Page:United States Statutes at Large Volume 103 Part 1.djvu/273

 PUBLIC LAW 101-73—AUG. 9, 1989 103 STAT. 245 "(14) PAYMENT OF INSURED DEPOSITS.—(A) The new bank shall assume as transferred deposits the payment of the insured deposits of such bank in default to each of its depositors. "(B) Of the amounts so made available, the Corporation shall transfer to the new bank, in cash, such sums as may be nec- essary to enable it to meet its expenses of operation and imme- diate cash demands on such transferred deposits, and the remainder of such amounts shall be subject to withdrawal by the new bank on demand. "(15) ISSUANCE OF STOCK.— (A) Whenever in the judgment of the Board of Directors it is desirable to do so, the Corporation shall cause capital stock of the new bank to be offered for sale on such terms and conditions as the Board of Directors shall deem advisable in an amount sufficient, in the opinion of the Board of Directors, to make possible the conduct of the business of the new bank on a sound basis, but in no event less than that required by section 5138 of the Revised Statutes for the organization of a national bank in the place where such new bank is located. "(B) The stockholders of the insured bank in default shall be given the first opportunity to purchase any shares of common stock so offered. "(16) ISSUANCE OF CERTIFICATE. —Upon proof that an adequate amount of capital stock in the new bank has been subscribed and paid for in cash, the Comptroller of the Currency shall require the articles of association and the organization certifi- cate to be amended to conform to the requirements for the organization of a national bank, and thereafter, when the requirements of law with respect to the organization of a na- tional bank have been complied with, the Comptroller of the Currency shall issue to the bank a certificate of authority to commence business, and thereupon the bank shall cease to have the status of a new bank, shall be managed by directors elected by its own shareholders, may exercise all the powers granted by law, and shall be subject to all provisions of law relating to national banks. Such bank shall thereafter be an insured na- tional bank, without certification to or approval by the (Corpora- tion. "(17) TRANSFER TO OTHER INSTITUTION. —If the capital stock of the new bank is not offered for sale, or if an adequate amount of capital for such new bank is not subscribed and paid for, the Board of Directors may offer to transfer its business to any insured depository institution in the same community which will take over its assets, assume its liabilities, and pay to the Corporation for such business such amount as the Board of Directors may deem adequate; or the Board of Directors in its discretion may change the location of the new bank to the office of the Corporation or to some other place or may at any time wind up its affairs as herein provided. "(18) WINDING UP.—Unless the capital stock of the new bank is sold or its assets are taken over and its liabilities are assumed by an insured depository institution as above provided within 2 years after the date of its organization, the Corporation shall wind up the affairs of such bank, after giving such notice, if any, as the Comptroller of the Currency may require, and shall certify to the (Comptroller of the Currency the termination of Securities. Securities. Securities.

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