Page:United States Statutes at Large Volume 103 Part 1.djvu/286

 103 STAT. 258 PUBLIC LAW 101-73 —AUG. 9, 1989 "'" (6) in subsection (h), by striking out "a closed insured deposi- tory institution", "closing", and "insurance fund" and inserting in lieu thereof "an insured depository institution in default', ^ "default", and "Bank Insurance Fund, respectively; (7) in subsection (i)— (A) by inserting "depository" before "institution" each place such term appears; (B) in paragraph (I)(C)— (i) by striking out "corporation" and inserting in lieu thereof "Corporation"; (ii) by striking out "chartered bank" and inserting in • lieu thereof "chartered depository institution"; (iii) by inserting ", a savings association," after rJ "State member bank"; and (iv) by inserting "or the Director of the Office of H. Thrift Supervision" after "Federal Reserve System"; (C) in paragraph (2), by striking out "or insured or guaranteed under State law"; and (D) by striking out paragraphs (10) and (12); and (8) by adding at the end thereof the following: "(k) EMERGENCY ACQUISITIONS.— "(1) IN GENERAL. — "(A) ACQUISITIONS AUTHORIZED.— ii^. "(i) TRANSACTIONS DESCRIBED.— Notwithstanding any provision of State law, upon determining that severe {. financial conditions threaten the stability of a signifi- cant number of savings associations, or of savings associations possessing significant financial resources, V the Corporation, in its discretion and if it determines such authorization would lessen the risk to the Cor- poration, may authorize— "(I) a savings association that is eligible for ^, . assistance pursuant to subsection (c) to merge or consolidate with, or to transfer its assets and liabil- ities to, any other savings association or any in- sured bank, "(II) any other savings association to acquire control of such savings association, or , "(III) any company to acquire control of such savings association or to acquire the assets or assume the liabilities thereof. The Corporation may not authorize any transaction under this subsection unless the Corporation deter- mines that the authorization will not present a substantial risk to the safety or soundness of the sav- ings association to be acquired or any acquiring entity, (ii) TERMS OF TRANSACTIONS. — Mergers, consolida- tions, transfers, and acquisitions under this subsection shall be on such terms as the Corporation shall provide, "(iii) APPROVAL BY APPROPRIATE AGENCY.— W here otherwise required by law, transactions under this subsection must be approved by the appropriate Fed- eral banking agency of every party thereto. "(iv) ACQUISITIONS BY SAVINGS ASSOCIATIONS. —Any Federal savings association that acquires another sav- ings association pursuant to clause (i) may, with the concurrence of the Director of the Office of Thrift

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