Page:United States Statutes at Large Volume 105 Part 3.djvu/468

 105 STAT. 2352 PUBLIC LAW 102-242—DEC. 19, 1991 significant risk to the insurance fund of which such banks are members. "(B) ACTIONS. — "(i) IN GENERAL.—The Corporation shall, pursuant to any finding made under subparagraph (A), take appropriate actions to address any risk that exists or may subsequently develop with respect to insured banks described in paragraph (1)(A). "(ii) AUTHORIZED ACTIONS. —Actions the Corporation may take under this subparagraph include requiring the modification, suspension, or termination of insurance activities conducted by any insured bank if the Corporation finds that the activities pose a significant risk to any insured bank described in paragraph (1)(A) or to the insurance fund of which such bank is a member. " (f) COMMON AND PREFERRED STOCK INVESTMENT. — "(1) IN GENERAL. —An insured State bank shall not acquire or retain, directly or indirectly, any equity investment of a type or in an amount that is not permissible for a national bank or is not otherwise permitted under this section. "(2) EXCEPTION FOR BANKS IN CERTAIN STATES.— Notwithstanding paragraph (1), an insured State bank may, to the extent permitted by the Corporation, acquire and retain ownership of securities described in paragraph (1) to the extent the aggregate amount of such investment does not exceed an amount equal to 100 percent of the bank's capital if such bank— "(A) is located in a State that permitted, as of September 30, 1991, investment in common or preferred stock listed on a national securities exchange or shares of an investment company registered under the Investment Company Act of 1940; and "(B) made or maintained an investment in such securities during the period beginning on September 30, 1990, and ending on November 26, 1991. "(3) EXCEPTION FOR CERTAIN TYPES OF INSTITUTIONS.— Notwithstanding paragraph (1), an insured State bank may— "(A) acquire not more than 10 percent of a corporation that only— "(i) provides directors', trustees', and officers' liability insurance coverage or bankers' blanket bond group insurance coverage for insured depository institutions; or "(ii) reinsures such policies; and "(B) acquire or retain shares of a depository institution if— s^f "(i) the institution engages only in activities permissible for national banks; "(ii) the institution is subject to examination and regulation by a State bank supervisor; "(iii) 20 or more depository institutions own shares of the institution and none of those institutions owns more than 15 percent of the institution's shares; and "(iv) the institution's shares (other than directors' qualifying shares or shares held under or initially acquired through a plan established for the benefit of the

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