Page:United States Statutes at Large Volume 103 Part 1.djvu/287

 ^ PUBLIC LAW 101-73 —AUG. 9, 1989 103 STAT. 259 Supervision, hold that savings sissociation as a subsidi- r,; ary notwithstanding the percentage limitations of sec-. tion 5(c)(4)(B) of the Home Owners' Loan Act. "(v) DUAL SERVICE. — Dual service by a management official that would otherwise be prohibited under the Depository Institution Management Interlocks Act may, with the approval of the Corporation, continue for up to 10 years. " (vi) CONTINUED APPLICABILITY OF CERTAIN STATE RESTRICTIONS.— Nothing in this subsection overrides or supersedes State laws restricting or limiting the activi- ties of a savings association on behalf of another entity. • " (B) CONSULTATION WITH STATE OFFICIAL. — "(i) CONSULTATION REQUIRED. —Before making a determination to take any action under subparagraph (A), the Corporation shall consult the State official having jurisdiction of the acquired institution. "(ii) PERIOD FOR STATE RESPONSE. —The official shall be given a reasonable opportunity, and in no event less than 48 hours, to object to the use of the provisions of this paragraph. Such notice may be provided by the Corporation prior to its appointment as receiver, but in anticipation of an impending appointment. "(iii) APPROVAL OVER OBJECTION OF STATE OFFICIAL. — If the official objects during such period, the Corpora- ^ tion may use the authority of this paragraph only by a vote of 75 percent or more of the voting members of the ^ Board of Directors. The Corporation shall provide to the official, as soon as practicable, a written certifi- cation of its determination. "(2) SOUCITATION OF OFFERS.— "(A) IN GENERAL. —In considering authorizations under this subsection, the Corporation may solicit such offers or proposals as are practicable from any prospective pur- chasers or merger partners it determines, in its sole discre- tion, are both qualified and capable of acquiring the assets and liabilities of the savings association. "(B) MINORITY-CONTROLLED INSTITUTIONS. — In the case of a minority-controlled depository institution, the Corpora- tion shall seek an offer from other minority-controlled depository institutions before seeking an offer from other persons or entities. "(3) DETERMINATION OF COSTS.— In determining the cost of offers under this subsection, the Corporation's calculations and estimations shall be determinative. The Corporation may set reasonable time limits on offers. "(4) BRANCHING PROVISIONS.— "(A) IN GENERAL. —I f a merger, consolidation, transfer, or acquisition under this subsection involves a savings associa- tion eligible for assistance and a bank or bank holding company, a savings association may retain and operate any existing branch or branches or any other existing facilities. If the savings association continues to exist as a separate entity, it may establish and operate new branches to the same extent as any savings association that is not affiliated with a bank holding company and the home office of which is located in the same State.

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