A bill to amend the Bank Holding Act of 1956 with respect to interstate trust operations.

Summary

Deems a national banking association the operations of which are limited to those of a trust company an additional bank within the meaning of the Bank Holding Company Act of 1956 and subjects such bank to the provisions of such Act. Amends the Bank Holding Company Act of 1956 to make the State boundary restrictions of such Act regarding the acquisition of shares or assets of, or interests in, an additional bank applicable to the acquisition of shares or assets of, or interests in, a trust company. Declares that such restrictions shall not apply with respect to the acquisition of shares or assets of, or interests in, a trust company if such acquisition was approved on or before March 5, 1980, and if such trust company opened for business and was operating on or before March 5, 1980. Prohibits any bank holding company from retaining direct or indirect ownership or control of any voting shares of any trust company after October 1, 1983, unless the acquisition of such shares: (1) was made prior to September 30, 1981; or (2) is specifically authorized by the statute laws of the State in which such trust company is located, by language to that effect and not merely by implication.

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1 official file

• Introduced in Senate

  summary · EN · 30 September 1981

  Open at official source

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