is in the hands of a receiver, conservator, or other official exercising a similar function;
(b)
A corporation operating under section 25 or section 25A of the Federal Reserve Act (12 U.S.C. 601
et seq. and 12 U.S.C. 611
et seq., respectively) (Edge Corporations and Agreement Corporations);
(d)
A depository organization that does not do business within the United States except as an incident to its activities outside the United States;
(f)
A Federal Home Loan Bank or any other bank organized solely to serve depository institutions (a bankers' bank) or solely for the purpose of providing securities clearing services and services related thereto for depository institutions and securities companies;
(g)
A depository organization that is closed or is in danger of closing as determined by the appropriate Federal depository institutions regulatory agency and is acquired by another depository organization. This exemption lasts for five years, beginning on the date the depository organization is acquired; and
(h)
(1)
A diversified savings and loan holding company (as defined in section 10(a)(1)(F) of the Home Owners' Loan Act (12 U.S.C. 1467a(a)(1)(F)) with respect to the service of a director of such company who also is a director of an unaffiliated depository organization if:
(i)
Both the diversified savings and loan holding company and the unaffiliated depository organization notify their appropriate Federal depository institutions regulatory agency at least 60 days before the dual service is proposed to begin; and
(ii)
The appropriate regulatory agency does not disapprove the dual service before the end of the 60-day period.
Title 12 published on 2012-01-01
no entries appear in the Federal Register after this date.
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