Page:United States Statutes at Large Volume 103 Part 1.djvu/324

 103 STAT. 296 PUBLIC LAW 101-73 —AUG. 9, 1989 date of the meeting, to the Director and to each member or stockholder of record of the Federal savings association at the member's or stockholder's last address as shown on the books of the Federal savings association; "(iv) when a mutual savings association is dissolved after conversion, the members or shareholders of the savings / association will share on a mutual basis in the assets of the ' ^ association in exact proportion to their relative share or account credits; "(v) when a stock savings association is dissolved after conversion, the stockholders will share on an equitable basis in the assets of the association; and "(vi) such conversion shall be effective upon the date that all the provisions of this Act shall have been fully complied with and upon the issuance of a new charter by the State wherein the savings association is located. "(B)(i) The act of conversion constitutes consent by the institu- tion to be bound by all the requirements that the Director may impose under this Act. after be authorized to issue securities in any form currently approved at the time of issue by the Director for issuance by similar savings associations in such State. I "(iii) If the insurance of accounts is terminated in connection with such conversion, the notice and other action shall be taken "i»< as provided by law and regulations for the termination of ai«: insurance of accounts. "(4) SAVINGS BANK ACTIVITIES. —(A) To the extent authorized by the Director, but subject to section 18(m)(3) of the Federal - * Deposit Insurance Act— "(i) any Federal savings bank chartered as such prior to October 15, 1982, may continue to make any investment or engage in any activity not otherwise authorized under this section, to the degree it was permitted to do so as a Federal • •- '"i savings bank prior to October 15, 1982; and "(ii) any Federal savings bank in existence on the date of enactment of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 and formerly orjganized as a mutual savings bank under State law may continue to make any investment or engage in any activity not otherwise authorized under this section, to the degree it was author- ized to do so as a mutual savings bank under State law. "(B) The authority conferred by this paragraph may be uti- lized by any Federal savings association that acquires, by merger or consolidation, a Federal savings bank enjoying grand- father rights hereunder. "(j) SUBSCRIPTION FOR SHARES.—[Repealed.] "(k) DEPOSITORY OF PUBLIC MONEY.—W hen designated for that purpose by the Secretary of the Treasury, a savings association the deposits of which are insured by the Corporation shall be a deposi- tory of public money and may be employed as fiscal agent of the Government under such regulations as may be prescribed by the Secretary and shall perform all such reasonable duties as fiscal R^ulations. agent of the Government as may be required of it. A savings association the deposits of which are insured by the Corporation may act as agent for any other instrumentality of the United States when designated for that purpose by such instrumentality, includ- ing services in connection with the collection of taxes and other
 * (ii) The savings association shall upon conversion and there-

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