A company is deemed to act in concert with its controlling shareholders, partners, and management officials. Any and all the monies, properties or other things whose values can be assessed in terms of money, which any depositor or other person receives from a financial institution, officer or employee of a financial institution, by Law and bank holding act of money deposits, borrowing money or receiving money, or which a financial institution, an officer or an employee of a financial institution receives by reason of the carrying on such business of the financial institution, shall be regarded as interests, discounts or service charges, as the case may be, provided that the service charges prescribed by the Bank of Thailand under 3 shall not be regarded as interests or discounts chargeable by the financial institution under 1.
Civil Money Penalty Section Real Estate Loans Section 24A. This paragraph does not prohibit a section 2 h 2 company from holding shares that were lawfully acquired before August 10, Section 81 A financial institution shall notify the Bank of Thailand in writing within fifteen days from the date of the occurrence of the followings: The stipulation under the first paragraph may be in accordance with the type of deposits or borrowings, type of persons, type of deposit or borrowing documents, or type of instruments.
For purposes of the preceding sentence, an extension of credit shall not be deemed to include any amount invested by a bank holding company in the shares of an export trading company. In the implementation under the second paragraph, in the case where any damage occurs to any person, the merging financial institutions or the acquiring financial institutions, whether in whole or in part, shall be jointly liable to compensate for such damages.
Saving clause Section Section 34 No financial institution shall hold or possess, either directly or indirectly, shares of any companies in excess of the following ratios in accordance with the rule as prescribed in the notification of the Bank of Thailand: The financial statement, report, information, document or explanation submitted or presented under the first and second paragraph shall be complete and correct.
B Bank holding company. The stipulation may prescribe the methods of calculation and time period for payment or collection. For the shareholder meeting under the first paragraph, such financial institutions shall cease to accept registration of share transfers after seven days from the date of announcement of the approval of the Bank of Thailand in accordance with Section 73, until the date of the shareholder meeting and shall call a shareholder meeting.
A financial institution shall have traditional holidays in each year as prescribed in the notification of the Bank of Thailand. Participation in lotteries prohibited Section 9B.
For the purpose of the preceding sentence, bank shares shall not be deemed to have been acquired in a fiduciary capacity if the acquiring bank or company has sole discretionary authority to exercise voting rights with respect thereto; except that this limitation is applicable in the case of a bank or company acquiring such shares prior to December 31,only if the bank or company has the right consistent with its obligations under the instrument, agreement, or other arrangement establishing the fiduciary relationship to divest itself of such voting rights and fails to exercise that right to divest within a reasonable period not to exceed one year after December 31, Section 99 When the Bank of Thailand has issued an order to a financial institution to undertake any action or has received any report related to the financial institution under this Chapter, the Bank of Thailand shall report to the Minister without delay.
In case of incomplete examination after having entered and commenced, such examination may continue into the night or beyond the business hours of such premise as authorized by the Bank of Thailand; 4 seize or attach property, document or thing related to an offence under this Act for the purpose of the examination or prosecution.
D An institution that functions solely in a trust or fiduciary capacity, if— i all or substantially all of the deposits of such institution are in trust funds and are received in a bona fide fiduciary capacity; ii no deposits of such institution which are insured by the Federal Deposit Insurance Corporation are offered or marketed by or through an affiliate of such institution; iii such institution does not accept demand deposits or deposits that the depositor may withdraw by check or similar means for payment to third parties or others or make commercial loans; and iv such institution does not— I obtain payment or payment related services from any Federal Reserve bankincluding any service referred to in section 11A of the Federal Reserve Act [ 12 U.
In the meeting, if there are affirmative votes not less than three quarters of the number of votes of the shareholders attending the meeting, such merger, transfer or acquisition of the business shall be deemed lawful.
To avoid these potential issues, it is important that shareholders be mindful of the Change in Bank Control Act rules and ensure compliance before exceeding the relevant thresholds.
The provisions under the first and second paragraph shall not apply to the parent company or subsidiary of a financial institution in the case where there is a law which regulates the undertaking business of the parent company or subsidiary of the financial institution and Law and bank holding act already prescribed specific rules for such matters.
Deposit of bonds by national banks Section C An organization that does not do business in the United States except as an incident to its activities outside the United States. Section 50 No financial institution shall grant credits, invest in, incur contingent liabilities or enter into transactions similar to credits granting to any one or several persons jointly in any project, or for the same purpose, at the end of any one day, in excess of twenty-five percent of any one or several types of its capital funds in accordance with the rule as prescribed in the notification of the Bank of Thailand.
Business with related interest under the first and second paragraph means a company that the financial institution, its director, person with power of management, or a related person of those persons hold shares in combination in excess of ten percent of the total shares sold of such company.
With regards to the stipulation under the first paragraph, the Bank of Thailand may prescribe a specific amount of money or ratio lower than the prescribed ratio. In making its decision whether to grant such extension, the Board shall consider whether the company has made a good faith effort to divest such interests and whether such extension is necessary to avert substantial loss to the company.
C For purposes of this paragraph, an export trading company — i may engage in or hold shares of a company engaged in the business of underwriting, selling, or distributing securities in the United States only to the extent that any bank holding company which invests in such export trading company may do so under applicable Federal and State banking laws and regulations; and ii may not engage in agricultural production activities or in manufacturing, except for such incidental product modification including repackaging, reassembling or extracting byproducts, as is necessary to enable United States goods or services to conform with requirements of a foreign country and to facilitate their sale in foreign countries.
Be Mindful of Change in Bank Control Act Compliance Thursday, March 16, Each federal banking agency has a regulation implementing the Change in Bank Control Act, which essentially requires a person to file a notification with the banking agency and receive its approval prior to obtaining "control" of a bank or bank holding company.
In the case where credits, investments, contingent liabilities or transactions similar to credit granting are made to any person, the amount of credits, investments, contingent liabilities or transactions similar to credit made to the related person shall be accounted as those made to such person. Section 95 In the case where a financial institution maintains its capital fund lower than the required capital fund to be maintained under Section 30, such financial institution shall propose a project for rectifying its condition and operation to the Bank of Thailand for approval in accordance with the following rules: A A foreign bank which would be a bank within the meaning of paragraph 1 solely because such bank has an insured or uninsured branch in the United States.
Where it is necessary for the stability of a financial institution and for the examination of the financial institution examiner, the Bank of Thailand shall have power to prescribe for the financial institution to comply with the following matters: Resolution of Clearing Banks Section The appointment notice of the shareholder meeting shall be delivered to the shareholders for acknowledgement at least seven days but not more than fourteen days in advance.
B An institution organized under the laws of the United Statesany State of the United Statesthe District of Columbia, any territory of the United StatesPuerto Rico, Guam, American Samoa, or the Virgin Islands which both— i accepts demand deposits or deposits that the depositor may withdraw by check or similar means for payment to third parties or others; and ii is engaged in the business of making commercial loans.
The financial institution examiner shall submit the examination report under the first paragraph to the Bank of Thailand in the forms as prescribed in the notification of the Bank of Thailand. Federal Deposit Insurance Corporation Each depositor insured to at least $, per insured bank.
For more information on the BHC Act and how bank holding companies are regulated, see Practice Note, US Banking Law: Overview. For information on control issues associated with investments in banks under the BHC Act, see Practice Note, Investments Involving Banks: Control Issues.
Hello, yup this article is truly good and I have learned lot of things from it on the topic of blogging. thanks. United States. In the United States, a bank holding company, as provided by the Bank Holding Company Act of (12 U.S.C.
§ (a)(2)(A) et seq.), is broadly defined as "any company that has control over a bank". All bank holding companies in the US are required to register with the Board of Governors of the Federal Reserve System. Regulation.
The Federal Reserve Board of Governors. Home> Regulation & Examinations> Laws & Regulations> FDIC Law, Regulations, Related Acts FDIC Law, Regulations, Related Acts [Table of Contents] [Previous Page] [Next Page] [Search]. Bank Holding Company Act Amendments ofalso known as An Act to Amend the Bank Holding Company Act ofand for Other PurposesPublic Law91st Congress, H.R.
by United States. Congress.Law and bank holding act