qualified family partnership

(10) Qualified family partnership .— The term “qualified family partnership” means a general or limited partnership that the Board determines— (A) does not directly control any bank, except through a registered bank holding company; (B) does not control more than 1 registered bank holding company; (C) does not engage in any business activity, except indirectly through ownership of other business entities; (D) has no investments other than those permitted for a bank holding company pursuant to section 1843(c) of this title ; (E) is not obligated on any debt, either directly or as a guarantor; (F) has partners, all of whom are either— (i) individuals related to each other by blood, marriage (including former marriage), or adoption; or (ii) trusts for the primary benefit of individuals related as described in clause (i); and (G) has filed with the Board a statement that includes— (i) the basis for the eligibility of the partnership under subparagraph (F); (ii) a list of the existing activities and investments of the partnership; (iii) a commitment to comply with this paragraph; (iv) a commitment to comply with section 7 of the Federal Deposit Insurance Act [ 12 U.S.C. 1817 ] with respect to any acquisition of control of an insured depository institution occurring after September 30, 1996 ; and (v) a commitment to be subject, to the same extent as if the qualified family partnership were a bank holding company— (I) to examination by the Board to assure compliance with this paragraph; and (II) to section 8 of the Federal Deposit Insurance Act [ 12 U.S.C. 1818 ].


12 USC § 1841(o)(10)

Scoping language

For purposes of this chapter
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