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U.S. Code as of:
01/19/04
Section 3205. Management official in position prior to November 10, 1978
(a) Continuation of service
A person whose service in a position as a management official
began prior to November 10, 1978, and who was not immediately prior
to November 10, 1978, in violation of section 19 of title 15 is not
prohibited by section 3202 or section 3203 of this title from
continuing to serve in that position. The appropriate Federal
depository institutions regulatory agency may provide a reasonable
period of time for compliance with this chapter, not exceeding
fifteen months, after any change in circumstances which makes
service described in the preceding sentence prohibited by this
chapter, except that a merger, acquisition, increase in total
assets, establishment of one or more offices, or change in
management responsibilities shall not constitute changes in
circumstances which would make such service prohibited by section
3202 or section 3203 of this title.
(b) Depository institution and diversified savings and loan holding
company
Effective on November 10, 1978, a person who serves as a
management official of a company which is not a depository
institution or a depository holding company and as a management
official of a depository institution or a depository holding
company is not prohibited from continuing to serve as a management
official of that depository institution or depository holding
company as a result of that company which is not a depository
institution or depository holding company becoming a diversified
savings and loan holding company as that term is defined in section
1730a(a) (!1) of this title.
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