Page:United States Statutes at Large Volume 101 Part 1.djvu/586

 101 STAT. 556

PUBLIC LAW 100-86—AUG. 10, 1987

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"(i) engages only in trust, fiduciary, and agency activities in which it was lawfully engaged on March 5, 1987; "(ii) engages in such activities only at the same number of locations at which such activities were con' ducted on such date; "(iii) does not accept demand deposits other than demand deposits which are maintained by such institution in— "(I) a trust or fiduciary capacity; ': "(II) the institution's capacity as a custodian or it as a paying, transfer, shareholder servicing, securi./.;,. t ties clearing, escrow, or dividend disbursing agent; or "(III) any capacity which is incidental to the trust or fiduciary activities of the institution; '": >i:,. "(iv) does not engage in the business of making ^- ;'.- ' commercial loans; "(v) does not exercise discount or borrowing privi•>' leges pursuant to section 19(b)(7) of the Federal Reserve 12 USC 461. Act; and ... "(vi) is not directly or indirectly controlled by any company other than a company which directly or indirectly controlled such institution on March 5, 1987. "(J) A savings bank (as defined in section 3(g) of the Post, p. 563. - . Federal Deposit Insurance Act) which— "(i) is a n insured bank (as defined in section 3(h) of ' ', '' such Act); "(ii) is a subsidiary of the Great Western Financial
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Corporation as a result of an approval in writing by the i -/ State bank supervisor of the State of New York before June 30, 1987; • "(iii) meets or exceeds the investment requirements which an insured institution must meet in order to be a qualified thrift lender under section 408(o) of the Post, p. 571. -. National Housing Act; and Isr "(iv) does not, directly, or through insurance products such savings bank receives from or provides to the '\ Great Western Finemcial Corporation, engage in the sale or underwriting of insurance, '." - except that this subparagraph shall cease to apply with 5 respect to such savings bank or any successor institution if any deposits of any other subsidiary or affiliate of the Great '"•' Western Financial Corporation which are subject to an assessment of an insurance premium under subsection (b) Post, p. 601. or (c) of section 404 of the National Housing Act are, directly or indirectly by any device whatsoever, transferred to or acquired by such savings bank or any successor institution which would have the effect of materially reducing such premium assessments. The exemption provided by r^v this subparagraph shall cease to apply if Great Western Financial Corporation uses such savings bank or any V.,.* successor institution as a vehicle to move such Corporation from Federal Savings and Loan Insurance Corporation
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insurance.

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