§1971 — Title 12 Banks and Banking | U.S. Code

Summary

Defines key words used in this chapter. The words bank, bank holding company, subsidiary, and Board mean what section 1841 says. For this chapter, company means a person, estate, trust, partnership, corporation, association, or similar organization, but not a corporation where the United States or any State owns a majority of the shares. Trust service means services a bank trust department normally performs. A national bank’s financial subsidiary doing activities under section 24a(a) is treated as a subsidiary of a bank holding company, not of the bank.

Title 12, §1971

Banks and Banking — Source: USLM XML via OLRC

As used in this chapter, the terms “bank”, “bank holding company”, “subsidiary”, and “Board” have the meaning ascribed to such terms in section 1841 of this title. For purposes of this chapter only, the term “company”, as used in section 1841 of this title, means any person, estate, trust, partnership, corporation, association, or similar organization, but does not include any corporation the majority of the shares of which are owned by the United States or by any State. The term “trust service” means any service customarily performed by a bank trust department. For purposes of this chapter, a financial subsidiary of a national bank engaging in activities pursuant to section 24a(a) of this title shall be deemed to be a subsidiary of a bank holding company, and not a subsidiary of a bank.

Notes & Related Subsidiaries

Editorial Notes

Amendments

1999—Pub. L. 106–102 inserted at end “For purposes of this chapter, a financial subsidiary of a national bank engaging in activities pursuant to section 24a(a) of this title shall be deemed to be a subsidiary of a bank holding company, and not a subsidiary of a bank.”

Statutory Notes and Related Subsidiaries

Effective Date

of 1999 AmendmentAmendment by Pub. L. 106–102 effective 120 days after Nov. 12, 1999, see section 161 of Pub. L. 106–102, set out as a note under section 24 of this title.

§1971 Definitions