We don’t have a summary available yet.
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Oct 2, 1974.
Provides that a director, trustee, officer, or employee of a financial institution may not at the same time serve as an officer or director of any regulated corporation with respect to which such financial institution owns or holds as trustee, executor, administrator, guardian, or agent, with power to vote either alone or in conjunction with another person, more than 1 percent of any class of stock of such corporation. Provides that a person who is a director, trustee, officer, or employee of any financial institution may not at the same time serve on the board of directors of any regulated corporation with which such financial institution has a substantial and continuing relationship with respect to the making of loans, discounts, or extensions of credit. Allows an individual to hold any number of positions as director, trustee, officer, or employee of any number of companies within any given group of companies if one of the companies is either a bank holding company as defined in the Bank Holding Company Act of 1956 or a savings and loan holding company as defined in the National Housing Act and all the rest of them are subsidiaries of that holding company.