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(d) ADEQUATE DISPERSAL REQUIREMENT.—The appropriate Federal banking agency may approve the establishment of a community development organization under this subtitle only upon finding that the distressed community is not adequately served by an existing community development organization. (e) DEFINITIONS.-For purposes of this section
(1) COMMUNITY DEVELOPMENT BANK.—The term “community development bank” means any depository institution (as defined in section 3(c)(1) of the Federal Deposit Insurance Act).
(2) COMMUNITY DEVELOPMENT ORGANIZATION.—The term "community development organization" means any community development bank, community development corporation, community development unit within any insured depository institution, or community development credit union.
(3) LOW- AND MODERATE-INCOME PERSONS.—The term “lowand moderate-income persons” has the meaning given such term in section 102(a)(20) of the Housing and Community Development Act of 1974.
(4) NONPROFIT ORGANIZATION; SMALL BUSINESS,—The terms “nonprofit organization” and “small business" have the meanings given to such terms by regulations which the appropriate Federal banking agency shall prescribe for purposes of this section.
(5) QUALIFIED DISTRESSED COMMUNITY.—The term “qualified distressed community” has the meaning given to such term in section 233(b).
BANK HOLDING COMPANY ACT OF 1956
(70 Stat. 133; 12 U.S.C. 1841 et seq.) AN ACT To define bank holding companies, control their future expansion, and
require divestment of their nonbanking interests. Be is enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act may be cited as the "Bank Holding Company Act of 1956".
DEFINITIONS SEC. 2. (12 U.S.C. 1841) (a)(1) Except as provided in paragraph (5) of this subsection, "bank holding company” means any company which has control over any bank or over any company that is or becomes a bank holding company by virtue of this Act.
(2) Any company has control over a bank or over any company if
(A) the company directly or indirectly or acting through one or more other persons owns, controls, or has power to vote 25 per centum or more of any class of voting securities of the bank or company;
(B) the company controls in any manner the election of a majority of the directors or trustees of the bank or company;
(C) the Board determines, after notice and opportunity for hearing, that the company directly or indirectly exercises a controlling influence over the management or policies of the bank or company.
(3) For the purposes of any proceeding under paragraph (2)(C) of this subsection, there is a presumption that any company which directly or indirectly owns, controls, or has power to vote less than 5 per centum of any class of voting securities of a given bank or company does not have control over that bank or company.
(4) În any administrative or judicial proceeding under this Act, other than a proceeding under paragraph (2/C) of this subsection, a company may not be held to have had control over any given bank or company at any given time unless that company, at the time in question, directly or indirectly owned, controlled, or had power to vote 5 per centum or more of any class of voting securities of the bank or company, or had already been found to have control in a proceeding under paragraph (2)(C). (5) Notwithstanding any other provision of this subsection
(A) No bank and no company owning or controlling voting shares of a bank is a bank holding company by virtue of its ownership or control of shares in a fiduciary capacity, except as provided in paragraphs (2) and (3) of subsection (g) of this section. For the purpose of the preceding sentence, bank shares