Page:United States Statutes at Large Volume 105 Part 3.djvu/386

 note. 105 STAT. 2270 PUBLIC LAW 102-242—DEC. 19, 1991 "(11) 1 or more persons acquired control of the institution; or "(ii) during the 18-month period before the date on which the institution first failed to meet the standard, the institution underwent extraordinary growth, as defined by the agency. "(f) DEFINITIONS.—For purposes of this section, the terms 'average' and 'capital restoration plan' have the same meanings as in section 38. "(g) OTHER AUTHORITY NOT AFFECTED. —The authority granted by this section is in addition to any other authority of the Federal banking agencies.". 12 USC 1831s (b) REGULATIONS REQUIRED.— Each appropriate Federal banking Eigency (as defined in section 3 of the Federal Deposit Insurance Act) shall promulgate final regulations under section 39 of the Federal Deposit Insurance Act (as added by subsection (a)) not later than August 1, 1993. 12 USC 1831s (c) EFFECTIVE DATE.—The amendment made by subsection (a) shall °°*®- become effective on the earlier of— (1) the date on which final regulations promulgated in accordance with subsection (b) become effective; or (2) December 1, 1993. SEC. 133. CONSERVATORSHIP AND RECEIVERSHIP AMENDMENTS TO FACILITATE PROMPT REGULATORY ACTION. (a) ADDITIONAL GROUNDS FOR APPOINTING CONSERVATOR OR RE- CEIVER; CONSISTENT STANDARDS FOR NATIONAL, STATE MEMBER, AND STATE NONMEMBER BANKS.—Section 11(c)(5) of the Federal Deposit Insurance Act (12 U.S.C. 1821(c)(5)) is amended to read as follows: " (5) GROUNDS FOR APPOINTING CONSERVATOR OR RECEIVER. — The grounds for appointing a conservator or receiver (which may be the Corporation) for any insured depository institution are as follows: "(A) ASSETS INSUFFICIENT FOR OBLIGATIONS. — The institution's assets are less than the institution's obligations to its creditors and others, including members of the institution. "(B) SUBSTANTIAL DISSIPATION.—Substantial dissipation of assets or earnings due to— "(i) any violation of any statute or regulation; or "(ii) any unsafe or unsound practice. "(C) UNSAFE OR UNSOUND CONDITION. —An unsafe or unsound condition to transact business. "(D) CEASE AND DESIST ORDERS. —Any willful violation of a cease-and-desist order which has become final. "(E) CONCEALMENT. — Any concealment of the institution's books, papers, records, or assets, or any refusal to submit the institution's books, papers, records, or affairs for inspection to any examiner or to any lawful agent of the appropriate Federal banking agency or State bank or savings association supervisor. "(F) INABILITY TO MEET OBLIGATIONS. — The institution is likely to be unable to pay its obligations or meet its depositors' demands in the normal course of business. "(G) LOSSES. —The institution has incurred or is likely to incur losses that will deplete all or substantially all of its capital, and there is no reasonable prospect for the institu-

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