Page:United States Statutes at Large Volume 103 Part 1.djvu/368

 103 STAT. 340 PUBLIC LAW 101-73 —AUG. 9, 1989 "(F) At the time of the stock issuance, each savings association subsidiary of the acquiring savings and loan holding company (other than an association acquired in a transaction pursuant to subsection (c) or (k) of section 13 of the Federal Deposit Insurance Act or section 408(m) of the National Housing Act) has capital (after deducting any subordinated debt, intangible assets, and deferred, unamortized gains or losses) of not less than 6V2 percent of the total assets of such savings association. "(G) Immediately after the stock issuance, the acquiring savings and loan holding company holds not more than 15 percent of the outstanding voting stock of the issuing undercapitalized savings association or savings and loan holding company. "(H) Not more than one of the directors of the issuing association or company is an officer, director, employee, or other representative of the acquiring company or any of its affiliates. "(I) Transactions between the savings association or sav- ings and loan holding company that issues the shares pursuant to this section and the acquiring company and any of its affiliates shall be subject to the provisions of section 11. " (2) APPROVAL OF ACQUISITIONS. — " (A) ADDITIONAL CAPITAL COMMITMENTS NOT REQUIRED.— The Director shall not disapprove any application for the purchase of stock in connection with a qualified stock issu- ance on the grounds that the acquiring savings and loan holding company has failed to undertake to make subse- quent additional capital contributions to maintain the cap- ital of the undercapitalized savings association at or above the minimum level required by the Director or any other Federal agency having jurisdiction. "(B) OTHER CONDITIONS. —Notwithstanding subsection (a)(4), the Director may impose such conditions on any approval of an application for the purchase of stock in connection with a qualified stock issuance as the Director determines to be appropriate, including— "(i) a requirement that any savings association subsidiary of the acquiring savings and loan holding company limit dividends paid to such holding company for such period of time as the Director may require; and "(ii) such other conditions as the Director deems necessary or appropriate to prevent evasions of this section. "(C) APPLICATION DEEMED APPROVED IF NOT DISAPPROVED WITHIN 90 DAYS. —An application for approval of a purchase of stock in connection with a qualified stock issuance shall be deemed to have been approved by the Director if such application has not been disapproved by the Director before the end of the 90-day period beginning on the date such application has been deemed sufficient under regulations issued by the Director. "(3) No LIMITATION ON CLASS OF STOCK ISSUED.— The shares of stock issued in connection with a qualified stock issuance may be shares of any class.

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