savings and loan holding companies

savings and loan holding companies Sec. 920. Section 408(d) (4) (B) of the Savings and Loan Holding Company Amendments of 1967 is amended by inserting before the semicolon at the end thereof the following: “: Provided, however, That with the prior written approval of the Corporation, a subsidiary 84 Stat. 1817insured institution miry make a loan, discount, or extension of credit to a third party on the security of property acquired from a wholly owned affiliate service corporation. The Corporation shall grant approval of any application for approval under this subdivision if, in the opinion of the Corporation, such a loan, discount, or extension of credit would not be detrimental to the interests of savings account holders in the insured institution, or to the insurance risk of the Corporation with respect to such institution, and would not be a means of facilitating the sale of (1) property purchased from any savings and loan holding company or any affiliate thereof other than such service corporation, or (2) property heretofore owned, legally or beneficially, by any savings and loan holding company or affiliate thereof”.