Page:United States Statutes at Large Volume 101 Part 1.djvu/633

 PUBLIC LAW 100-86—AUG. 10, 1987

101 STAT. 603

(4) DEFINITIONS.—For purposes of this subsection— (A) ASSOCIATION.—The term "association" has the meaning given to such term under section 2(d) of the Home Owners' Loan Act of 1933. 12 USC 1462. (B) INSURED INSTITUTION.—The term "insured institution" has the meaning given to such term in section 401(a) of the National Housing Act. 12 USC 1724. (i) FSLIC REPORT REQUIREMENTS.—Section 402 of the National Housing Act is amended by adding at the end thereof the following 12 USC 1725. new subsection: "(k) REPORTS AND BUDGETS REQUIRED.— "(1) QUARTERLY REPORTS AND BUDGETS.—Before the end of the

2-week period beginning on the first day of each calendar quarter, the Corporation shall complete a detailed written report and budget describing and explaining— "(A) planned or anticipated activities and estimates of receipts and expenditures for such calendar quarter; and "(B) the activities, receipts, and expenditures for the preceding calendar quarter. j.

"(2) SEMIANNUAL REPORT.—Before the end of the 30-day

period beginning on the first day of each semiannual period, the Corporation shall complete a detailed written report and budget describing and explaining the activities, receipts, and expenditures for the preceding semiannual period. "(3) SUBMISSION OF SEMIANNUAL REPORT TO CONGRESS.—The

Corporation shall submit a copy of each semiannual report required under paragraph (2) to the Committee on Banlang, Finance and Urban Affairs of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate. "(4) ACTIVITIES, ETC., OF FEDERAL ASSET DISPOSITION ASSOCIA-

TION.—Activities, receipts, and expenditures of the Federal Asset Disposition Association (or any successor thereto) shall be included in any report or budget required under this subsection. "(5) DEFINITIONS.—For purposes of this subsection— "(A) ACTIVITIES.—The term 'activities' includes any activity engaged in with respect to any insured institution in financial difficulty. "(B) SEMIANNUAL PERIOD.—The term 'semiannual period' X):x',; ' means— "(i) the period beginning on January 1 of any cal-ijni. 2i endar year and ending June 30 of such year; and "(ii) the period beginning on July 1 of any calendar year and ending December 31 of such year.". SEC. 307. SECONDARY RESERVE PROVISIONS. (a) OFFSETS AGAINST PREMIUMS AUTHORIZED.—Section 404(e) of the National Housing Act (12 U.S.C. 1727(e)) is amended— (1) by striking out "(e) The Corporation" and inserting in lieu thereof "(e)(1) The Corporation"; and (2) by adding at the end thereof the following new paragraph: "(2) SECONDARY RESERVE OFFSETS AGAINST PREMIUMS.— "(A) OFFSETS IN PREMIUM YEARS BEGINNING BEFORE 1993.—

Subject to the maximum amount limitation contained in subparagraph (B) and notwithstanding any other provision of ,, law, an insured institution may offset such institution's pro rata share of the statutorily prescribed amount against any pre-

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