Page:United States Statutes at Large Volume 103 Part 1.djvu/275

 PUBLIC LAW 101-73 —AUG. 9, 1989 103 STAT. 247 which is reasonably necessary to save the cost of liq- uidating, including paying the insured accounts of, 1 or more insured banks in default or in danger of default with respect to which the bridge bank is chartered; "(ii) the continued operation of such insured bank or banks in default or in danger of default with respect to which the bridge bank is chartered is essential to pro- vide adequate banking services in the community where each such bank in default or in danger of default is located; or "(iii) the continued operation of such insured bank or banks in default or in danger of default with respect to which the bridge bank is chartered is in the best in- terest of the depositors of such bank or banks in default or in danger of default or the public. "(B) INSURED NATIONAL BANK. —A bridge bank shall be an insured bank from the time it is chartered as a national bank. "(C) BRIDGE BANK TREATED AS BEING IN DEFAULT FOR CERTAIN PURPOSES. —A bridge bank shall be treated as an insured bank in default at such times and for such purposes as the Corporation may, in its discretion, determine. "(D) MANAGEMENT.—A bridge bank, upon the granting of its charter, shall be under the management of a board of directors consisting of not fewer than 5 nor more than 10 . members appointed by the Corporation. "(E) BYLAWS.— The board of directors of a bridge bank shall adopt such bylaws as may be approved by the Corpora- tion. ' (3) TRANSFER OF ASSETS AND LIABILITIES. — " (A) IN GENERAL. — "(i) TRANSFER UPON GRANT OF CHARTER. —Upon the granting of a charter to a bridge bank pursuant to this subsection, the Corporation, as receiver, or any other receiver appointed with respect to any insured bank in default with respect to which the bridge bank is char- tered may transfer any assets and liabilities of such bank in default to the bridge bank in accordance with < paragraph (1). "(ii) SUBSEQUENT TRANSFERS.— At any time after a charter is granted to a bridge bank, the Corporation, as receiver, or any other receiver appointed with respect to an insured bank in default may transfer any assets and liabilities of such insured bank in default as the Corporation may, in its discretion, determine to be appropriate in accordance with paragraph (1). "(iii) TREATMENT OF TRUST BUSINESS. —For purposes of this paragraph, the trust business, including fiduciary appointments, of any insured bank in default is in- cluded among its assets and liabilities. "(iv) EFFECTIVE WITHOUT APPROVAL. —The transfer of any assets or liabilities, including those associated with any trust business, of an insured bank in default trans- ferred to a bridge bank shall be effective without any further approval under Federal or State law, assign- ^ ment, or consent with respect thereto.

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