Page:United States Statutes at Large Volume 110 Part 1.djvu/205

 PUBLIC LAW 104-105—FEB. 10, 1996 110 STAT. 181 prior to approving an insured obligation that is to be issued by or on behalf of, or participated in by, any insured System bank that fails to meet the minimum level for any capital requirement established by the Farm Credit Administration for the bank. " (c) CONSULTATION REGARDING APPLICATIONS FOR MERGERS AND RESTRUCTURINGS.— "(1) CORPORATION TO RECEIVE COPY OF TRANSACTION APPLICATIONS.— On receiving an application for a merger or restructuring of an institution, the Farm Credit Administration shall forward a copy of the application to the Corporation. "(2) CONSULTATION REQUIRED.—If the proposed merger or restructuring involves an institution that fails to meet the minimum level for any capital requirement established by the Farm Credit Administration applicable to the institution, the Farm Credit Administration shall allow 30 days within which the Corporation may submit the views and recommendations of the Corporation, including any conditions for approval. In determining whether to approve or disapprove any proposed merger or restructuring, the Farm Credit Administration shall give due consideration to the views and recommendations of the Corporation. " SEC. 5.61B. AUTHORITY TO REGULATE GOLDEN PARACHUTE AND 12 USC INDEMNIFICATION PAYMENTS. 2277a-10b. "(a) DEFINITIONS. —In this section: "(1) GOLDEN PARACHUTE PAYMENT.—The term 'golden parachute payment'— "(A) means a payment (or any agreement to make a payment) in the nature of compensation for the benefit of any institution-related party under an obligation of any Farm Credit System institution that— "(i) is contingent on the termination of the party's relationship with the institution; and "(ii) is received on or after the date on which— "(I) the institution is insolvent; "(II) a conservator or receiver is appointed for the institution; "(III) the institution has been assigned by the Farm Credit Administration a composite CAMEL rating of 4 or 5 under the Farm Credit Administration Rating System, or an equivalent rating; or "(IV) the Corporation otherwise determines that the institution is in a troubled condition (as defined in regulations issued by the Corporation); and "(B) includes a payment that would be a golden parachute payment but for the fact that the payment was made before the date referred to in subparagraph (A)(ii) if the payment was made in contemplation of the occurrence of an event described in any subclause of subparagraph (A); but "(C) does not include— "(i) a payment made under a retirement plan that is qualified (or is intended to be qualified) under section 401 of the Internal Revenue Code of 1986 or other nondiscriminatory benefit plan;

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