Page:United States Statutes at Large Volume 103 Part 1.djvu/378

 103 STAT. 350 PUBLIC LAW 101-73 —AUG. 9, 1989 "(11) the value of which (at the time of acquisi- tion or upon completion of the development and construction) is below the median value of newly constructed 1- to 4-family residences in the Virgin Islands, which may be taken into account in deter- mining the amount of the qualified thrift invest- ments and of such savings association shall be doubled. " (7) TRANSITIONAL RULE FOR CERTAIN SAVINGS ASSOCIATIONS.— "(A) IN GENERAL. —If any Federal savings association in existence as a Federal savings association on the date of enactment of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989— "(i) that was chartered as a savings bank or a co- operative bank under State law before October 15, 1982; or "(ii) that acquired its principal assets from an association that was chartered before October 15, 1982, as a savings bank or a cooperative bank under State law, meets the requirements of subparagraph (B), such savings association shall be treated as a qualified thrift lender during period ending on September 30, 1995. " (B) SUBPARAGRAPH (B) REQUIREMENTS.— A savings association meets the requirements of this subparagraph if, in the determination of the Director— "(i) the actual thrift investment percentage of such association does not, after the date of enactment of the Financial Institutions Reform, Recovery, and Enforce- ment Act of 1989, decrease below the actual thrift investment percentage of such association on July 15, 1989; and "(ii) the amount by which— "(I) the actual thrift investment percentage of such association at the end of each period described in the following table, exceeds "(II) the actual thrift investment percentage of such association on July 15, 1989, is equal to or greater than the applicable percentage (as determined under the following table) of the amount by which 70 percent exceeds the actual thrift investment percentage of such association on such date of enact- ment: "For the following The applicable period: percentage is: July 1, 1991-September 30, 1992 25 percent October 1, 1992-March 31, 1994 50 percent April 1, 1994-September 30, 1995 75 percent Thereafter 100 percent "(C) For purposes of this paragraph, the actual thrift investment percentage of an association on July 15, 1989, shall be determined by applying the definition of 'actual thrift investment percentage' that takes effect on July 1, 1991.". 12 USC 1467a (b) EFFECTIVE DATE. —The amendment made by subsection (a) "°^- shall take effect on July 1, 1991.

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