Page:United States Statutes at Large Volume 103 Part 1.djvu/225

 PUBLIC LAW 101-73—AUG. 9, 1989 103 STAT. 197 tory institution by operation of section 4(a) shall not pay any fee. "(A) IN GENERAL. — "(i) PRIOR APPROVAL REQUIRED.— No insured deposi- tory institution may participate in a conversion trans- action without the prior approval of the Corporation. "(ii) 5-YEAR MORATORIUM ON CONVERSIONS. —Except as ^ provided in subparagraph (C), the Corporation may not approve any conversion transaction before the end of the 5-year period beginning on the date of the enact- ment of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989. "(B) CONVERSION DEFINED.— For purposes of this para- graph, the term 'conversion transaction' means— "(i) the change of status of an insured depository institution from a Bank Insurance Fund member to a Savings Association Insurance Fund member or from a Savings Association Insurance Fund member to a Bank Insurance Fund member; "(ii) the merger or consolidation of a Bank Insurance Fund member with a Savings Association Insurance Fund member; "(iii) the assumption of any liability by— "(I) any Bank Insurance Fund member to pay any deposits of a Savings Association Insurance Fund member; or "(II) any Savings Association Insurance Fund member to pay any deposits of a Bank Insurance Fund member; "(iv) the transfer of assets of— "(I) any Bank Insurance Fund member to any Savings Association Insurance Fund member in consideration of the assumption of liabilities for any portion of the deposits of such Bank Insurance Fund member; or "(II) any Savings Association Insurance Fund member to any Bank Insurance Fund member in consideration of the assumption of liabilities for any portion of the deposits of such Savings Associa- tion Insurance Fund member. "(C) APPROVAL DURING MORATORIUM.— The Corporation may approve a conversion transaction at any time if— "(i) the conversion transaction affects an insubstan- tial portion, as determined by the Corporation, of the total deposits of each depository institution participat- ing in the conversion transaction; "(ii) the conversion occurs in connection with the acquisition of a Savings Association Insurance Fund member in default or in danger of default, and the Corporation determines that the estimated financial benefits to the Savings Association Insurance Fund or Resolution Trust Corporation equal or exceed the Cor- poration's estimate of loss of assessment income to such insurance fund over the remaining balance of the 5- year period referred to in subparagraph (A), and the
 * (2) CONVERSIONS. —

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