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U.S. Code as of:
01/19/04
Section 619. Capital stock; by whom held; ownership of capital stock by foreign bank
Except as otherwise provided in this subchapter, a majority of
the shares of the capital stock of any such corporation shall at
all times be held and owned by citizens of the United States, by
corporations the controlling interest in which is owned by citizens
of the United States, chartered under the laws of the United States
or of a State of the United States, or by firms or companies, the
controlling interest in which is owned by citizens of the United
States. Notwithstanding any other provisions of this subchapter,
one or more foreign banks, institutions organized under the laws of
foreign countries which own or control foreign banks, or banks
organized under the laws of the United States, the States of the
United States, or the District of Columbia, the controlling
interests in which are owned by any such foreign banks or
institutions, may, with the prior approval of the Board of
Governors of the Federal Reserve System and upon such terms and
conditions and subject to such rules and regulations as the Board
of Governors of the Federal Reserve System may prescribe, own and
hold 50 per centum or more of the shares of the capital stock of
any corporation organized under this subchapter and any such
corporation shall be subject to the same provisions of law as any
other corporation organized under this subchapter, and the terms
"controls" and "controlling interest" shall be construed
consistently with the definition of "control" in section 2 of the
Bank Holding Company Act of 1956 [12 U.S.C. 1841]. For the purposes
of the preceding sentence of this paragraph the term "foreign bank"
shall have the meaning assigned to it in the International Banking
Act of 1978 [12 U.S.C. 3101 et seq.]. Any company, other than a
bank as defined in section 2 of the Bank Holding Company Act of
1956, that after March 5, 1987, directly or indirectly acquires
control of a corporation organized or operating under the
provisions of this subchapter or subchapter I of this chapter shall
be subject to the provisions of the Bank Holding Company Act of
1956 [12 U.S.C. 1841 et seq.] in the same manner and to the same
extent that bank holding companies are subject thereto, except that
such company shall not by reason of this paragraph be deemed a bank
holding company for the purpose of section 3 of the Bank Holding
Company Act of 1956 [12 U.S.C. 1842].
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