Page:United States Statutes at Large Volume 101 Part 1.djvu/661

 PUBLIC LAW 100-86—AUG. 10, 1987

101 STAT. 631

"(F) no bridge bank shall be required to purchase stock of any Federal Reserve bank; and (G) the Comptroller of the Currency may waive any requirement for a fidelity bond. "(6) CAPITAL.—

"(A) No CAPITAL REQUIRED.—The Corporation shall not be required to— "(i) issue capital stock on behalf of any bridge bank established under this subsection; or "(ii) purchase any capital stock of any bridge bank. "(B) OPERATING FUNDS IN UEU OF CAPITAL.—Upon the

organization of a bridge bank, and thereafter as the Board of Directors may in its discretion deem necessary or advisable, the Corporation shall promptly make available to the bridge bank, upon such terms and conditions and in such form and amounts as the Board of Directors may prescribe, sufficient funds for the bridge bank to operate. "(C) AUTHORITY TO ISSUE CAPITAL STOCK.—Whenever in



the judgment of the Board of Directors it is desirable to do so, the Corporation shall cause capital stock of any bridge bank to be issued and offered for sale on such terms and conditions as the Corporation determines to be appropriate and in an amount sufficient (in the discretion of the Corporation) to make possible the conduct of the business of the bridge bank on a sound basis.

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"(7) N o FEDERAL STATUS.—

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"(A) AGENCY STATUS.—A bridge bank is not an agency, establishment, or instrumentality of the United States. "(B) EMPLOYEE STATUS.—Directors, officers, employees, or agents of the bridge bank are not officers or employees of the United States for purposes of title 5, United States Code, or any other provision of law. "(8) ASSISTANCE AUTHORIZED.—The Corporation may, in its

discretion, provide assistance under section 13(c) to facilitate the sale or merger of the bridge bank with another insured depository institution in the same manner and to the same extent as such Eissistance may be provided under such section with respect to a closed insured bank. "(9) ACQUISITION BY OUT-OF-STATE BANK HOLDING COMPANY.—

Any depository institution, including an out-of-State bank, or any out-of-State holding company may acquire and retain the shares or Eissets of, or otherwise acquire and retain a bridge bank which has assumed the insured deposits of one or more closed banks which had total assets aggregating $500,000,000 or more (determined in the manner provided in section 13(f)(ll) at the time such insured bank was closed) in the same manner and to the same extent as such depository institution or such out-ofState holding company may acquire a closed insured bank under section 13(f)(2). "(10) TERMINATION OF BRIDGE BANK.—

"(A) IN GENERAL.—A bridge bank shall terminate upon the occurrence of the earliest of the following: "(i) The bridge bank merges or consolidates with another bank that is not a bridge bank. "(ii) The bridge bank sells all or substantially all of the stock of the bridge bank other than to the Corporation or to another bridge bank.

12 USC 1873.

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