Page:United States Statutes at Large Volume 103 Part 1.djvu/276

 103 STAT. 248 PUBLIC LAW 101-73—AUG. 9, 1989 "(B) INTENT OF CONGRESS REGARDING CONTINUING OPER- '? ATiONS. — It is the intent of the Congress that, in order to prevent unnecessary hardship or losses to the customers of any insured bank in default with respect to which a bridge bank is chartered, especially creditworthy farmers, small businesses, and households, the Corporation should— ,* "(i) continue to honor commitments made by the bank in default to creditworthy customers, and "(ii) not interrupt or terminate adequately secured loans which are transferred under subparagraph (A) < and are being repaid by the debtor in accordance with the terms of the loan instrument. "(4) POWERS OF BRIDGE BANKS.— Each bridge bank chartered under this subsection shall have all corporate powers of, and be subject to the same provisions of law as, a national bank, except that— "(A) the Corporation may— "(i) remove the interim directors and directors of a bridge bank; "(ii) fix the compensation of members of the interim board of directors and the board of directors and senior management, as determined by the Corporation in its discretion, of a bridge bank; and "(iii) waive any requirement established under sec- tion 5145, 5146, 5147, 5148, or 5149 of the Revised Statutes (relating to directors of national banks) or section 31 of the Banking Act of 1933 which would otherwise be applicable with respect to directors of a bridge bank by operation of paragraph (2)(B); "(B) the Corporation may indemnify the representatives for purposes of paragraph (1)(B) and the interim directors, directors, officers, employees, and agents of a bridge bank on such terms as the Corporation determines to be appro- priate; "(C) no requirement under section 5138 of the Revised Statutes or any other provision of law relating to the capital of a national bank shall apply with respect to a bridge bank; "(D) the Comptroller of the Currency may establish a f limitation on the extent to which any person may become indebted to a bridge bank without regard to the amount of the bridge bank's capital or surplus; "(E)(i) the board of directors of a bridge bank shall elect a chairperson who may also serve in the position of chief executive officer, except that such person shall not serve either as chairperson or as chief executive officer without the prior approval of the Corporation; "(ii) the board of directors of a bridge bank may appoint a chief executive officer who is not also the chairperson, except that such person shall not serve as chief executive officer without the prior approval of the Corporation; "(F) a bridge bank shall not be required to purchase stock of any Federal Reserve bank; "(G) the Comptroller of the Currency shall waive any i requirement for a fidelity bond with respect to a bridge bank at the request of the Corporation;

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