Page:United States Statutes at Large Volume 103 Part 1.djvu/271

 PUBLIC LAW 101-73 —AUG. 9, 1989 103 STAT. 243 trt - J fault is a Savings Association Insurance Fund member, the Corporation may only make such payments out of funds held in the Savings Association Insurance Fund, "(C) MANNER OF PAYMENT.—The Corporation may make the payments or credit the amounts specified in subpara- graphs (A) and (B) directly to the claimants or may make -^ such payments or credit such amounts to an open insured depository institution to induce such institution to accept ' liability for such claims. "0) LIMITATION ON COURT ACTION.— Except as provided in this section, no court may take any action, except at the request of the Board of Directors by regulation or order, to restrain or affect the exercise of powers or functions of the Corporation as a conservator or a receiver. "(k) LIABILITY OF DIRECTORS AND OFFICERS. — A director or officer of an insured depository institution may be held personally liable for monetary damages in any civil action by, on behalf of, or at the i request or direction of the Corporation, which action is prosecuted wholly or partially for the benefit of the Corporation— "(1) acting as conservator or receiver of such institution, "(2) acting based upon a suit, claim, or cause of action pur- chased from, assigned by, or otherwise conveyed by such re- ceiver or conservator, or "(3) acting based upon a suit, claim, or cause of action pur- chased from, assigned by, or otherwise conveyed in whole or in part by an insured depository institution or its affiliate in connection with assistance provided under section 13, for gross negligence, including any similar conduct or conduct that demonstrates a greater disregard of a duty of care (than gross negligence) including intentional tortious conduct, as such terms are defined and determined under applicable State law. Nothing in this paragraph shall impair or affect any right of the Corporation under other applicable law. "(1) DAMAGES.—In any proceeding related to any claim against an insured depository institution's director, officer, employee, agent, attorney, accountant, appraiser, or any other party employed by or providing services to an insured depository institution, recoverable damages determined to result from the improvident or otherwise improper use or investment of any insured depository institution's assets shall include principal losses and appropriate interest.". SEC. 213. NEW BANKS. Section 11 of the Federal Deposit Insurance Act (12 U.S.C. 1821) is amended by inserting after subsection (1) (as added by section 212) the following new subsection: " (m) NEW BANKS. — "(1) ORGANIZATION AUTHORIZED.— As soon as possible after the default of an insured bank, the (Dorporation, if it finds that it is " advisable and in the interest of the depositors of the insured bank in default or the public shall organize a new national bank in the same community as the bank in default to assume the insured deposits of such bank in default and otherwise to perform temporarily the functions hereinafter provided for. "(2) ARTICLES OF ASSOCIATION.— The articles of association and the organization certificate of the new bank shall be executed by representatives designated by the Corporation.

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