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T4 S T A T . ]

PUBLIC LAW 86-463-MAY 13, 1960

129

Public Law 86-463
AN ACT
To amend the Federal Deposit Insurance Act to require Federal approval for
mergers and consolidations of insured banks.

May 13, 1960
[S. 1062]

Be it enacted hy the Senate and House of Representatives of the
United States of America in Congress assembled, That subsection (c) I nFederal c Deposit
s u r a n e Act,
of section 18 of the Federal Deposit Insurance Act is amended by amendment,.
Stat. 892.
striking out the third sentence and inserting in lieu thereof the fol- 64 u s e 1828.
12
lowing : "No insured bank shall merge or consolidate with any other Mergers and consolidations.
insured bank or, either directly or indirectly, acquire the assets of,
or assume liability to pay any deposits made in, any other insured
bank without the prior written consent (i) of the Comptroller of the
Currency if the acquiring, assuming, or resulting bank is to be a
national bank or k District bank, or (ii) of the Board of Governors
of the Federal Eeserve System if the acquiring, assuming, or resulting
bank is to be a State member bank (except a District bankj, or (iii)
of the Corporation if the acquiring, assuming, or resulting bank is to
Pub
be a nonmember insured bank (^except a District bank). Notice of notice.l i c a t i o n of
any proposed merger, consolidation, acquisition of assets, or assumption of liabilities, m a form approved by the Comptroller, the Board,
or the Corporation, as the case may be, shall (except in a case where
the furnishing of reports under the seventh sentence of this subsection
is not required) be published, at appropriate intervals during a period
(prior to the approval or disapproval of the transaction) at least as
long as the period allowed under such sentence for furnishing such
reports, in a newspaper of general circulation in the community or
communities where the main offices of the banks involved are located
(or, if there is no such newspaper in any such community, then in the
newsj)aper of general circulation published nearest thereto). I n
granting or withholding consent under this subsection, the Comptroller, the Board, or the Corporation, as the case may be, shall consider the financial history and condition of each of the banks involved,
the adequacy of its capital structure, its future earnings prospects,
the general character of its management, the convenience and needs of
the community to be served, and whether or not its corporate powers
are consistent with the purposes of this Act. I n the case of a merger,
consolidation, acquisition of assets, or assumption of liabilities, the
appropriate agency shall also take into consideration the effect of the
transaction on competition (including any tendency toward monopoly), and shall not approve the transaction unless, after considering
all of such factors, it finds the transaction to be in the public interest.
I n the interests of uniform standards, before acting on a merger, consolidation, acquisition of assets, or assumption of liabilities under this
subsection, the agency (unless it finds that it must act immediately
in order to prevent the probable failure of one of the banks involved)
shall request a report on the competitive factors involved from the Report by Attor^
ney General.
Attorney General and the other two banking agencies referred to in
this subsection (which report shall be furnished within thirty calendar days of the date on which it is requested, or within ten calendar
days of such date if the requesting agency advises the Attorney General and the other two bankingagencies that an emergency exists requiring expeditious action). The Comptroller, the Board, and the R e p o r t to Coi^
Corporation shall each include in its annual report to the Congress g r e s s .

48232 0 - 6 1 - 9

PUBLIC LAW 86-464-MAY 13, 1960

130

[74 S T A T .

a description of each merger, consolidation^ acquisition of assets, or
assumption of liabilities approved by it during the period covered by
the report, along with the following information: the name and total
resources of each bank involved; whether a report has been submitted
by the Attorney General hereunder, and, if so, a summary by the
Attorney General of the substance of such report; and a statement
by the Comj)troller, the Board, or the Corporation, as the case may
be, of the basis for its approval."
Approved May 13, 1960.

Public Law 86-464
May 13, 1960
[H. R. 10550]

5 0 use
2032.

app.

AN ACT
To extend the Export Control Act of 1949 for two additional years.
Be it enacted hy the Senate and House of Eepresentatives of the
United States of America in Congress assembled, That section 12 of
the Export Control Act of 1949 (63 Stat. 7), as amended by Public
Law 33, Eighty-second Congress (65 Stat. 43), Public Law 62, Eightythird Congress (67 Stat. 62), Public Law 631, Eighty-fourth Congress
(70 Stat. 407), and Public Law 85-466, Eighty-fifth Congress (72
Stat. 220), is hereby amended by striking out "1960" and inserting in
lieu thereof "1962".
Approved May 13, 1960.

Public Law 86-465
May 13, 1960
[H. R. 9084]

Coast and Geodetic Survey.

AN ACT
To repeal certain retirement promotion authority of the Coast and Geodetic
Survey.
Be it enacted hy the Senate and House of Representatives of the
United States of America in Congress assembled, That the Act of
June 6, 1942 (ch. 383, 56 Stat. 328, as amended (33 U.S.C. 864e)), is
hereby repealed.
SEC. 2. This Act becomes effective on November 1,1959.
Approved May 13, 1960.
Public Law 86-466

May 13, 1960
[H. R. 10045]

46 Stat. 817; 70
Stat. 159.

AN ACT
To amend the Act entitled "An Act to provide better facilities for the enforcement
of the customs and immigration laws", to increase the amounts authorized
to be expended.
Be it enacted hy the Senate and House of Representatives of the
United States of America in Congress assembled, That the Act of
June 26,1930, as amended ( U . S . C , title 19, sec. 68,1952 edition, Supp.
V ) , is amended by striking from the proviso "$30,000" and "$60,000"
and substituting in lieu thereof "$40,000" and "$80,000", respectively.
Approved May 13, 1960.


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102