Page:United States Statutes at Large Volume 101 Part 1.djvu/660

 101 STAT. 630

PUBLIC LAW 100-86—AUG. 10, 1987 ceiver, or any other receiver appointed with respect to the closed insured bank may, subject to the approval of any such transfer by a court of competent jurisdiction, transfer any assets and liabilities of the closed insured bank to the bridge bank. "(B) INTENT OF CONGRESS RELATING TO CONTINUING OPER-

ATIONS.—It is the intent of the Congress that, in order to prevent unnecessary hardship or losses to the customers of the closed bank with respect to which a bridge bank is established, especially creditworthy farmers, small businesses, and households, the Corporation should— "(i) continue to honor commitments made by the closed bank to creditworthy customers, and
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"(ii) not interrupt or terminate adequately secured loans which are transferred under subparagraph (A) I. and are being repaid by the debtor in accordance with the terms of the loan instrument. "(4) ORGANIZATION.— "(A) ARTICLES OF ASSOCIATION.—The articles of associa-

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12 USC 71-75. 12 USC 71a.

12 USC 51.

tion and the organization certificate of a bridge bank shall be executed by representatives designated by the Corporation. "(B) INSURED NATIONAL BANK.—Each bridge bank shall be a national bank and shall be insured from the time of the organization of the bridge bank. "(C) MANAGEMENT.—Each bridge bank shall be under the management of a board of directors consisting of 5 members appointed by the Board of Directors of the Corporation. "(5) POWERS OF BRIDGE BANKS.—Each bridge bank established under this subsection shall have all corporate powers of, and be subject to the same provisions of law as, a national bank, except that— "(A) the Corporation may— "(i) remove the directors of any bridge bank; ' ** "(ii) fix the compensation of members of the board of ^^ directors of any bridge bank; and "(iii) waive any requirement established under section 5145, 5146, 5147, 5148, or 5149 of the Revised Statutes (relating to directors of national banks) or T' section 31 of the Banking Act of 1933 which would otherwise be applicable with respect to directors of a bridge bank by operation of paragraph (4)(B); "(B) the Corporation may indemnify the directors of a bridge bank on such terms as the Corporation determines to be appropriate; "(C) no requirement under section 5138 of the Revised Statutes or any other provision of law relating to the capital of a national bank shall apply with respect to any bridge bank; "(D) the Comptroller of the Currency may establish a ,J, limitation on the extent to which any person may become t indebted to any bridge bank without regard to the amount of the bank's capital or surplus; "(E) the board of directors of the bridge bank shall elect a ,.^y chairperson who shall also serve in the position of chief .: executive officer; .-,,, „ ,...

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