Pub. L. 91-607, tit. I, sec. 102

Sec. 102. Section 3 of the Bank Holding Company Act of 1956 (12 U.S.C. 1842) is amended— (1) by adding at the end of subsection (a) a new sentence as follows: “For the purpose of the preceding sentence, bank shares acquired after the date of enactment of the Bank Holding Company Act Amendments of 1970 Shall not be deemed to have been acquired in good faith in a fiduciary capacity if the acquiring bank or company has sole discretionary authority to exercise voting rights with respect thereto, but in such instances acquisitions may be made without prior approval of the Board if the Board, upon application filed within ninety days after the shares are acquired, approves retention or, if retention is disapproved, the acquiring bank disposes of the shares or its sole discretionary voting rights within two years after issuance of the order of disapproval.”: (2) by adding at the end of subsection (b) a new sentence as follows: “In the event of the failure of the Board to act on any application for approval under this section within the ninety one-day period which begins on the date of submission to the Board of the complete record on that application, the application shall be deemed to have been granted.”; and (3) by adding at the end thereof the following new subsection: “(e) Every bank that is a holding company and every bank that is a subsidiary of such a company shall become and remain an insured bank as such term is defined in section 3(h) of the Federal Deposit Insurance Act.”