savings and loan holding company

(3) Exclusions 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 a savings association 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 120 days unless extended by the Board) 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 a savings association or a savings and loan holding company if such trust by its terms must terminate within 25 years or not later than 21 years and 10 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 .

Source

12 USC § 1467a(a)(3)

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Scoping language

None identified, default scope is assumed to be the parent (chapter 12) of this section.

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