Bank Holding Company Act of 1956, as amended


Bank Holding Company Act of 1956, as amended
USA
The federal statute regulating the acquisition, ownership and control of banks by companies. The BHC Act consists of three primary sections:
• Section 2 defines the BHC Act's operative terms, including "bank", "bank holding company", "company", "control", "financial holding company", and "subsidiary".
• Section 3 governs the acquisition and ownership of banks and bank assets by bank holding companies and companies seeking to become bank holding companies.
• Section 4 governs the acquisition and ownership of non-banking organizations by bank holding companies, as well as the regulation of financial holding companies (12 U.S.C. §§ 1841 et seq.).

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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