PUBLIC LAW 100-650—NOV. 10, 1988

102 STAT. 3819

Public Law 100-650
100th Congress

An Act

To amend the Depository Institution Management Interlocks Act to revise the
manner in which the service of directors of depository institutions and depository
holding companies are regulated, and for other purposes.

Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be referred to as the "Management Interlocks
Revision Act of 1988".

SEC. 2. AFFILIATION THRESHOLD.

Section 202(3)(B) of the Depository Institution Management Inter-
locks Act (12 U.S.C. 320K3XB)) is amended by striking "50 per
centum" each place such term appears and inserting in lieu thereof
"25 percent".

SEC. 3. EXCLUSION OF CERTAIN ADVISORY AND HONORARY DIRECTORS.

Section 202(4) of the Depository Institution Management Inter-
locks Act (12 U.S.C. 3201(4)) is amended by striking out "(including
an advisory or honorary director)" and inserting in lieu thereof
"(including an advisory or honorary director, except in the case of a
depository institution with total assets of less than $100,000,000)".

SEC. 4. EXCEPTION FOR FAILED OR FAILING INSTITUTIONS WHICH ARE
ACQUIRED.

Section 205 of the Depository Institution Management Interlocks
Act (12 U.S.C. 3204) is amended by adding at the end thereof the
following new paragraph:

"(7) A depository institution or a depository holding company
which—

"(A) 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

"(B) is acquired by another depository institution or
depository holding company,

during the 5-year period beginning on the date of the acquisi-
tion of the depository institution or depository holding company
described in subparagraph (A).".

SEC. 5. LIMITED EXCEPTION FOR DIVERSIFIED SAVINGS AND LOAN
HOLDING COMPANIES.

(a) EXCEPTION ESTABLISHED.—Section 205 of the Depository
Institution Management Interlocks Act (12 U.S.C. 3204) is amended
by inserting after paragraph (7) (as added by section 4 of this Act)
the following new paragraph:

"(8)(A) A diversified savings and loan holding company (as
defined in section 408(a)(l)(F) of the National Housing Act) with

Nov. 10, 1988
[H.R. 4879]

Management

Interlocks

Revision Act of

1988.

12 USC 3201

note.