Page:United States Statutes at Large Volume 105 Part 3.djvu/385

 PUBLIC LAW 102-242 —DEC. 19, 1991 105 STAT. 2269 an acceptable plan to the agency within the time allowed by the agency under subparagraph (C). "(B) CONTENTS OF PLAN.— Any plan required under subparagraph (A) shall specify the steps that the institution or company will take to correct the deficiency. If the institution is undercapitalized, the plan may be part of a capital restoration plan. "(C) DEADLINES FOR SUBMISSION AND REVIEW OF PLANS.— Regulations. The appropriate Federal banking agency shall by regulation establish deadlines that— "(i) provide institutions and companies with reasonable time to submit plans required under subparagraph (A), and generally require the institution or company to submit a plan not later than 80 days after the agency determines that the institution or company fails to meet any standard prescribed under subsection (a), (b), or (c); and "(ii) require the agency to act on plans expeditiously, and generally not later than 30 days after the plan is submitted. "(2) ORDER REQUIRED IF INSTITUTION OR COMPANY FAILS TO SUBMIT OR IMPLEMENT PLAN. — If an insured depository institution or depository institution holding company fails to submit an acceptable plan within the time allowed under paragraph (1)(C), or fails in any material respect to implement a plan accepted by the appropriate Federal banking agency, the agency, by order— "(A) shall require the institution or company to correct the deficiency; and "(B) may do 1 or more of the following until the deficiency has been corrected: "(i) Prohibit the institution or company from permitting its average total assets during any calendar quarter to exceed its average total assets during the preceding calendar quarter, or restrict the rate at which the average total assets of the institution or company may increase from one calendar quarter to another. "(ii) Require the institution or company to increase its ratio of tangible equity to assets. "(iii) Take the action described in section 38(f)(2)(C). "(iv) Require the institution or company to take any other action that the agency determines will better carry out the purpose of section 38 than any of the actions described in this subparagraph. "(3) RESTRICTIONS MANDATORY FOR CERTAIN INSTITUTIONS.— In complying with paragraph (2), the appropriate Federal banking agency shall take 1 or more of the actions described in clauses (i) through (iii) of paragraph (2)(B) if— "(A) the agency determines that the insured depository institution fails to meet any standard prescribed under subsection (a)(1) or (b)(1); "(B) the institution has not corrected the deficiency; and "(C) either— "(i) during the 24-month period before the date on which the institution first failed to meet the standard— "(I) the institution commenced operations; or

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