(3) shall not directly or indirectly engage or participate in any violation of the Change in Bank Control Act
. Any violation of this order shall separately subject the Respondents to appropriate civil or criminal penalties or both under 12 U.S.C.
Section 225.41 of Regulation Y (12 CFR 225.41), details the specific types of transactions that require prior notice under the Change in Bank Control Act
. Certain other "rebuttable" presumptions of control are outlined in section 225.41, which may also require the filing of a notice, including (under certain circumstances) a proposed acquisition that would result in the person owning or controlling the power to vote 10 percent or more of any class of voting securities.
Sahlgren, without admitting to any allegations, consented to the issuance of the Order to resolve allegations that he violated the Change in Bank Control Act
and an order issued under the Change in Bank Control Act
by the Board of Governors in connection with his acquisition of beneficial ownership of shares of the bank.
Protestant also argues that the voting agreement constitutes a voting trust that requires a notice to the OCC under the Change in Bank Control Act
, 12 U.S.C.
The individuals, without admitting to any allegations, consented to the order to resolve allegations that they violated the Change in Bank Control Act
in connection with their acquisition of beneficial ownership of the shares of the bank.