The prohibitions of section
238.93 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);
(c) A credit union being served by a management official
of another credit union;
(d) A depository organization
that does not do business within the United States except as an incident
to its activities outside the United States;
(e)
A State-chartered savings and loan guaranty corporation;
(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;
(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.
(2) The Board may disapprove a notice of
proposed service if it finds that:
(i) The service cannot
be structured or limited so as to preclude an anticompetitive effect
in financial services in any part of the United States;
(ii) The service would
lead to substantial conflicts of interest or unsafe or unsound practices;
or
(iii) The notificant
failed to furnish all the information required by the Board.
(3) The Board may require
that any interlock permitted under this paragraph (h) be terminated
if a change in circumstances occurs with respect to one of the interlocked
depository organizations that would have provided a basis for disapproval
of the interlock during the notice period; and
(i) Any
savings association or any savings and loan holding company (as defined
in section 10(a)(1)(D) of the Home Owners’ Loan Act) which has issued
stock in connection with a qualified stock issuance pursuant to section
10(q) of such Act, except that this paragraph (i) shall apply only
with regard to service by a single management official of such savings
association or holding company, or any subsidiary of such savings
association or holding company, by a single management official of
the savings and loan holding company which purchased the stock issued
in connection with such qualified stock issuance, and shall apply
only when the Board has determined that such service is consistent
with the purposes of the Interlocks Act and the Home Owners’ Loan
Act.
