{"identifier":"/us/usc/t12/s215c","title":12,"num":"\u00a7\u202f215c.","heading":"Mergers, consolidations, and other acquisitions authorized","text":"\u00a7\u202f215c.\nMergers, consolidations, and other acquisitions authorized\n(a)\nIn general\nSubject to sections 1815(d)(3)\n1\n1 See References in Text note below.\n(b)\nExpedited approval of acquisitions\n(1)\nIn general\nAny application by a national bank to acquire or be acquired by another insured depository institution which is required to be filed with the Comptroller of the Currency under any applicable law or regulation shall be approved or disapproved in writing by the agency before the end of the 60-day period beginning on the date such application is filed with the agency.\n(2)\nExtensions of period\nThe period for approval or disapproval referred to in paragraph (1) may be extended for an additional 30-day period if the Comptroller of the Currency determines that\u2014\n(A) an applicant has not furnished all of the information required to be submitted; or\n(B) in the Comptroller\u2019s judgment, any material information submitted is substantially inaccurate or incomplete.\n(c)\nRule of construction\nNo provision of this section shall be construed as authorizing a national bank or a subsidiary of a national bank to engage in any activity not otherwise authorized under this Act\n1\n(d)\n\u201cAcquire\u201d defined\nFor purposes of this section, the term \u201cacquire\u201d means to acquire, directly or indirectly, ownership or control through a merger or consolidation or an acquisition of assets or assumption of liabilities, provided that following such merger, consolidation, or acquisition, an acquiring insured depository institution may not own the shares of the acquired insured depository institution.","url":"https://projectusc.org/usc/t12/s215c.html","content":[{"t":"sec","id":"/us/usc/t12/s215c","children":[{"t":"num","text":"\u00a7\u202f215c."},{"t":"heading","text":"Mergers, consolidations, and other acquisitions authorized"},{"t":"subsec","id":"/us/usc/t12/s215c/a","children":[{"t":"num","text":"(a)"},{"t":"heading","text":"In general"},{"t":"content","children":[{"t":"p","text":"Subject to sections 1815(d)(3)\u202f","children":[{"t":"ref","text":"1"},{"t":"num","text":"1","tail":"\u202fSee References in Text note below."},{"t":"text","text":"\u202fSee References in Text note below.","tail":" and 1828(c) of this title and all other applicable laws, any national bank may acquire or be acquired by any insured depository institution."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t12/s215c/b","children":[{"t":"num","text":"(b)"},{"t":"heading","text":"Expedited approval of acquisitions"},{"t":"para","id":"/us/usc/t12/s215c/b/1","children":[{"t":"num","text":"(1)"},{"t":"heading","text":"In general"},{"t":"content","children":[{"t":"p","text":"Any application by a national bank to acquire or be acquired by another insured depository institution which is required to be filed with the Comptroller of the Currency under any applicable law or regulation shall be approved or disapproved in writing by the agency before the end of the 60-day period beginning on the date such application is filed with the agency.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s215c/b/2","children":[{"t":"num","text":"(2)"},{"t":"heading","text":"Extensions of period"},{"t":"chapeau","text":"The period for approval or disapproval referred to in paragraph (1) may be extended for an additional 30-day period if the Comptroller of the Currency determines that\u2014"},{"t":"subpara","id":"/us/usc/t12/s215c/b/2/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" an applicant has not furnished all of the information required to be submitted; or","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s215c/b/2/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" in the Comptroller\u2019s judgment, any material information submitted is substantially inaccurate or incomplete.","tail":"\n"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t12/s215c/c","children":[{"t":"num","text":"(c)"},{"t":"heading","text":"Rule of construction"},{"t":"content","children":[{"t":"p","text":"No provision of this section shall be construed as authorizing a national bank or a subsidiary of a national bank to engage in any activity not otherwise authorized under this Act\u202f","children":[{"t":"text","text":"1","tail":" or any other law governing the powers of national banks."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t12/s215c/d","children":[{"t":"num","text":"(d)"},{"t":"heading","text":"\u201cAcquire\u201d defined"},{"t":"content","children":[{"t":"p","text":"For purposes of this section, the term \u201cacquire\u201d means to acquire, directly or indirectly, ownership or control through a merger or consolidation or an acquisition of assets or assumption of liabilities, provided that following such merger, consolidation, or acquisition, an acquiring insured depository institution may not own the shares of the acquired insured depository institution.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"text","text":"\n"},{"t":"text","text":"\n"}]}]}