Page images
PDF
EPUB

12

1 "(b) Notice of any proposed transaction for which ap2 proval is required under subsection (a) (referred to here3 after in this section as a 'merger transaction') shall, unless 4 the Corporation finds that it must act immediately in order 5 to prevent the probable failure of one of the institutions in6 volved, be published

7.

8

9

10

11

12

13

14

15

16

17

18

[ocr errors]

"(1) prior to the granting of approval of such transaction,

"(2) in a form approved by the Corporation, "(3) at appropriate intervals during a period at least as long as the period allowed for furnishing a report under subsection (c) of this section, and

"(4) in a newspaper of general circulation in the community or communities where the main offices of the institutions involved are located, or, if there is no such newspaper in any such community then in the newspaper of general circulation published nearest thereto.

"(c) In the interests of uniform standards, before act19 ing on any application for approval of a merger transaction, 20 the Corporation, unless it finds that it must act immediately 21 in order to prevent the probable failure of one of the institu22 tions involved, shall request a report on the competitive fac23 tors involved from the Attorney General. The report, or in 24 the alternative a notification indicating that no report will 25 be submitted, shall be furnished within thirty calendar days

13

1 of the date on which the report is requested, or within ten 2 calendar days of such date if the Corporation advises the

3 Attorney General that an emergency exists requiring ex4 peditious action.

5

6

7

8

9

10

11

12

13

14

115

16

17

18

[ocr errors]

19

20

21

22

23

"(d) The Corporation shall not approve—

"(1) any proposed merger transaction which would result in a monopoly, or which would be in furtherance of any combination or conspiracy to monopolize or to attempt to monopolize any type of business in which insured institutions engage in any part of the United States,

or

"(2) any other proposed merger transaction whose effect in any section of the country may be substantially to lessen competition, or to tend to create a monopoly, or which in any other manner would be in restraint of trade, unless it finds that the anticompetitive effects of the proposed transaction are clearly outweighed in the public interest by the probable effect of the transaction

in meeting the convenience and needs of the community to be served.

In every case, the Corporation shall take into consideration

the financial and managerial resources and future prospects

of the existing and proposed institutions, and the conveni24 ence and needs of the community to be served.

25

"(e) The Corporation shall immediately notify the

14

1 Attorney General of any approval by it pursuant to this 2 subsection of a proposed merger transaction. If the Corpora3 tion has found that it must act immediately to prevent the 4 probable failure of one of the institutions involved and the

5

report on the competitive factors has been dispensed with, 6 the transaction may be consummated immediately upon ap

7

11

proval by the Corporation. If the Corporation has advised 8 the Attorney General of the existence of an emergency re9 quiring expeditious action and has requested the report on 10 the competitive factors within ten days, the transaction may not be consummated before the fifth calendar day after the 12 date of approval by the Corporation. In all other cases, the 13 transaction may not be consummated before the thirtieth 14 calendar day after the date of approval by the Corporation. "(f) (1) Any action brought under the antitrust laws 16 arising out of a merger transaction shall be commenced 17 prior to the earliest time under subsection (e) at which a

15

18

merger transaction approved under subsection (d) might be 19 consummated. The commencement of such an action shall 20 stay the effectiveness of the Corporation's approval unless 21 the court shall otherwise specifically order. In any such 22 action, the court shall review de novo the issues presented. "(2) In any judicial proceeding attacking a merger 24 transaction approved under subsection (d) on the ground 25 that the merger transaction alone and of itself constituted a

2 23

15

1 violation of any antitrust laws other than section 2 of the 2 Act of July 2, 1890 (section 2 of the Sherman Antitrust 3 Act, 15 U.S.C. 2), the standards applied by the court 4 shall be identical with those that the Corporation is directed 5 to apply under subsection (d).

6 "(3) Upon the consummation of a merger transaction 7 in compliance with this section and after the termination 8 of any antitrust litigation commenced within the period pré

9

10

11

12

13

scribed in this subsection, or upon the termination of such

period if no such litigation is commenced therein, the trans

action may not thereafter be attacked in any judicial pro

ceeding on the ground that it alone and of itself constituted

a violation of any antitrust laws other than section 2 of the 14 Act of July 2, 1890 (section 2 of the Sherman Antitrust 15 Act, 15 U.S.C. 2), but nothing in this section shall exempt

16

17

any institution resulting from a merger transaction from

complying with the antitrust laws after the consummation 18 of such transaction.

19

"(4) In any action brought under the antitrust laws 20 arising out of a merger transaction approved by the Corpo21 ration pursuant to this section, the Corporation, and any 22 State supervisory agency having jurisdiction within the 23 State involved, may appear as a party of its own motion 24 and as of right, and be represented by its counsel.

25

"(g) The Corporation may make such rules and regula

16

1 tions as it may deem necessary or appropriate for the pur

2 pose of carrying out the provisions of this section.

3

"(h) For purposes of this section, the term 'antitrust 4 laws' means the Act of July 2, 1890 (the Sherman Anti5 trust Act, 15 U.S.C. 1-7), the Act of October 15, 1914 6 (the Clayton Act, 15 U.S.C. 12-27), and any other statu7 tory provisions in pari materia therewith."

8

9

PAYMENT OF INSURANCE

SEC. 405. Title IV of the National Housing Act is 10 amended

11

12

23

13

14

15

16

17

18

19

20

222

21

(1) by adding the following two sentences at the end of section 405 (b) thereof: "The surrender and transfer to the Corporation of an insured account in any institution in default shall subrogate the Corporation with respect to such insured account and all rights incident

thereto, and the insured member shall retain only those rights incident to any uninsured portion of his account.

Upon the payment of insurance by the Corporation to the insured members of the institution in default, the Corporation shall become entitled to interest on the with

drawable or repurchasable amount of the accounts surrendered and transferred to it, computed at a rate

23 determined by the Federal Savings and Loan Insurance 24 Corporation, as of the date of default, based upon the average market yield on the Federal Savings and Loan

25

« PreviousContinue »