12 U.S.C. § 3204: Exceptions

A depository institution or depository holding company which has been placed formally in liquidation, or which is in the hands of a receiver, conservator, or other official exercising a similar function. A corporation operating under section 25 or 25(a) 1 of the Federal Reserve Act [ 1 See References in Text note below. 12 U.S.C. 601 et seq., 611 et seq.]. A credit union being served by a management official of another credit union. A depository institution or depository holding company which does not do business within any State of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands except as an incident to its activities outside the United States. A State-chartered savings and loan guaranty corporation. A Federal Home Loan Bank or any other bank organized specifically to serve depository institutions. is closed or is in danger of closing, as determined by the appropriate Federal depository institutions regulatory agency in accordance with regulations prescribed by such agency; and is acquired by another depository institution or depository holding company, the appropriate Federal depository institutions regulatory agency for such company; and the appropriate Federal depository institutions regulatory agency for the nonaffiliated depository institution or depository holding company of which such person is also a director, the proposed dual service is not disapproved by any such appropriate Federal depository institutions regulatory agency before the end of such 60-day period. the dual service cannot be structured or limited so as to preclude the dual service’s resulting in a monopoly or substantial lessening of competition in financial services in any part of the United States; the dual service would lead to substantial conflicts of interest or unsafe or unsound practices; or the diversified savings and loan holding company has neglected, failed, or refused to furnish all the information required by such agency. Any appropriate Federal depository institutions regulatory agency may, at any time after the end of the 60-day period referred to in subparagraph (A), require that any dual service by any individual which was not disapproved by such agency during such period be terminated if a change in circumstances occurs with respect to any depository institution or depository holding company of which such individual is a director that would have provided a basis for disapproval of the dual service during such period. Any savings association (as defined in section 10(a)(1)(A) of the Home Owners’ Loan Act [ 12 U.S.C. 1467a(a)(1)(A) ] or any savings and loan holding company (as defined in section 10(a)(1)(D) of such Act) which has issued stock in connection with a qualified stock issuance pursuant to section 10(q) of such Act, except that this paragraph shall apply only with respect to service as a single management official of such savings association or holding company, or any subsidiary of such savings association or holding company, by a single management official of the savings and loan holding company which purchased the stock issued in connection with such qualified stock issuance, and shall apply only when the Director of the Office of Thrift Supervision has determined that such service is consistent with the purposes of this chapter and the Home Owners’ Loan Act [ 12 U.S.C. 1461 et seq.].