Page:United States Statutes at Large Volume 101 Part 1.djvu/627

 PUBLIC LAW 100-86—AUG. 10, 1987

101 STAT. 597

"(1) IN GENERAL.—The Financing Corporation shall be dissolved, as soon as practicable, after the earlier of— "(A) the date by which all stock purchased by the Financing Corporation in the Federal Savings and Loan Insurance Corporation has been retired; or .,,, "(B) December 31, 2026. "(2) BOARD AUTHORITY TO CONCLUDE THE AFFAIRS OF FINANCING

CORPORATION.—Effective on the date of the dissolution of the Financing Corporation under paragraph (1), the Board may exercise, on behalf of the Financing Corporation, any power of the Financing Corporation which the Board determines to be necessary to settle and conclude the affairs of the Financing Corporation. "(k) REGULATIONS.—The Board may prescribe such regulations as may be necessary to carry out the provisions of this section, including regulations defining terms used in this section. (1) DEFINITIONS.—For purposes of this section— "(1) INSURED INSTITUTION.—The term 'insured institution' has ^ the meaning given to such term by section 401(a) of the National Housing Act. 12 USC 1724. "(2) INSURED MEMBER.—The term 'insured member' has the meaning given to such term by section 401(b) of the National Housing Act. "(3) DIRECTORATE.—The term 'Directorate' means the direc, torate established in the manner provided in subsection (b)(1) to manage the Financing Corporation.". SEC. 303. MIXED OWNERSHIP GOVERNMENT CORPORATION.

Section 9101(2) of title 31, United States Code, is amended by adding at the end thereof the following new subparagraph: "(K) ThelFinancing Corporation.". SEC. 304. RECAPITALIZATION OF FSLIC.

Section 402(b) of the National Housing Act (12 U.S.C. 1725(b)) is amended to read as follows: "(b) ISSUANCE AND SALE OF CAPITAL CERTIFICATES AND STOCK TO FINANCING CORPORATION.— "(1) AUTHORIZATION TO ISSUE.—

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"(A) IN GENERAL.—Notwithstanding any other provision of law, the Corporation may issue— "(i) nonredeemable capital certificates; and "(ii) redeemable nonvoting capital stock.

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"(B) REQUIREMENT RELATING TO AMOUNT OF STOCK.—The

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aggregate amount of stock issued by the Corporation under subparagraph (A)(ii) shall be equal to the aggregate amount of the investments made by the Federal Home Loan Banks in the capital stock of the Financing Corporation under section 21 of the Federal Home Loan Bank Act. Ante, p. 585. "(C)

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CERTIFICATES AND STOCK MAY BE SOLD ONLY TO

FINANCING CORPORATION.—Capital certificates and stock issued under subparagraph (A) may be sold only to the Financing Corporation in the manner and to the extent provided in section 21 of the Federal Home Loan Bank Act and this subsection. "(D) PROCEEDS OF SALE ARE PART OF PRIMARY RESERVE.—

The proceeds of any sale of capital certificates or stock under this paragraph shall Be considered part of the pri-

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