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

Summary

Defines words. 'Bank,' 'bank holding company,' 'subsidiary,' and 'Board' follow the meanings in section 1841. 'Company' means persons and organizations but excludes corporations majority-owned by the United States or a State. 'Trust service' means services of a bank trust department. A national bank financial subsidiary under section 24a(a) is a holding-company subsidiary, not a bank one.

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