Page:United States Statutes at Large Volume 103 Part 1.djvu/279

 PUBLIC LAW 101-73—AUG. 9, 1989 103 STAT. 251 entity may acquire the bridge bank only in the same manner and to the same extent as such entity may acquire an insured bank in default under section 13(f)(2). "(9) DURATION OF BRIDGE BANK.—Subject to paragraphs (11) and (13), the status of a bridge bank as such shall terminate at the end of the 2-year period following the date it was granted a charter. The Board of Directors may, in its discretion, extend the status of the bridge bank as such for 3 additional 1-year periods. " (10) TERMINATION OF BRIDGE BANK STATUS. —The status of any bridge bank as such shall terminate upon the earliest of— "(A) the merger or consolidation of the bridge bank with a depository institution that is not a bridge bank; "(B) at the election of the Corporation, the sale of a majority of the capital stock of the bridge bank to an entity other than the Corporation and other than another bridge bank; "(C) the sale of 80 percent, or more, of the capital stock of the bridge bank to an entity other than the Corporation and other than another bridge bank; "(D) at the election of the Corporation, either the assump- tion of all or substantially all of the deposits and other liabilities of the bridge bank by a depository institution holding company or a depository institution that is not a bridge bank, or the acquisition of all or substantially all of the assets of the bridge bank by a depository institution holding company, a depository institution that is not a bridge bank, or other entity as permitted under applicable law; and "(E) the expiration of the period provided in paragraph (9), or the earlier dissolution of the bridge bank as provided in paragraph (12). "(11) EFFECT OF TERMINATION EVENTS. — "(A) MERGER OR CONSOUDATION.— A bridge bank that participates in a merger or consolidation as provided in paragraph (lOXA) shall be for all purposes a national bank with all the rights, powers, and privileges thereof, and such merger or consolidation shall be conducted in accordance with, and shall have the effect provided in, the provisions of applicable law. (B) CHARTER CONVERSION. — Following the sale of a majority of the capital stock of the bridge bank as provided in paragraph (lOXB), the Corporation may amend the char- ter of the bridge bank to reflect the termination of the status of the bridge bsuik as such, whereupon the bank shall remain a national hank, with all of the rights, powers, and privileges thereof, subject to all laws and regulations ap- plicable thereto. "(C) SALE OF STOCK. —Following the sale of 80 percent or more of the capital stock of a bridge bank as provided in paragraph (lOXC), the bank shall remain a national bank, with all of the rights, powers, and privileges thereof, subject to all laws and regulations applicable thereto. " (D) ASSUMPTION OF LIABIUTIES AND SALE OF ASSETS. — Following the assumption of all or substantially all of the liabilities of the bridge bank, or the sale of all or substan- tially all of the assets of the bridge bank, as provided in

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