Page:United States Statutes at Large Volume 103 Part 1.djvu/277

 PUBLIC LAW 101-73 —AUG. 9, 1989 103 STAT. 249 "(H) any judicial action to which a bridge bank becomes a party by virtue of its acquisition of any assets or assump- tion of any liabilities of a bank in default shall be stayed from further proceedings for a period of up to 45 days at the request of the bridge bank; "(I) no agreement which tends to diminish or defeat the right, title or interest of a bridge bank in any asset of an insured bank in default acquired by it shall be valid against the bridge bank unless such agreement— ^ "(i) is in writing, "(ii) was executed by such insured bank in default and the person or persons claiming an adverse interest thereunder, including the obligor, contemporaneously with the acquisition of the asset by such insured bank in default, "(iii) was approved by the board of directors of such insured bank in default or its loan committee, which approval shall be reflected in the minutes of said board or committee, and "(iv) has been, continuously from the time of its execution, an official record of such insured bank in default; /- "(J) notwithstanding section 13(e)(2), any agreement relating to an extension of credit between a Federal home loan bank or Federal Reserve bank and any insured deposi- tory institution which was executed before the extension of credit by such bank to such depository institution shall be treated as having been executed contemporaneously with such extension of credit for purposes of subparagraph (I); and "(K) except with the prior approval of the Corporation, a bridge bank may not, in any transaction or series of trans- actions, issue capital stock or be a party to any merger, consolidation, disposition of assets or liabilities, sale or. exchange of capital stock, or similar transaction, or change its charter. '(5) CAPITAL. — "(A) No CAPITAL REQUIRED. —The Corporation shall not be Securities. required to— "(i) issue any capital stock on behalf of a bridge bank chartered under this subsection; or "(ii) purchase any capital stock of a bridge bank, except that notwithstanding any other provision of Federal or State law, the Corporation may purchase and retain capital stock of a bridge bank in such amounts and on such terms as the Corporation, in its discretion, determines to be appropriate. "(B) OPERATING FUNDS IN UEU OF CAPITAL. —Upon the organization of a bridge bank, and thereafter, as the Board of Directors may, in its discretion, determine to be nec- essary or advisable, the Corporation may make available to the bridge bank, upon such terms and conditions and in such form and amounts as the Corporation may in its , discretion determine, funds for the operation of the bridge bank in lieu of capital. " (C) AUTHORITY TO ISSUE CAPITAL STOCK.—Whenever the Board of Directors determines it is advisable to do so, the -

�