text:
Page:United States Statutes at Large Volume 92 Part 1.djvu/666

 92 STAT. 612

Conditions and requirements.

,

Hearing.

PUBLIC LAW 95-369—SEPT. 17, 1978 as it continues business in the ordinary course such foreign bank shall, however, be permitted to collect income on the securities and funds so deposited and from time to time examine and exchange such securities. (4) Subject to such conditions and requirements as may be prescribed by the Comptroller, each foreign bank shall hold in each State in which it has a Federal branch or agency, assets of such types and in such amount as the Comptroller may prescribe by general or specific regulation or ruling as necessary or desirable for the maintenance of a sound financial condition, the protection of depositors, creditors and the public interest. In determining compliance with any such prescribed asset requirements, the Comptroller shall give credit tx> (A) assets required to be maintained pursuant to paragraphs (1) and (2) of this subsection, (B) reserves required to be maintained pursuant to section 7(a) of this Act, and (C) assets pledged, and surety bonds payable, to the Federal Deposit Insurance Corporation to secure the payment of domestic deposits. The Comptroller may prescribe different asset requirements for branches or agencies in different States, in order to ensure competitive equality of Federal branches and agencies with State branches and agencies and domestic banks in those States. (h) A foreign bank with a Federal branch or agency operating in any State may (1) with the prior approval of the Comptroller establish and operate additional branches or agencies in the State in which such branch or agency is located on the same terms and conditions and subject to the same limitations and restrictions as are applicable to the establishment of branches by a national bank if the principal office of such national bank were located at the same place as the initial branch or agency in such State of such foreign bank and (2) change the designation of its initial branch or agency to any other branch or agency subject to the same limitations and restrictions as are applicable to a change in the designation of the principal office of a national bank if such principal office were located at the same place as such initial branch or agency. (i) Authority to operate a Federal branch or agency shall terminate when the parent foreign bank voluntarily relinquishes it or Avhen such parent foreign bank is dissolved or its authority or existence is otherwise terminated or canceled in the country of its organization. If (1) at any time the Comptroller is of the opinion or has reasonable cause to believe that such foreign bank has violated or failed to comply with any of the provisions of this section or any of the rules, regulations. or orders of the Comptroller made pursuant to this section, or (2) a conservator is appointed for such foreign bank or a similar proceeding is initiated in the foreign bank's country of organization, the Comptroller shall have the power, after opportunity for hearing, to revoke the foreign bank's authority to operate a Federal branch or agency. The Comptroller may, in his discretion, deny such opportunity for hearing if he determines such denial to be in the public interest. The Comptroller may restore any such authority upon due proof of compliance with the provisions of this section and the rules, regulations, or orders of the Comptroller made pursuant to this section. (j)(l) Whenever the Comptroller revokes a foreign bank's authority to operate a Federal branch or agency or whenever any creditor of any such foreign bank shall have obtained a judgment against it arising out of a transaction with a Federal branch or agency in any court of record of the United States or any State of

�


text:
Page:United States Statutes at Large Volume 92 Part 1.djvu/667

 PUBLIC LAW 95-369—SEPT. 17, 1978

92 STAT. 613

the United States and made application, accompanied by a certificate from the clerk of the court stating that such judgment has been rendered and has remained unpaid for the space of thirty days, or whenever the Comptroller shall become satisfied that such for e i ^ bank is insolvent, he may, after due consideration of its affairs, in any such case, appoint a receiver who shall take possession of all the property and assets of such foreign bank in the United States and exercise the same rights, privileges, powers, and authority with respect thereto as are now exercised by receivers of national banks appointed by the Comptroller. (2) In any receivership proceeding ordered pursuant to this subsection ( p, whenever there has been paid to each and every depositor and creditor of such foreign bank whose claim or claims shall have been proved or allowed, the full amount of such claims arising out of transactions had by them with any branch or agency of such foreign bank located in any State of the United States, except (A) claims that would not represent an enforceable legal obligation against such branch or agency if such branch or agency were a separate legal entity, and (B) amounts due and other liabilities to other oiSices or branches or agencies of, and wholly owned (except for a nominal number of directors' shares) subsidiaries of, such foreign bank, and all expenses of the receivership, the Comptroller or the Federal Deposit Insurance Corporation, where that Corporation has been appointed receiver of the foreign bank, shall turn over the remainder, if any, of the assets and proceeds of such foreign bank to the head office of such foreign bank, or to the duly appointed domiciliary liquidator or receiver of such foreign bank. INTERSTATE B A N K I N G OPERATIONS

SEC. 5. (a) Except as provided by subsection (b), (1) no foreign 12 USC 3103. bank may directly or indirectly establish and operate a Federal branch outside of its home State unless (A) its operation is expressly permitted by the State in which it is to be operated, and (B) the foreign bank shall enter into an agreement or undertaking with the Board to receive only such deposits at the place of operation of such Federal branch as would be permissible for a corporation organized under section 25(a) of the Federal Reserve Act under rules 12 USC and regulations administered by the Board; (2) no foreign bank 611-^1. may directly or indirectly establish and operate a State branch outside of its home State unless (A) it is approved by the bank regulatory authority of the State in which such branch is to be operated, and (B) the foreign bank shall enter into an agreement or undertaking with the Board to receive only such deposits at the place of operation of such State branch as would be permissible for a corporation organized under section 25(a) of the Federal Reserve Act under rules and regulations administered by the Board; (3) no foreign bank may directly or indirectly establish and operate a Federal agency outside of its home State unless its operation is expressly permitted by the State in which it is to be operated; (4) no foreign bank may directly or indirectly establish and operate a State agency or commercial lending company subsidiary outside of its home State, unless its establishment and operation is approved by the bank regulatory authority of the State in which it is to be operated; and (5) no foreign bank may directly or indirectly acquire any voting shares of, interest in, or substantially all of the assets of a bank

�

license: Creative Commons - Attribution Share-Alike - https://creativecommons.org/licenses/by-sa/4.0/


text:
Page:United States Statutes at Large Volume 92 Part 1.djvu/668

 92 STAT. 614

12 USC 1842.

PUBLIC LAW 95-369—SEPT. 17, 1978 located outside of its home State if such acquisition would be prohibited under section 3(d) of the Bank Holding Company Act of 1956 if the foreign bank were a bank holding company the operations of whose banking subsidiaries were principally conducted in the foreign bank's home State. Notwithstanding any other provisions of Federal or State law, deposits received by any Federal or State branch subject to the limitations of an agreement or undertaking imposed under this subsection shall not be subject to any requirement of mandatory insurance by the Federal Deposit Insurance Corporation. (b) Unless its authority to do so is lawfully revoked otherwise than pursuant to tbis section, a foreign bank, notwithstanding any restriction or limitation imposed under subsection (a) of this section, may establish and operate, outside its home State, any State branch, State agency, or bank or commercial lending company subsidiary which commenced lawful operation or for which an application to commence business had been lawfully filed with the appropriate State or Federal authority, as the case may be, on or before July 27, 1978. (c) For the purposes of this section, the home State of a foreign bank that has branches, agencies, subsidiary commercial lending companies, or subsidiary banks, or any combination thereof, in more than one State, is whichever of such States is so determined by election of the foreign bank, or, in default of such election, by the Board. INSURANCE OF DEPOSITS

12 USC 3104. 12 USC 1813.

SEC. 6. (a) No foreign bank may establish or operate a Federal branch which receives deposits of less than $100,000 unless the branch is an insured branch as defined in section 3(s) of the Federal Deposit Insurance Act, or unless the Comptroller determines by order or regulation that the branch is not engaged in domestic retail deposit activities requiring deposit insurance protection, taking account of the size and nature of depositors and deposit accounts. (b) After the date of enactment of this Act no foreign bank may establish a branch, and after one year following such date no foreign bank may operate a branch, in any State in which the deposits of a bank organized and existing under the laws of that State would be required to be insured, unless the branch is an insured branch as defined in section 3(s) of the Federal Deposit Insurance Act, or unless the branch will not thereafter accept deposits of less than $100,000, or unless the Federal Deposit Insurance Corporation determines by order or regulation that the branch is not engaged in domestic retail deposit activities requiring deposit insurance protection, taking account of the size and nature of depositors and deposit accounts. (c)(1) The Federal Deposit Insurance Act (12 U.S.C. 1811-1832) is amended as set forth hereinafter in this subsection, in which section numbers not otherwise identified refer to sections of that Act. (2) Section 3(h) is amended by inserting "(including a foreign bank having an insured branch)" immediately after "(h) The term 'insured bank' means any bank". (3) Section 3(j) is amended by inserting "or of a branch of a foreign bank" immediately before the period at the end thereof. (4) Section 3(m) is amended (A) by changing "(m) The" to read " (m)(1) Subject to the provisions of paragraph (2) of this subsection, the", and (B) by adding at the end thereof the following new paragraph:

�


text:
Page:United States Statutes at Large Volume 92 Part 1.djvu/669

 PUBLIC LAW 95-369—SEPT. 17, 1978

92 STAT. 615

"(2) In the case of any deposit in a branch of a foreign bank, the ther 'insured deposit' means an insured deposit as defined in paragraph (1) of this subsection which— " (A) is payable in the United States to— "(i) an individual who is a citizen or resident of the United States, "(ii) a partnership, corporation, trust, or other legally cognizable entity created under the laws of the United States or any State and having its principal place of business within the United States or any State, or "(iii) an individual, partnership, corporation, trust, or other legally cognizable entity which is determined by the Board of Directors in accordance with its regulations to have such business or financial relationships in the United States as to make the insurance of such deposit consistent with the purposes of this Act; and "(B) meets any other criteria prescribed by the Board of Directors by regulation as necessary or appropriate in its judgment to carry out the purposes of this Act or to facilitate the administration thereof.". (5) Section 3(q) is amended to read as follows: 12 USC 1813. "(q) The term 'appropriate Federal banking agency' shall mean— "(1) the Comptroller of the Currency in the case of a national banking association, a District bank, or a Federal branch or agency of a foreign bank; " (2) the Board of Governors of the Federal Reserve System— "(A) in the case of a State member insured bank (except a District bank), "(B) in the case of any branch or agency of a foreign bank with respect to any provision of the Federal Reserve Act which is made applicable under the International Banking Act of 1978, "(C) in the case of any foreign bank which does not operate an insured branch, "(D) in the case of any agency or commercial lending company other than a Federal agency, and " (E) in the case of supervisory or regulatory proceedings arising from the authority given to the Board of Governors under section 7(c)(1) of the International Banking Act of 1978, including such proceedings under the Financial Institutions Supervisory Act, and "(3) the Federal Deposit Insurance Corporation in the case of a State nonmember insured Bank (except a District bank) or a foreign bank having an insured branch. Under the rule set forth in this subsection, more than one agency may be an appropriate Federal banking agency with respect to any given institution. For the purposes of subsections (b) through (n) of Insured section 8 of this Act, the term 'insured bank' shall be deemed to include bank. any uninsured branch or agency of a foreign bank or any commercial lending company owned or controlled by a foreign bank.". (6) Section 3 is amended by adding at the end thereof the following Definitions, new subsections: "(r) The terms 'foreign bank' and 'Federal branch' shall be construed consistently with the usage of such terms in the International Banking Act of 1978.

�


text:
Page:Hockey, Canada's Royal Winter Game.djvu/23

 every city in Canada for information regarding the rules of hockey, but the result was unsatisfactory, because he could get none, When, shortly after, the Crystals and M.A.A.A. had formed teams, and the Ottawas and Quebecs had come into existence, the first successful matches, played under a code of rules that had been drawn up and accepted, were brought about by the challenge system. The first series of games took place during the first winter carnival, in 1884, and was played on the cold river rink, and the second, during the second carnival, in the Victoria rink, "when," as history relates, "the players were slightly interfered with by the erection of a large ice-grotto in the rink."

In 1887, the challenge system was done away with, and the Victorias, Crystals, Montrealers, Quebecs and Ottawas formed the Amateur Hockey Association of Canada, which, in the good effects that it has produced, constitutes the second epoch in the history of the game, because from this date, hockey made rapid strides in its advancement as a popular, scientific sport.

The record of the winning teams is as follows:—


text:
Page:United States Statutes at Large Volume 92 Part 1.djvu/670

 92 STAT. 616

12 USC 1815.

Regulations.

PUBLIC LAW 95-369—SEPT. 17, 1978 "(s) The term 'insured branch' means a branch of a foreign bank any deposits in which are insured in accordance with the provisions of this Act." (7) Section 5 is amended (A) by changing "SEC. 5." to read "SEC. 5. (a) " and (B) by adding at the end thereof the following new subsections: " (b) Subject to the provisions of this Act and to such terms and conditions as the Board of Directors may impose, any branch of a foreign bank, upon application by the bank to the Corporation, and examination by the Corporation of the branch, and approval by the Board of Directors, may become an insured branch. Before approving any such application, the Board of Directors shall give consideration to— " (1) the financial history and condition of the bank, " (2) the adequacy of its capital structure, " (3) its future earnings prospects, "(4) the general character of its management, including but not limited to the management of the branch proposed to be insured, "(5) the convenience and needs of the community to be served by the branch, "(6) whether or not its corporate powers, insofar as they will be exercised through the proposed insured branch, are consistent with the purposes of this Act, and "(7) the probable adequacy and reliability of information supplied and to be supplied by the bank to the Corporation to enable it to carry out its functions under this Act. "(c)(1) Before any branch of a foreign bank becomes an insured branch, the bank shall deliver to the Corporation or as the Corporation may direct a surety bond, a pledge of assets, or both, in such amounts and of such types as the Corporation may require or approve, for the purpose set forth in paragraph (4) of this subsection. " (2) After any branch of a foreign bank becomes an insured branch, the bank shall maintain on deposit with the Corporation, or as the Corporation may direct, surety bonds or assets or both, in such amounts and of such types as shall be determined from time to time in accordance with such regulations as the Board of Directors may prescribe. Such regulations may impose differing requirements on the basis of any factors which in the judgment of the Board of Directors are reasonably related to the purpose set forth in paragraph (4). " (3) The Corporation may require of any given bank larger deposits of bonds and assets than required under paragraph (2) of this subsection if, in the judgment of the Corporation, the situation of that bank or any branch thereof is or becomes such that the deposits of bonds and assets otherwise required under this section would not adequately fulfill the purpose set forth in paragraph (4). The imposition of any such additional requirements may be without notice or opportunity for hearing, but the Corporation shall afford an opportunity to any such bank to apply for a reduction or removal of any such additional requirements so imposed. " (4) The purpose of the surety bonds and pledges of assets required under this subsection is to provide protection to the deposit insurance fund against the risks entailed in insuring the domestic deposits of a foreign bank whose activities, assets, and personnel are in large part outside the jurisdiction of the United States. In the implementation of its authority under this subsection, however, the Corporation shall endeavor to avoid imposing requirements on such banks which would

�


text:
Page:United States Statutes at Large Volume 92 Part 1.djvu/671

 PUBLIC LAW 95-369—SEPT. 17, 1978 unnecessarily place them at a competitive disadvantage in relation to domestically incorporated banks. "(5) In the case of any failure or threatened failure of a foreign bank to comply with any requirement imposed under this subsection (c), the Corporation, in addition to all other administrative and judicial remedies, may apply to any United States district court, or United States court of any territory, within the jurisdiction of which any branch of the bank is located, for an injunction to compel such bank and any officer, employee, or a^ent thereof, or any other person having custody or control of any of its assets, to deliver to the Corporation such assets as may be necessary to meet such requirement, and to take any other action necessary to vest the Corporation with control of assets so delivered. If the court shall determine that there has been any such failure or threatened failure to comply with any such requirement, it shall be the duty of the court to issue such injunction. The propriety of the requirement may be litigated only as provided in chapter 7 of title 6 of the United States Code, and may not be made an issue in an action for an injunction under this paragraph.". (8) The first sentence of section 7(a)(1) is amended by inserting "and each foreign bank having an insured branch which is not a Federal branch" immediately before "shall make to the Corporation". (9) The first sentence of section 7(a)(3) is amended (A) by inserting "and each foreign bank having an insured branch (other than a Federal branch)" immediately before "shall make to the Corporation" and (B) by inserting ", each foreign bank having an insured branch which is a Federal branch," immediately before "and each insured district". (10) Section 7(a) is amended by adding at the end thereof the following new paragraph: "(7) In respect of any report required or authorized to be supplied or published pursuant to this subsection or any other provision of law, the Board of Directors or the Comptroller of the Currency, as the case may be, may differentiate between domestic banks and foreign banks to such extent as, in their judgment, may be reasonably required to avoid hardship and can be done without substantial compromise of insurance risk or supervisory and regulatory effectiveness.". (11) Section 7(b) is amended (A) by changing "(4^ A bank's assessment base" to read " (4)(A) Except as providea in subparagraph (B) of this paragraph, a bank's assessment base" and (B) by adding at the end thereof the following new subparagraph: "(B) In determining the assessment base and assessment base additions and deductions of a foreign bank having an insured branch, such adjustments shall be made as the Board of Directors may by regulation prescribe in order to provide equitable treatment for domestic and foreign banks.". (12) Section (7) g)(l) is amended (A) by changing " (j)(l) Whenever" to read "(j)(1)(A) Except as provided in subparagraph (B) of this paragraph, whenever", and (B) by adding at the end thereof the following new subparagraph: "(B) The Board of Directors may by regulation exempt from the reporting requirements of subparagraph (A) of this paragraph any transaction in the stock of a foreign bank to the extent that the making of any such report would be prohibited by the laws of the country of domicile of the foreign bank in effect at the time such bank makes its application under section 5(b) of this Act, or rendered impracticable by the customs and usages of such country, but the Board of Directors

92 STAT. 617

Injunction

5 USC 701 et seq.

12 USC 1817,

ReguUtion*.

Regulations,

12 USC 1815,

�


text:
Page:United States Statutes at Large Volume 92 Part 1.djvu/672

 92 STAT. 618

12 USC 1815. 12 USC 1817.

12 USC 1818.

PUBLIC LAW 95-369—SEPT. 17, 1978 shall weigh the existence of any such prohibition or impracticability in connection with its consideration of the factors enumerated in sections 5(b)(4) and 5 (b)(7).". (13) Section 7(j)(2) is amended by changing "(2) Whenever" to read "(2)(A) Except as provided in subparagraph (B) of this paragraph, whenever" and by adding at the end thereof the following new subparagraphs: "(B) The requirements of subparagraph (A) of this paragraph shall not apply in the case of a loan secured by the stock of a foreign bank if the lending bank is a foreign bank under the laws of whose domicile the report otherwise required by subparagraph (A) would be prohibited. "(C) No foreign bank under the laws of whose domicile a report in compliance with subparagraph (A) of this paragraph would be prohibited in the case of a loan to acquire the stock of an insured bank which is not a foreign bank may make, acquire, or retain any such loan. Each report of condition filed under subsection (a) by any foreign bank to which this subparagraph applies shall contain either a statement of the amount of each loan made, retained, or acquired by the foreign bank in violation of this subparagraph during the period from the date it became an insured bank or the date of its last report of condition, whichever is later, to the date of the report of condition, or a statement that no such loans were made and no such loans were outstanding during such period.". (14) The first sentence of section 8(a) is amended by inserting ", a foreign bank having an insured branch which is a Federal branch, a foreign bank having an insured branch which is required to be insured under section 6(a) or (b) of the International Banking Act of 1978," immediately after "(except a national member bank". (15) Section 8 is amended by adding at the end thereof the following new subsection: " (r)(l) Except as otherwise specifically provided in this section, the provisions of this section shall be applied to foreign banks in accordance with this subsection. "(2) An act or practice outside the United States on the part of a foreign bank or any officer, director, employee, or agent therof may not constitute the basis for any action by any officer or agency of the United States under this section, unless— "(A) such officer or agency alleges a belief that such act or practice has been, is, or is likely to be a cause of or carried on in connection with or in furtherance of an act or practice within any one or more States which, in and of itself, would constitute an appropriate basis for action by a Federal officer or agency under this section; or "(B) the alleged act or practice is one which, if proven, would, in the judgment of the Board of Directors, adversely affect the insurance risk assumed by the Corporation. " (3) In any case in which any action or proceeding is brought pursuant to an allegation under paragraph (2) of this subsection for the suspension or removal of any officer, director, or other person associated with a foreign bank, and such person fails to appear promptly as a party to such action or proceeding and to comply with any effective order or judgment therein, any failure by the foreign bank to secure his removal from any office he holds in such bank and from any further participation in its affairs shall, in and of itself, constitute grounds for termination of the insurance of the deposits in any branch of the bank.

�


text:
Page:United States Statutes at Large Volume 92 Part 1.djvu/673

 PUBLIC LAW 95-369—SEPT. 17, 1978 "(4) Where the venue of any judicial or administrative proceeding under this section is to be determined by reference to the location of the home office of a bank, the venue of such a proceeding with respect to a foreign bank having one or more branches or agencies in not more than one judicial district or other relevant jurisdiction shall be within such jurisdiction. Where such a bank has branches or agencies in more than one such jurisdiction, the venue shall be in the jurisdiction within which the branch or branches or agency or agencies involved in the proceeding are located, and if there is more than one such jurisdiction, the venue shall be proper in any such jurisdiction in which the proceeding is brought or to which it may appropriately be transferred. "(5) Any service required or authorized to be made on a foreign bank may be made on any branch or agency located within any State, but if such service is in connection with an action or proceeding involving one or more branches or one or more agencies located in any State, service shall be made on at least one branch or agency so involved.". (16)(A) The first sentence of section 10(b) is amended (i) by inserting "any insured State branch of a foreign bank, any State branch of a foreign bank making application to become an insured bank," immediately after "(except a District bank)", and (ii) by inserting "or branch" before the comma after "any closed insured bank". (B) The second sentence of section 10(b) is amended by inserting ", insured Federal branch of a foreign bank," between the words "national bank" and "or District bank". (C) The third sentence of section 10(b) is amended by inserting ", and in the case of a foreign bank, a binding commitment by such bank to permit such examination to the extent determined by the Board of Directors to be necessary to carry out the purposes of this Act shall be required as a condition to the insurance of any deposits" immediately before the period at the end thereof. (17) Section 11(c) is amended by inserting ", insured Federal branch of a foreign bank," immediately before "or insured District bank,". (18) The first sentence of section 11(e) is amended by inserting "or any insured branch (other than a Federal branch) of a foreign bank" immediately before "shall have been closed". (19) The second sentence of section 11(e) is amended by changing "such insured State bank," to read "such insured State bank or insured branch of a foreign bank,". (20) Section 11(f) is amended by inserting "or insured branch of a foreign bank" immediately before "shall have been closed". (21) The first sentence of section 11(g) is amended by inserting ", insured branch of a foreign bank," immediately before "or District bank,". (22) The third sentence of section 11(g) is amended by changing "In the case of any closed insured bank," to read "In the case of any closed insured bank or closed insured branch of a foreign bank,". (23) Section 12(a) is amended by inserting ", branch of a foreign bank," immediately after "a closed national bank". (24) Section 13 is amended by adding at the end thereof the following new subsection: "(g) The powers conferred on the Board of Directors and the Corporation by this section to take action to reopen a closed insured bank or to avert the closing of an insured bank may be used with

39-194 O—80—pt. 1

43: QL3

92 STAT. 619

12 USC 1820.

'

•

•

12 USC 1821.

12 USC 1822. 12 USC 1823.

�


text:
Page:United States Statutes at Large Volume 92 Part 1.djvu/674

 92 STAT. 620

12 USC 1828.

12 USC 1829b.

12 USC 1831b.

PUBLIC LAW 95-369—SEPT. 17, 1978 respect to an insured branch of a foreign bank if, in the judgment of the Board of Directors, the public interest in avoiding the closing of such branch substantially outweighs any additional risk of loss to the insurance fund which the exercise of such powers would entail.". (25) Section 18(c) is amended by adding at the end thereof the following new p a r a ^ a p h: "(11) The provisions of this subsection do not apply to any mergeitransaction involving a foreign bank if no party to the transaction is principally engaged in business in the United States.". (26) Section 18(d) is amended by inserting the following new sentence immediately after the first sentence thereof: "No foreign bank may move any insured branch from one location to another without such consent.". (27) The first sentence of section 18(g) is amended by inserting "and in insured branches of foreign banks" immediately after "in insured nonmember banks". (28) Section 18(j) is amended by adding at the end thereof the following new sentence: "The provisions of this subsection shall not apply to any foreign bank having an insured branch with respect to dealings between such bank and any affiliate thereof.". (29) Section 21 is amended by adding at the end thereof the following new subsection: "(i) The provisions of this section shall not apply to any foreign bank except with respect to the transactions and records of any insured branch of such a bank.". (30) The first sentence of section 25(a) is amended by inserting "insured branch of a foreign bank," immediately after "No insured bank,". AUTHORITY o r FEDERAL. RESERVE SYSTEM

12 USC 3105. 12 USC 461, 374a, 464-466, 371a, 371b, 371b-l, 374, 463.

12 USC 221.

SEC. 7. (a)(1)(A) Except as provided in paragraph (2) of this subsection, subsections (a), (b), (c), (d), (f), (g), (i), (j), (k),and the second sentence of subsection (e) of section 19 of the Federal Reserve Act shall apply to every Federal branch and Federal agency of a foreign bank in the same manner and to the same extent as if the Federal branch or Federal agency were a member bank as that term is defined in section 1 of the Federal Reserve Act; but the Board either by general or specific regulation or ruling may waive the minimum and maximum reserve ratios prescribed under section 19 of the Federal Reserve Act and may prescribe any ratio, not more than 22 per centum, for any obligation of any such Federal branch or Federal agency that the Board may deem reasonable and appropriate, taking into consideration the character of business conducted by such institutions and the need to maintain vigorous and fair competition between and among such institutions and member banks. The Board may impose reserve requirements on Federal branches and Federal agencies in such graduated manner as it deems reasonable and appropriate. (B) After consultation and in cooperation with the State bank supervisory authorities, the Board may make applicable to any State branch or State agency any requirement made applicable to, or which the Board has authority to impose upon, any Federal branch or agency under subparagraph (A) of this paragraph. (2) A branch or agency shall be subject to this subsection only if (A) its parent foreign bank has total worldwide consolidated bank assets in excess of $1,000,000,000; (B) its parent foreign bank is controlled by a foreign company which owns or controls foreign banks

�


text:
Page:United States Statutes at Large Volume 92 Part 1.djvu/675

 PUBLIC LAW 95-369—SEPT. 17, 1978 that in the aggregate have total worldwide consolidated bank assets in excess of $1,000,000,000; or (C) its parent foreign bank is controlled by a group of foreign companies that own or control foreign banks that in the aggregate have total worldwide consolidated bank assets in excess of $1,000,000,000. (b) Section 13 of the Federal Reserve Act is amended by adding at the end thereof the following new paragraph: "Subject to such restrictions, limitations, and regulations as may be imposed by the Board of Governors of the Federal Reserve System, each Federal Reserve bank may receive deposits from, discount paper endorsed by, and make advances to any branch or agency of a foreign bank in the same manner and to the same extent that it may exercise such powers with respect to a member bank if such branch or agency is maintaining reserves with such Reserve bank pursuant to section 7 of the International Banking Act of 1978. In exercising any such powers with respect to any such branch or agency, each Federal Reserve bank shall give due regard to account balances being maintained by such branch or agency with such Reserve bank and the proportion of the assets of such branch or agency being held as reserves under section 7 of the International Banking Act of 1978. For the purposes of this paragraph, the terms 'branch', 'agency', and 'foreign bank' shall have the same meanings assigned to them in section 1 of the International Banking Act of 1978.". (c)(1) The Board may make examinations of each branch or agency of a foreign bank, and of each commercial lending company or bank controlled by one or more foreign banks or by one or more foreign companies that control a foreign bank, the cost of which shall be assessed against and paid by such foreign bank or company, as the case may be. The Board shall, insofar as possible, use the reports of examinations made by the Comptroller, the Federal Deposit Insurance Corporation, or the appropriate State bank supervisory authority for the purposes of this subsection. (2) Each branch or agency of a foreign bank, other than a Federal branch or agency, shall be subject to paragraph 20 and the provision requiring the reports of condition contained in paragraph 6 of section 9 of the Federal Reserve Act (12 U.S.C. 335 and 324) to the same extent and in the same manner as if the branch or agency were a State member bank. In addition to any requirements imposed under section 4 of this Act, each Federal branch and agency shall be subject to subparagraph (a) of section 11 of the Federal Reserve Act (12 U.S.C. 248(a)) and to paragraph 5 of section 21 of the Federal Reserve Act (12 U.S.C. 483) to the same extent and in the same manner as if it were a member bank. (d) On or before two years after enactment of this Act, the Board after consultation with the appropriate State bank supervisory authorities shall report to the Committee on Banking, Finance and Urban Affairs of the United States House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the United States Senate its recommendations with respect to the implementation of this Act, including any recommended requirements such as limitations on loans to affiliates or capital adequacy requirements which should be imposed on foreign banks to carry out the purposes of this Act. Not later than one hundred and eighty days after the enactment of this Act, the Board shall report to such Committees the steps which have been taken to consult and cooperate with State bank supervisory authorities as required by subsection (a)(1)(B).

92 STAT. 621

12 USC 347d. 12 USC 82, 342-347, 347c, 372.

Definitions.

12 USC 3105.

Report to congressional committees.

�


text:
Page:United States Statutes at Large Volume 92 Part 1.djvu/676

 92 STAT. 622

PUBLIC LAW 95-369—SEPT. 17, 1978 N O N B A N K I N G ACTIVITIES

12 USC 3106.

12 USC 1841 note. iQ7i^T^Q7R^^' 1971-1978. 12 USC 1842.

12 USC 1841 no*®-

SEC. 8. (a) Except as otherwise provided in this section (1) any foreign bank that maintains a branch or agency in a State, (2) any foreign bank or foreign company controlling a foreign bank that controls a commercial lending company organized under State law, and (3) any company of which any foreign bank or company referred to in (1) and (2) is a subsidiary shall be subject to the provisions of the Bank Holding Company Act of 1956, and to sections 105 and 106 of the Bank Holding Company Act Amendments of 1970 in the same manner and to the same extent that bank holding companies ^^^ subject thereto, except that any such foreign bank or company shall not by reason of this subsection be deemed a bank holding company for purposes of section 3 of the Bank Holding Company Act of 1956. (b) Until December 31, 1985, a foreign bank or other company to which subsection (a) applies on the date of enactment of this Act may retain direct or indirect ownership or control of any voting shares of any nonbanking company in the United States that it owned, controlled, or held with power to vote on the date of enactment of this Act or engage in any nonbanking activities in the United States in which it was engaged on such date. (c) After December 31, 1985, a foreign bank or other company to which subsection (a) applies on the date of enactment of this Act may continue to engage in nonbanking activities in the United States in which directly or through an affiliate it was lawfully engaged on July 26, 1978 (or on a date subsequent to July 26, 1978, in the case of activities carried on as the result of the direct or indirect acquisition, pursuant to a binding written contract entered into on or before July 26, 1978, of another company engaged in such activities at the time of acquisition), and may engage directly or through an affiliate in nonbanking activities in the United States which are covered by an application to engage in such activities which was filed on or before July 26, 1978; except that the Board by order, after opportunity for hearing, may terminate the authority conferred by this subsection (c) on any such foreign bank or company to engage directly or through an affiliate in any activity otherwise permitted by this subsection (c) if it determines having due regard to the purposes of this Act and the Bank Holding Company Act of 1956, that such action is necessary to prevent undue concentration of resources, decreased or unfair competition, conflicts of interest, or unsound banking practices in the United States. Notwithstanding subsection (a) of this section, a foreign bank or company referred to in this subsection (c) may retain ownership or control of any voting shares (or, where necessary to prevent dilution of its voting interevSt, acquire additional voting shares) of any domesticallycontrolled affiliate covered in 1978 which engages in the business of underwriting, distributing, or otherwise buying or selling stocks, bonds, and other securities in the United States. Except in the case of affiliates described in the preceding sentence, nothing in this subsection (c) shall be construed to authorize any foreign bank or company referred to in this subsection (c), or any affiliate thereof, to engage in activities authorized by this subsection (c) through the acquisition, pursuant to a contract entered into after July 26, 1978, of any interest in or the assets of a going concern engaged in such activities. Any foreign bank or company that is authorized to engage in any activity pursuant to this subsection (c) but, as a result of action of the Board, is required to terminate such activity may retain the ownership of con-

�


text:
Page:United States Statutes at Large Volume 92 Part 1.djvu/677

 PUBLIC LAW 95-369—SEPT. 17, 1978 trol of shares in any company carrying on such activity for a period of two years from the date on which its authority was so terminated by the Board. As used in this subsection, the term "affiliate" shall mean any company more than 5 per centum of whose voting shares is directly or indirectly owned or controlled or held with power to vote by the specified foreign bank or company, and the term "domesticallj^-controUed affiliate covered in 1978" shall mean any affiliate the majority of whose voting shares is owned by a company or group of companies organized under the laws of the United States or any State thereof, if it has been under continuous domestic majority-controlling ownership since July 26, 1978, and if a foreign bank or group of foreign banks does not own or control, directly or indirectly, 25 per centum or more of its voting shares. (d) Nothing in this section shall be construed to define a branch or agency of a foreign bank or a commercial lending company controlled by a foreign bank or foreign company that controls a foreign bank as a "bank" for the purposes of any provisions of the Bank Holding Company Act of 1956, or section 105 of the Bank Holding Company Act Amendments of 1970, except that any such branch, agency or commercial lending company subsidiary shall be deemed a "bank" or "banking subsidiary", as the case may be, for the purposes of applying the prohibitions of section 106 of the Bank Holding Company Act Amendments of 1970 and the exemptions provided in sections 4(c)(1), 4(c)(2), 4(c)(3), and 4(c)(4) of the Bank Holding Company Act of 1956 (12 U.S.C. 1843(c)(1), (2), (3), and (4)) to any foreign bank or other company to which subsection (a) applies. (e) Section 2(h) of the Bank Holding Company Act of 1956 is amended (1) by striking out "(h) The" and inserting in lieu thereof "(h)(1) Except as provided by paragraph (2), the", (2) by striking out the proviso, and (3) by inserting at the end thereof the following: "(2) The prohibitions of section 4 of this Act shall not apply to shares of any company organized under the laws of a foreign country (or to shares held by such company in any company engaged in the same general line of business as the investor company or in a business related to the business of the investor company) that is principally engaged in business outside the United States if such shares are held or acquired by a bank holding company organized under the laws of a foreign country that is principally engaged in the banking business outside the United States, except that (1) such exempt foreign company (A) 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 a bank holding company may do so under this Act and under regulations or orders issued by the Board under this Act, and (B) may engage in the United States in any banking or financial operations or types of activities permitted under section 4(c)(8) or in any order or regulation issued by the Board under such section only with the Board's prior approval under that section, and (2) no domestic office or subsidiary of a bank holding company or subsidiary thereof holding shares of such company may extend credit to a domestic office or subsidiary of such exempt company on terms more favorable than those afforded similar borrowers in the United States.".

92 STAT. 623

Definitions,

12 USC 1841 note.

12 USC 1850.

12 USC 1971-1978. 12 USC 1841

12 USC 1843

STUDY OF rOREIGN TREATMENT OF UNITED STATES BANKS

SEC. 9. The Secretary of the Treasury, in conjunction with the Sec- 12 USC 601 retary of State, the Board, the Comptroller, and the Federal Deposit note. Insurance Corporation shall within 90 days after enactment of this

�


text:
Page:United States Statutes at Large Volume 92 Part 1.djvu/678

 92 STAT. 624

Report to Congress.

PUBLIC LAW 95-369—SEPT. 17, 1978 bill commence a study of the extent to which banks orga-nized under the laws of the United States or any State thereof are denied, whether by law or practice, national treatment in conducting banking operations in foreign countries, and the effects, if any, of such discrimination on United States exports to those countries. On or before one year after enactment of this section, the Secretary of the Treasury shall be required to report his findings, conclusions, and recommendations from such study to the Congress and describe the efforts undertaken by the United States to eliminate any foreign laws or practices that discriminate against banks organized under the laws of the United States or any State thereof, or that serve as a barrier to the financing of United States exports to any foreign country. REPRESENTATIVE OFFICES

Rules.

12 USC 3107.

SEC. 10. (a) Any foreign bank that maintains an office other than a branch or agency in any State shall register with the Secretary of the Treasury in accordance with rules prescribed by him, within one hundred and eighty days after the date of enactment of this Act or the date on which the office is established, whichever is later. (b) This Act does not authorize the establishment of any such office in any State in contravention of State law. CEASE-AND-DESIST ORDERS

"Subsidiary."

12 USC 1841.

SEC. 11. Subsection (b) of section 8 of the Federal Deposit Insurance Act (12 U.S.C. 1818(b)) is amended by adding a t the end thereof the following new paragraph: "(4) This subsection and subsections (c), (d), (h), (i), (k), (1), (m), and (n) of this section shall apply to any foreign bank or company to which subsection (a) of section 8 of the International Banking Act of 1978 applies and to any subsidiary (other than a bank) of any such foreign bank or company in the same manner as they apply to a bank holding company and any subsidiary thereof (other than a bank) under subparagraph (3) of this subsection. For the purposes of this subparagraph, the term 'subsidiary' shall have the meaning assigned to it in section 2 of the Bank Holding Company Act of 1956.". AMENDMENT TO THE B A N K I N G ACT OF 1933

SEC. 12. Section 21 of the Banking Act of 1933 (12 U.S.C. 378) is amended by striking clause (B) of paragraph (2) of subsection (a) thereof and inserting in lieu thereof the following: " (B) shall be permitted by the United States, any State, territory, or district to engage in such business and shall be subjected by the laws of the United States, or such State, territory, or district to examination and regulations or,". REGULATION AND ENFORCEMENT

12 USC 3108.

SEC. 13. (a) The Comptroller, the Board, and the Federal Deposit Insurance Corporation, are authorized and empowered to issue such rules, regulations, and orders as each of them may deem necessary in order to perform their respective duties and functions under this Act and to administer and carry out the provisions and purposes of this Act and prevent evasions thereof.

�


text:
Page:United States Statutes at Large Volume 92 Part 1.djvu/679

 PUBLIC LAW 95-369—SEPT. 17, 1978

92 STAT. 625

(b) In addition to any powers, remedies, or sanctions otherwise provided by law, compliance with the requirements imposed under this Act or any amendment made by this Act may be enforced under section 8 of the Federal Deposit Insurance Act by any appropriate 12 USC 1818. Federal banking agency as defined in that Act. (c) In the case of any provision of the Federal Reserve Act to 12 USC 226. which a foreign bank or branch thereof is subject under this Act, and which is made applicable to nonmember insured banks by the Federal Deposit Insurance Act, whether by cross-reference to the 12 USC 1811 Federal Reserve Act or by a provision in substantially the same terms note. in the Federal Deposit Insurance Act, the administration, interpretation, and enforcement of such provision, insofar as it relates to any foreign bank or branch thereof as to which the Board is an appropriate Federal banking agency, are vested in the Board, but where the making of any report to the Board or a Federal Reserve bank is required under any such provision, the Federal Deposit Insurance Corporation may require that a duplicate of any such report be sent directly to it. This subsection shall not be construed to impair any power of the Federal Deposit Insurance Corporation to make regular or special examinations or to require special reports. REPORT ON MC FADDEN ACT

SEC. 14. (a) The President, in consultation with the Attorney 12USe36note. General, the Secretary of the Treasury, the Board, the Comptroller, and the Federal Deposit Insurance Corporation, shall transmit a report to the Congress containing his recommendations concerning the applicability of the McFadden Act to the present financial, bank- 44 Stat. 1224. ing, and economic environment, including an analysis of the effects of any proposed amendment to such Act on the structure of the banking industry and on the financial and economic environment in general. (b) The report required by subsection (a) shall be transmitted to the Transmittal to Congress not later than one year after the date of enactment of this Congress, effective Act. date.

Approved September 17, 1978.

LEGISLATIVE HISTORY: HOUSE REPORT No. 95-910 (Comm. on Banking, Finance and Urban Affairs). SENATE REPORT No. 95-1073 (Comm. on Banking, Housing, and Urban Affairs). CONGRESSIONAL RECORD, VoL 124 (1978): Apr. 6, considered and passed House. Aug. 15, considered and passed Senate, amended. Aug. 17, House concurred in Senate amendment.

�


text:
Page:United States Statutes at Large Volume 92 Part 1.djvu/680

 92 STAT. 626

PUBLIC LAW 95-370—SEPT. 17, 1978

Public Law 95-370 95th Congress An Act Sept. 17, 1978 [H.R. 12240]

Intelligence and IntelligenceRelated Activities Authorization Act for Fiscal Year 1979.

To authorize appropriations for fiscal year 1979 for intelligence and intelligencerelated activities of the United States Government, the Intelligence Community Staff, the Central Intelligence Agency Retirement and Disability System, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act may be cited as the "Intelligence and Intelligence-Related Activities Authorization Act for Fiscal Year 1979". TITLE I—INTELLIGENCE ACT IV I T I E S SEC. 101. (a) Funds are hereby authorized to be appropriated for fiscal year 1979 for the conduct of the intelligence and intelligencerelated activities of the following departments, agencies, and other elements of the United States Government: (1) The Central Intelligence Agency and the Director of Central Intelligence. (2) The Department of Defense. (3) The Defense Intelligence Agency. (4^ The National Security Agency. (5) The Department of the Army, the Department of the Navy, and the Department of the Air Force. (6) The Department of State. (7) The Department of the Treasury. (8) The Department of Energy. (^9) The Federal Bureau of Investigation. (10) The Drug Enforcement Administration. (b) The classified annex to the joint explanatory statement prepared by the Committee of Conference to accompany the Conference Report on H.R. 12240 of the Ninety-fifth Congress shall be deemed to reflect the final action of the Congress with respect to the authorization of appropriations for fiscal year 1979 for intelligence and intelligencerelated activities of the United States Government, including specific amounts for activities specified in subsection (a). Copies of such annex shall be made available to the Committees on Appropriations of the House of Representatives and the Senate and to the appropriate elements of the United States Government for which funds are authorized by this Act under subsection (a). (c) Nothing contained in this Act shall be deemed to constitute authority for the conduct of any intelligence activity which is prohibited by the Constitution or laws of the United States. TITLE II—INTELLIGENCE COMMUNITY S T A F F SEC. 201. (a) There is authorized to be appropriated for the Intelligence Community Staff for fiscal year 1979 the sum of $12,700,000 to I)rovide the support necessary to permit the Director of Central Intelligence to fulfill his responsibility for directing the substantive functions and managing the resources for intelligence activities. (b) For fiscal year 1979 the Intelligence Community Staff is authorized an end strength ceiling of two hundred and sixty-nine full-time

�


text:
Page:United States Statutes at Large Volume 92 Part 1.djvu/681

 PUBLIC LAW 95-370—SEPT. 17, 1978

92 STAT. 627

employees. Such personnel may be permanent employees or employees on detail from other elements of the United States Government so long as they are properly counted within the ceiling and there is a mix oi positions to allow appropriate representation from elements of the United States Government engaged in intelligence and intelligencerelated activities. Any employee who is detailed to the Intelligence Community Staff from another element of the United States Government shall be detailed on a reimbursable basis, except that an employee may be detailed on a nonreimbursable basis for a period of less than one year for performance of temporary functions as required by the Director of Central Intelligence. (c) Except as provided in subsection (b) and until otherwise provided by law, the activities of the Intelligence Community Staff shall be governed by the Director of Central Intelligence in accordance with the provisions of the National Security Act of 1947 (50 U.S.C. 401 et seq.) and the Central Intelligence Agency Act of 1949 (50 U.S.C. 403a-403j). TITLE III—CENTRAL INTELLIGENCE AGENCY RETIREMENT AND DISABILITY SYSTEM SEC. 301. There is authorized to be appropriated for the Central Intelligence Agency Retirement and Disability System for the fiscal year 1979 the sum of $43,500,000. TITLE IV—ADMISSION OF CERTAIN EXCLUDABLE ALIENS SEC. 401. By October 30, 1979, the Attorney General shall report to the Permanent Select Committee on Intelligence and the Committee on the Judiciary of the House of Representatives and the Select Committee on Intelligence and the Committee on the Judiciary of the Senate regarding those cases during the period beginning on October 1, 1978, and ending on September 30, 1979, in which (1) the Director of the Federal Bureau of Investigation has notified the Attorney General that the Director knows or has reason to believe that an alien applying for admission into the United States is an excludable alien under the terms of section 212(a) (27), (28), or (29) of the Immigration and Nationality Act (8 U.S.C. 1182(a)), and (2) such alien is subsequently admitted into the United States. Approved September 17, 1978. LEGISLATIVE HISTORY: HOUSE REPORTS: No. 95-1075, Pt. 1 (Select Coram, on Intelligence) and Pt. 2 (Comm. on Armed Services) and No. 95-1420 (Coram, of Conference). SENATE REPORTS: No. 95-744 accompanying S. 2939 (Select Comm. on Intelligence) and No. 95-1028 (Coram, on Armed Services). CONGRESSIONAL RECORD, Vol. 124 (1978): June 6, considered and passed House. July 20, considered and passed Senate, amended, in lieu of S. 2939. Aug. 17, House agreed to conference report. Aug. 22, Senate agreed to conference report. WEEKLY COMPILATION OF PRESIDENTIAL DOCUMENTS, Vol. 14, No. 38: Sept. 18, Presidential statement.

Report to congressional committees. 8 USC 1182 note.

�


text:
Page:United States Statutes at Large Volume 92 Part 1.djvu/682

 92 STAT. 628

PUBLIC LAW 95-371—SEPT. 18, 1978

Public Law 95-371 95th Congress Joint Resolution Sept. 18. 1978 [H.J. Res. 1014]

Days of Remembrance of Victims of the Holocaust. Designation authorization.

Designating April 28 and 29 of 1979 as "Days of Remembrance of Victims of the Holocaust". Whereas six million Jews and millions of other people were murdered in concentration camps as part of a program of extermination carried out by the Nazi party during World War II; Whereas the people of the United States should recognize that all acts of bigotry are rooted in the cruelty of spirit and the callousness that led the Nazis to commit atrocities against millions of people, and should dedicate themselves to the principle of human equality; Whereas the people of the United States should recognize that tyranny creates the political atmosphere in which bigotry flourishes, and should be vigilant to detect, and ready to resist, the tyrannical exercise of power; Whereas on April 28 and 29 of 1945 the Armed Forces of the United States liberated the surviving victims of Nazi internment in the concentration camp in Dachau, Germany, and revealed to the world evidence of a tragic human holocaust that must never be forgotten; and Whereas the Nazi concentration camp in Dachau, Germany, is not only a shocking symbol of Nazi brutality and destruction, but also a symbol of the danger inherent in tyranny, the pernicious quality of bigotry, and the human capacity to be cruel: Now, therefore, be it Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That April 28 and 29 of 1979 are designated as "Days of Remembrance of Victims of the Holocaust", and the President is authorized and requested to issue a proclamation calling upon the people of the United States to observe such days with appropriate ceremonies and activities. Approved September 18, 1978.

LEGISLATIVE HISTORY: SENATE REPORT No. 95-980 (Comm. on the Judiciary). CONGRESSIONAL RECORD, Vol. 124 (1978): Aug. 17, considered and passed House. Aug. 25, considered and passed Senate. WEEKLY COMPILATION OF PRESIDENTIAL DOCUMENTS, Vol. 14, No. 38: Sept. 18, Presidential statement.

�


text:
Page:United States Statutes at Large Volume 92 Part 1.djvu/683

 PUBLIC LAW 95-372—SEPT. 18, 1978

92 STAT, e.29

Public Law 95-372 95th Congress An Act To establish a policy for the management of oil and natural gas in the Outer Continental Shelf; to protect the marine and coastal environment; to amend the Outer Continental Shelf Lands Act; and for other purposes.

P*' ' ^ [S. 9]

°

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act may be Outer cited as the "Outer Continental Shelf Lands Act Amendments of Continental Sbelf 1978".

Lands Act TABLE OF CONTENTS Amendments of 1978. TITLE I—FINDINGS AND PURPOSES WITH RESPECT TO MANAGING 43 USC 1801 THE RESOURCES OF THE OUTER CONTINENTAL S H E L F note. Sec. 101. Findings. Sec. 102. Purposes. TITLE II—AMENDMENTS TO THE OUTER CONTINENTAL SHELF LANDS ACT Sec. 201. Definitions. Sec. 202. National policy for the Outer Continental Shelf. Sec. 203. Laws applicable to the Outer Continental Shelf. Sec. 204. Outer Continental Shelf exploration and development administration; Sec. 205. Revision of bidding and lease administration. Sec. 206. Outer Continental Shelf oil and gas exploration. Sec. 207. Annual report. Sec. 208. New sections of the Outer Continental Shelf Lands Act. "Sec. 18. Outer Continental Shelf leasing program. "Sec. 19. Coordination and consultation with affected States and local governments. "Sec. 20. Environmental studies. "Sec. 21. Safety regulations. "Sec. 22. Enforcement. "Sec. 23. Citizen suits, court jurisdiction, and judicial review. "Sec. 24. Remedies and penalties. "Sec. 25. Oil and gas development and production. "Sec. 26. Outer Continental Shelf oil and gas information program. "Sec. 27. Federal purchase and disposition of oil and gas. "Sec. 28. Limitation on export. "Sec. 29. Restrictions on employment. "Sec. 30. Documentation, registry, and manning requirements.".

'^^

' ''

TITLE III—OFFSHORE OIL SPILL POLLUTION FUND Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec,

301. 302. 303. 304. 305. 306. 307. 308. 309. 310. 311. 312. 313. 314. 315.

Definitions. F^md establishment, administration, and financing. Damages and claimants. Liability. Financial responsibility. Notification, designation, and advertisement. Claims settlement. Subrogation. Jurisdiction and venue. Relationship to other law. Prohibition. Penalties. Authorization of appropriation. Annual report. Effective dates.

, ' ,

�


text:
Page:United States Statutes at Large Volume 92 Part 1.djvu/684

 92 STAT. 630

PUBLIC LAW 95-372—SEPT. 18, 1978 TITLE IV—FISHERMEN'S CONTINGENCY FUND Sec. Sec. Sec. Sec. Sec. Sec. Sec.

401. 402. 403. 404. 405. 406. 407.

Definitions. Establishment of the Fishermen's Contingency F u n d; fee collection. Duties and powers. Burden of proof. Claim procedures and subrogation of rights. Annual report. Survey of obstructions on the Outer Continental Shelf.

TITLE V—AMENDMENTS TO THE COASTAL ZONE MANAGEMENT ACT OF 1972 Sec. 501. Coastal energy impact program. Sec. 502. Authorization of appropriations. Sec. 503. Outer Continental Shelf grants. . _ Sec. 504. State management program. j

• r

TITLE VI—MISCELLANEOUS PROVISIONS Sec. Sec. Sec. Sec. Sec. Sec.

601. 602. 603. 604. 605. 606.

Review of shut-in or flaring wells. Review and revision of royalty payments. Natural gas distribution. Antidiscrimination provisions. Sunshine in Government. Investigation of availability of oil and natural gas from the Outer Continental Shelf. Sec. 607. Recommendations for training program. Sec. 608. Relationship to existing law.

TITLE I—FINDINGS AND PURPOSES W I T H RESPECT TO MANAGING THE RESOURCES O F THE OUTER CONTINENTAL S H E L F riNDINGS

43 USC 1801.

-,

SEC. 101. The Congress finds and declares that— (1) the demand for energy in the United States is increasing and will continue to increase for the foreseeable future; (2) domestic production of oil and gas has declined in recent years; (3) the United States has become increasingly dependent upon imports of oil from foreign nations to meet domestic energy demand; (4) increasing reliance on imported oil is not inevitable, but is rather subject to significant reduction by increasing the development of domestic sources of energy supply; (5) consumption of natural gas in the United States has greatly exceeded additions to domestic reserves in recent years; (6) technology is or can be made available which will allow significantly increased domestic production of oil and gas without undue harm or damage to the environment; (7) the Outer Continental Shelf contains significant quantities of oil and natural gas and is a vital national resource reserve which must be carefully managed so as to realize fair value, to preserve and maintain competition, and to reflect the public interest; (8) there presently exists a variety of technological, economic, environmental, administrative, and legal problems which tend to retard the development of the oil and natural gas reserves of the Outer Continental Shelf; (9) environmental and safety regulations relating to activities on the Outer Continental Shelf should be reviewed in light of current technology and information;

�


text:
Page:United States Statutes at Large Volume 92 Part 1.djvu/685

 PUBLIC LAW 95-372—SEPT. 18, 1978

92 STAT. 631

(10) the development, processing, and distribution of the oil and gas resources of the Outer Continental Shelf, and the siting of related energy facilities, may cause adverse impacts on various States and local governments; (11) policies, plans, and programs developed by States and local governments in response to activities on the Outer Continental Shelf cannot anticipate and ameliorate such adverse impacts unless such States, working in close cooperation with affected local governments, are provided with timely access to information regarding activities on the Outer Continental Shelf and an opportunity to review and comment on decisions relating to such activities; (12) funds must be made available to pay for the prompt removal of any oil spilled or discharged as a result of activities on the Outer Continental Shelf and for any damages to public or private interests caused by such spills or discharges; (13) because of the possible conflicts between exploitation of the oil and gas resources in the Outer Continental Shelf and other uses of the marine environment, including fish and shellfish growth and recovery, and recreational activity, the Federal Government must assume responsibility for the minimization or elimination of any conflict associated with such exploitation; (14) the oil and gas resources of the Outer Continental Shelf are limited, nonrenewable resources which must be developed in a manner which takes into consideration the Nation's long-range energy needs and also assures adequate protection of the renewable resources of the Outer Continental Shelf which are a continuing and increasingly important source of food and protein to the Nation and the world; and (15) funds must be made available to pay for damage to commercial fishing vessels and gear resulting from activities involving oil and gas exploration, development, and production on the Outer Continental Shelf. PURPOSES

SEC. 102. The purposes of this Act are to— 43 USC 1802. (1) establish policies and procedures for managing the oil and natural gas resources of the Outer Continental Shelf which are intended to result in expedited exploration and development of the Outer Continental Shelf in order to achieve national economic and energy policy goals, assure national security, reduce dependence on foreign sources, and maintain a favorable balance of payments in world trade; (2) preserve, protect, and develop oil and natural gas resources in the Outer Continental Shelf in a manner which is consistent ^ ='' with the need (A) to make such resources available to meet the Nation's energy needs as rapidly as possible, (B) to balance orderly energy resource development with protection of the human, marine, and coastal environments, (C) to insure the public a fair and equitable return on the resources of the Outer Continental Shelf, and (D) to preserve and maintain free enterprise competition; (3) encourage development of new and improved teclmoloffy for energy resource production which will eliminate or minimize risk of damage to the human, marine, and coastal environments; (4) provide States, and through States, local governments, which are impacted by Outer Continental Shelf oil and gas explo-

�


text:
Page:United States Statutes at Large Volume 92 Part 1.djvu/686

 92 STAT. 632 '

PUBLIC LAW 95-372—SEPT. 18, 1978 ration, development, and production with comprehensive assistance in order to anticipate and plan for such impact, and thereby to assure adequate protection of the human environment; (5) assure that States, and through States, local governments, have timely access to information regarding activities on the Outer Continental Shelf, and opportunity to review and comment on decisions relating to such activities, in order to anticipate, ameliorate, and plan for the impacts of such activities; (6) assure that States, and through States, local governments, which are directly affected by exploration, development, and production of oil and natural gas are provided an opportunity to participate in policy and planning decisions relating to management of the resources of the Outer Continental Shelf; (7) minimize or eliminate conflicts between the exploration, development, and production of oil and natural gas, and the recovery of other resources such as fish and shellfish; (8) establish an oilspill liability fund to pay for the prompt removal of any oil spilled or discharged as a result of activities on the Outer Continental Shelf and for any damages to public or private interests caused by such spills or discharges; (9) insure that the extent of oil and natural gas resources of the Outer Continental Shelf is assessed at the earliest practicable time; and (10) establish a fishermen's contingency fund to pay for damages to commercial fishing vessels and gear due to Outer Continental Shelf activities. TITLE II—AMENDMENTS TO THE OUTER CONTINENTAL S H E L F LANDS ACT DEFINinONS

43 USC 1337, 1335.

SEC. 201. (a) Paragraphs (b) and (c) of section 2 of the Outer Continental Shelf Lands Act (43 U.S.C. 1331 (b) and (c)) are amended to read as follows: "(b) The term 'Secretary'means the Secretary of the Interior, except that with respect to functions under this Act transferred to, or vested in, the Secretary of Energy or the Federal Energy Regulatory Commission W or pursuant to the Department of Energy Organization Act (42 U.S.C. 7101 et seq.), the term 'Secretary' means the Secretary of Energy, or the Federal Energy Regulatory Commission, as the case may be; "(c) The term 'lease' means any form of authorization which is issued under section 8 or maintained under section 6 of this Act and which authorizes exploration for, and development and production of, minerals;". (b) Such section is further amended— (1) in paragraph (d), by striking out the period and inserting in lieu thereof a semicolon; and (2) by adding at the end thereof the following new paragraphs: " (e) The term 'coastal zone' means the coastal waters (including the lands therein and thereunder) and the adjacent shorelands (including the waters therein and thereunder), strongly influenced by each other and in proximity to the shorelines of the several coastal States, and includes islands, transition and intertidal areas, salt marshes, wetlands, and beaches, which zone extends seaward to the outer limit of the United States territorial sea and extends inland from the shore-

�


text:
Page:United States Statutes at Large Volume 92 Part 1.djvu/687

 PUBLIC LAW 95-372—SEPT. 18, 1978

92 STAT. 633

lines to the extent necessary to control shorelands, the uses of which have a direct and significant impact on the coastal waters, and the inward boundaries of which may be identified by the several coastal States, pursuant to the authority of section 305(b)(1) of the Coastal Zone Management Act of 1972 (16 U.S.C. 1454(b)(1)); "(f) The term 'affected State'means, with respect to any program, plan, lease sale, or other activity, proposed, conducted, or approved pursuant to the provisions of this Act, any State— "(1) the laws of which are declared, pursuant to section 4(a) (2) of this Act, to be the law of the United States for the portion of the outer Continental Shelf on which such activity is, or is proposed to be, conducted; " (2) which is, or is proposed to be, directly connected by transportation facilities to any artificial island or structure referred to in section 4(a)(1) of this Act j 43 USC 1333. "(3) which is receiving, or m accordnace with the proposed activity will receive, oil for processing, refining, or transshipment which was extracted from the outer Continental Shelf and transported directly to such State by means of vessels or by a combination of means mcluding vessels; "(4) which is designated by the Secretary as a State in which there is a substantial probability of significant impact on or damage to the coastal, marine, or numan environment, or a State in which there will be significant changes in the social, governmental, or economic infrastructure, resulting from the exploration, development, and production of oil and gas anywhere on the outer Continental Shelf; or "(5) in which the Secretary finds that because of such activity there is, or will be, a significant risk of serious damage, due to factors such as prevailing winds and currents, to the marine or coastal environment in the event of any oilspill, blowout, or release of oil or gas from vessels, pipelines, or other transshipment facilities; "(g) The term 'marine environment' means the physical, atmospheric, and biological components, conditions, and factors which interactively determine the productivity, state, condition, and quality of the marine ecosystem, including the waters of the high seas, the contiguous zone, transitional and mtertidal areas, salt marshes, and wetlands within the coastal zone and on the outer Continental Shelf; "(h) The term 'coastal environment' means the physical atmospheric, and biological components, conditions, and factors which interactively determine the productivity, state, condition, and quality of the terrestrial ecosystem from the shoreline inward to the boundaries ' • -"* of the coastal zone; "(i) The term 'human environment'means the physical, social, and economic components, conditions, and factors which interactively determine the state, condition, and quality of living conditions, employment, and health of those affected, directly or indirectly, by activities occurring on the outer Continental Shelf; "(j) The term 'Governor' means the Governor of a State, or the person or entity designated by, or pursuant to. State law to exercise the powers granted to such Governor pursuant to this Act; "(k) The term 'exploration' means the process of searching for minerals, including (1) geophysical surveys where magnetic, gravity, seismic, or other systems are used to detect or imply the presence of such minerals, and (2) any drilling, whether on or off known geologi-

�


text:
Page:United States Statutes at Large Volume 92 Part 1.djvu/688

 92 STAT. 634

43 USC 1702.

PUBLIC LAW 95-372—SEPT. 18, 1978 cal structures, including the drilling of a well in which a discovery of oil or natural gas in paying quantities is made and the drilling of any additional delineation well after such discovery which is needed to delineate any reservoir and to enable the lessee to determine whether to proceed with development and production; " (1) The term 'development' means those activities which take place following discovery of minerals in paying quantities, including geophysical activity, drilling, platform construction, and operation of ail onshore support facilities, and which are for the purpose of ultimately producing the minerals discovered; "(m) The term 'production' means those activities which take place after the successful completion of any means for the removal of minerals, including such removal, field operations, transfer of minerals to shore, operation monitoring, maintenance, and work-over drilling; "(n) The term 'antitrust law'means— " (1) the Sherman Act (15 U.S.C. 1 et seq.); "(2) the Clayton Act (15 U.S.C. 12 et seq.); " (3) the Federal Trade Commission Act (15 U.S.C. 41 et seq.); "(4) the Wilson Tariff Act (15 U.S.C. Set seq.); or "(5) the Act of June 19, 1936, chapter 592 (15 U.S.C. 13,13a, 13b, and2La); "(o) The term 'fair market value' means the value of any mineral (1) computed at a unit price equivalent to the average unit price at which such mineral was sold pursuant to a lease during the period for which any royalty or net profit share is accrued or reserved to the United States pursuant to such lease, or (2) if there were no such sales, or if the Secretary finds that there were an insufficient number of such sales to equitably determine such value, computed at the average unit price at which such mineral was sold pursuant to other leases in the same region of the outer Continental Shelf during such period, or (3) if there were no sales of such mineral from such region during such period, or if the Secretary finds that there are an insufficient number of such sales to equitably determine such value, at an appropriate price determined by the Secretary; "(p) The term 'major Federal action' means any action or proposal by the Secretary which is subject to the provisions of section 102(2) (C) of the National Environmental Policy Act of 1969 (42 U.S.C. 4332(2)(C)); and "(q) The term 'minerals' includes oil, gas, sulphur, geopressuredgeothermal and associated resources, and all other minerals which are authorized by an Act of Congress to be produced from 'public lands' as defined in section 103 of the Federal Land Policy and Management Act of 1976.". NATIONAL POLICY FOR THE OUTER CONTINENTAL S H E L F

SEC. 202. Section 3 of the Outer Continental Shelf Lands Act (43 U.S.C. 1332) is amended to read as follows: "SEC. 3. NATIONAL POLICY FOR THE OUTER CONTINENTAL SHELF.—

^

I t is hereby declared to be the policy of the United States that— "(1) the subsoil and seabed of the outer Continental Shelf appertain to the United States and are subject to its jurisdiction, control, and power of disposition as provided in this Act; " (2) this Act shall be construed in such a manner that the character of the waters above the outer Continental Shelf as high seas

�


text:
Page:United States Statutes at Large Volume 92 Part 1.djvu/689

 PUBLIC LAW 95-372—SEPT. 18, 1978

92 STAT. 635

and the right to navigation and fishing therein shall not be affected; "(3) the outer Continental Shelf is a vital national resource reserve held by the Federal Government for the public, which should be made available for expeditious and orderly development, subject to environmental safeguards, in a manner which is consistent with the maintenance of competition and other national needs; "(4) since exploration, development, and production of the minerals of the outer Continental Shelf will have significant impacts on coastal and non-coastal areas of the coastal States, and on other affected States, and, in recognition of the national interest in the effective management of the marine, coastal, and human environments— "(A) such States and their affected local governments may require assistance in protecting their coastal zones and other affected areas from any temporary or permanent adverse effects of such impacts; and "(B) such States, and through such States, affected local governments, are entitled to an opportunity to participate, to the extent consistent with the national interest, in the policy and planning decisions made by the Federal Government relating to exploration for, and development and production of, minerals of the outer Continental Shelf; "(5) the rights and responsibilities of all States and, where appropriate, local governments, to preserve and protect their marine, human, and coastal environments through such means as regulation of land, air, and water uses, of safety, and of related development and activity should be considered and recognized; and "(6) operations in the outer Continental Shelf should be conducted in a safe manner by well-trained personnel using technology, precautions, and techniques sufficient to prevent or minimize the likelihood of blowouts, loss of well control, fires, spillages, physical obstruction to other users of the waters or subsoil and seabed, or other occurrences which may cause damage to the environment or to property, or endanger life or health.". LAWS APPLICABLE TO THE OUTER CONTINENTAL

SHELF

SEC. 203. (a) Section 4(a)(1) of the Outer Continental Shelf Lands Act (43 U.S.C. 1333 (a)(1)) is amended— (1) by striking out "and fixed structures" and inserting in lieu thereof ", and all installations and other devices permanently or temporarily attached to the seabed,"; and (2) by striking out "removing, and transporting resources therefrom" and inserting in lieu thereof "or producing resources therefrom, or any such installation or other device (other than a ship or vessel) for the purpose of transporting such resources". (b) Section 4(a)(2) of such Act is amended by redesigning paragraph (2) as (2)(A) and by adding at the end thereof the following new subparagraph: "(B) Within one year after the date of enactment of this subparagraph, the President shall establish procedures for setting any outstanding international boundary dispute respecting the outer Continental Shelf.".

39-194 O—80—pt. 1

44: QL3

�


text:
Executive Order 13573

By the authority vested in me as President by the Constitution and the laws of the United States of America, including the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) (IEEPA), the National Emergencies Act (50 U.S.C. 1601 et seq.), and section 301 of title 3, United States Code,

I,, President of the United States of America, in order to take additional steps with respect to the Government of Syria's continuing escalation of violence against the people of Syria including through attacks on protestors, arrests and harassment of protestors and political activists, and repression of democratic change, overseen and executed by numerous elements of the Syrian government and with respect to the national emergency declared in Executive Order 13338 of May 11, 2004, relied upon for additional steps taken in Executive Order 13399 of April 25, 2006, and in Executive Order 13460 of February 13, 2008, and expanded in scope in Executive Order 13572 of April 29, 2011, hereby order:

Barack Obama The White House, May 18, 2011. [FR Doc. 2011–12645 Filed 5–19–11; 8:45 am] Billing Code 3195–W1–P Billing Code 4811–33–C

Annex

Individuals  Bashar AL-ASSAD [President of the Syrian Arab Republic, born September 11, 1965]

Farouk AL-SHARA [Vice President, born 1938]

Adel SAFAR [Prime Minister, born 1953]

Mohammad Ibrahim AL-SHAAR [Minister of the Interior, born 1950]

Ali Habib MAHMOUD [Minister of Defense, born 1939]

Abdul Fatah QUDSIYA [Head of Syrian Military Intelligence, born circa 1950]

Mohammed Dib ZAITOUN [Director of Political Security Directorate, born circa 1952]

title: Executive Order 13573


text:
Page:United States Statutes at Large Volume 92 Part 1.djvu/690

 92 STAT. 636 43 USC 1333.

29 USC 167.

43 USC 1333.

PUBLIC LAW 95-372--SEPT. 18, 1978 (c) Section 4(c) of such Act is amended by striking out "described in subsection (b) " and inserting in lieu thereof "conducted on the outer Continental Shelf for the purpose of exploring for, developing, removing, or transporting by pipeline the natural resources, or involving rights to the natural resources, of the subsoil and seabed of the outer Continental Shelf". (d) Section 4(d) of such Act is amended to read as follows: "(d) For the purposes of the National Labor Relations Act, as amended, any unfair labor practice, as defined in such Act, occurring upon any artificial island, installation, or other device referred to in subsection (a) of this section shall be deemed to have occurred within the judicial district of the State, the laws of which apply to such artificial island, installation, or other device pursuant to such subsection, except that until the President determines the areas within which such State laws are applicable, the judicial district shall be that of the State nearest the place of location of such artificial island, installation, or other device.". (e) Section 4 of such Act is amended— (1) in paragraph (1) of subsection (e), by striking out "the islands and structures referred to in subsection (a)", and inserting in lieu thereof "the artificial islands, installations, and other devices referred to in subsection (a) "; (2) in subsection (f), by striking out "artificial islands and fixed structures located on the outer Continental Shelf" and inserting in lieu thereof "the artificial islands, installations, and other devices referred to in subsection (a) "; and (3) in subsection (g), by striking out "the artificial islands and fixed structures referred to in subsection (a) " and inserting in lieu thereof "the artificial islands, installations, and other devices referred to in subsection (a)". (f) Section 4(e)(1) of such Act is amended by striking out "head" and inserting in lieu thereof "Secretary". (g) Section 4(e)(2) of such Act is amended to read as follows: " (2) The Secretary of the Department in which the Coast Guard is operating may mark for the protection of navigation any artificial island, installation, or other device referred to in subsection (a) whenever the owner has failed suitably to mark such island, installation, or other device in accordance with regulations issued under this Act, and the owner shall pay the cost of such marking.". (h) Section 4 of such Act is further amended by striking out subsection (b) and relettering subsections (c), (d), (e), (f), and (g) as subsections (b), (c), (d), (e), and (f), respectively. OUTER CONTINENTAL S H E U ' EXPLORATION AND DEVELOPMENT ADMINISTRATION

Rules and regulations.

SEC. 204. Section 5 of the Outer Continental Shelf Lands Act (43 U.S.C. 1334) is amended to read as follows: "SEC. 5. ADMINISTRATION OF LEASING or THE OUTER CONTINENTAL

SHELF.—(a) The Secretary shall administer the provisions of this Act relating to the leasing of the outer Continental Shelf, and shall prescribe such rules and regulations as may be necessary to carry out such provisions. The Secretary may at any time prescribe and amend such rules and regulations as he determines to be necessary and proper in order to provide for the prevention of waste and conservation of

�


text:
Page:United States Statutes at Large Volume 92 Part 1.djvu/691

 PUBLIC LAW 95-372—SEPT. 18, 1978 the natural resources of the outer Continental Shelf, and the protection of correlative rights therein, and, notwithstanding any other provisions herein, such rules and regulations shall, as of their effective date, apply to all operations conducted under a lease issued or maintained under the provisions of this Act. In the enforcement of safety, environmental, and conservation laws and regulations, the Secretary shall cooperate with the relevant departments and agencies of the Federal Government and of the affected States. In the formulation and promulgation of regulations, the Secretary shall request and give due consideration to the views of the Attorney General with respect to matters which may affect competition. In considering any regulations and in preparing any such views, the Attorney General shall consult with the Federal Trade Commission. The regulations prescribed by the Secretary under this subsection shall include, but not be limited to, provisions— "(1) for the suspension or temporary prohibition of any operation or activity, including production, pursuant to any lease or permit (A) at the request of a lessee, in the national interest, to facilitate proper development of a lease or to allow for the construction or negotiation for use of transportation facilities, or (B) if there is a threat of serious, irreparable, or immediate harm or damage to life (including fish and other aquatic life), to property, to any mineral deposits (in areas leased or not leased), or to the marine, coastal, or human environment, and for the extension of any permit or lease affected by suspension or prohibition under clause (A) or (B) by a period equivalent to the period of such suspension or prohibition, except that no permit or lease shall be so extended when such suspension or prohibition is the result of gross negligence or willful violation of such lease or permit, or of regulations issued with respect to such lease or permit; " (2) with respect to cancellation of any lease or permit— "(A) that such cancellation may occur at any time, if the Secretary determines, after a hearing, that— "(i) continued activity pursuant to such lease or permit would probably cause serious harm or damage to life (including fish and other aquatic life), to property, to any mineral (in areas leased or not leased), to the national security or defense, or to the marine, coastal, or human environment; " (ii) the threat of harm or damage will not disappear or decrease to an acceptable extent within a reasonable period of time; and "(iii) the advantages of cancellation outweigh the advantages of continuing such lease or permit in force; "(B) that such cancellation shall not occur unless and until operations under such lease or permit shall have been under suspension, or temporary prohibition, by the Secretary, with due extension of any lease or permit term continuously for a period of five years, or for a lesser period upon request of the lessee; "(C) that such cancellation shall entitle the lessee to receive such compensation as he shows to the Secretary as being equal to the lesser of (i) the fair value of the canceled rights as of the date of cancellation, taking account of both anticipated revenues from the lease and anticipated costs, including costs

92 STAT. 637

Federal Trade Commission, consultation.

�


text:
Page:United States Statutes at Large Volume 92 Part 1.djvu/692

 92 STAT. 638

Judicial review.

Pipeline rightsof-way. Secretary of Energy, consultation. Notice and hearing.

PUBLIC LAW 95-372—SEPT. 18, 1978 of compliance with all applicable regulations and operating orders, liability for cleanup costs or damages, or both, in the case of an oilspill, and all other costs reasonably anticipated on the lease, or (ii) the excess, if any, over the lessee's revenues, from the lease (plus interest thereon from the date of receipt to date of reimbursement) of all consideration paid for the lease and all direct expenditures made by the lessee after the date of issuance of such lease and in connection with exploration or development, or both, pursuant to the lease (plus interest on such consideration and such expenditures from date of payment to date of reimbursement), except that (I) with respect to leases issued before the date of enactment of this subparagraph, such compensation shall be equal to the amount specified in clause (i) of this subparagraph; and (II) in the case of joint leases which are canceled due to the failure of one or more partners to exercise due diligence, the innocent parties shall have the right to seek damages for such loss from the responsible party or parties and the right to acquire the interests of the negligent party or parties and be issued the lease in question; " (3). for the assignment or relinquishment of a lease; " (4) for unitization, pooling, and drilling agreements; "(5) for the subsurface storage of oil and gas other than by the Federal Government; "(6) for drilling or easements necessary for exploration, development, and production; " (7) for the prompt and efficient exploration and development of a lease area; and "(8) for compliance with the national ambient air quality standards pursuant to the Clean Air Act (42 U.S.C. 7401 et seq.), to the extent that activities authorized under this Act significantly affect the air quality of any State. "(b) The issuance and continuance in effect of any lease, or of any assignment or other transfer of any lease, under the provisions of this Act shall be conditioned upon compliance with regulations issued under this Act. "(c) Whenever the owner of a nonproducing lease fails to comply with any of the provisions of this Act, or of the lease, or of the regulations issued under this Act, such lease may be canceled by the Secretary, subject to the right of judicial review as provided in this Act, if such default continues for the period of thirty days after mailing of notice by registered letter to the lease owner at his record post office address. "(d) Whenever the owner of any producing lease fails to comply with any of the provisions of this Act, of the lease, or of the regulations issued under this Act, such lease may be forfeited and canceled by an appropriate proceeding in any United States district court having jurisdiction under the provisions of this Act. "(e) Rights-of-way through the submerged lands of the outer Continental Shelf, whether or not such lands are included in a lease maintained or issued pursuant to this Act, may be granted by the Secretary for pipeline purposes for the transportation of oil, natural gas, sulphur, or other minerals, or under such regulations and upon such conditions as may be prescribed by the Secretary, or where appropriate the Secretary of Transportation, including (as provided in

�


text:
Page:United States Statutes at Large Volume 92 Part 1.djvu/693

 PUBLIC LAW 95-372—SEPT. 18, 1978 section 21(b) of this Act) assuring maximum environmental protection by utilization of the best available and safest technologies, including the safest practices for pipeline burial and upon the express condition that oil or gas pipelines shall transport or purchase without discrimination, oil or natural gas produced from submerged lands or outer Continental Shelf lands in the vicinity of the pipelines in such proportionate amounts as the Federal Energy Regulatory Commission, in consultation with the Secretary of Energy, may, after a full hearing with due notice thereof to the interested parties, determine to be reasonable, taking into account, among other things, conservation and the prevention of waste. Failure to comply with the provisions of this section or the regulations and conditions prescribed under this section shall be ground for forfeiture of the grant in an appropriate judicial proceeding instituted by the United States in any United States district court having jurisdiction under the provisions of this Act. "(f)(1) Except as provided in paragraph (2), every permit, license, easement, right-of-way, or other grant of authority for the transportation by pipeline on or across the outer Continental Shelf of oil or gas shall require that the pipeline be operated in accordance with the following competitive principles: "(A) The pipeline must provide open and nondiscriminatory access to both owner and nonowner shippers. "(B) Upon the specific request of one or more owner or nonowner shippers able to provide a guaranteed level of throughput, and on the condition that the shipper or shippers requesting such expansion shall be responsible for bearing their proportionate share of the costs and risks related thereto, the Federal Energy Regulatory Commission may, upon finding, after a full hearing with due notice thereof to the interested parties, that such expansion is within technological limits and economic feasibility, order a subsequent expansion of throughput capacity of any pipeline for which the permit, license, easement, right-of-way, or other grant of authority is approved or issued after the date of enactment of this subparagraph. This subparapragh shall not apply to any such grant of authority approved or issued for the Gulf of Mexico or the Santa Barbara Channel. " (2) The Federal Energy'^ Regulatory Commission may, by order or regulation, exempt from any or all of the requirements of paragraph (1) of this subsection any pipeline or class of pipelines which feeds into a facility where oil and gas are first collected or a facility where oil and gas are first separated, dehydrated, or otherwise processed. "(3) The Secretary of Energy and the Federal Energy Regulatory Commission shall consult with and give due consideration to the views of the Attorney General on specific conditions to be included in any permit, license, easement, right-of-way, or grant of authority in order to ensure that pipelines are operated in accordance with the competitive principles set forth in paragraph (1) of this subsection. In preparing any such views, the Attorney General shall consult with the Federal Trade Commission. "(4) Nothing in this subsection shall be deemed to limit, abridge, or modify any authority of the United States under any other provision of law with respect to pipelines on or across the outer Continental Shelf. "(g)(1) The leasee shall produce any oil or gas, or both, obtained pursuant to an approved development and production plan, at rates

92 STAT. 639 Post, p. 654.

Forfeiture of grant.

Notice and hearing.

Regulations.

Attorney General, consultation.

Federal Trade Commission, consultation.

Presidential rule or order.

�