Page:United States Statutes at Large Volume 110 Part 4.djvu/442

 110 STAT. 3009-279 PUBLIC LAW 104-208—SEPT. 30, 1996 439(c)(1)(A) may serve as a director of the Holding Company. "(v) ONE OFFICER REQUIREMENT.—At least one officer of the Association shall be an officer solely of the Association. "(vi) TRANSACTIONS.— Transactions between the Association and the Holding Company or any subsidiary of the Holding Company, including any loan servicing arrangements, shall be on terms no less favorable to the Association than the Association could obtain from an unrelated third party offering comparable services. "(vii) CREDIT PROHIBITION.— The Association shall not extend credit to the Holding Company or any subsidiary of the Holding Company nor guarantee or provide any credit enhancement to any debt obligations of the Holding Company or any subsidiary of the Holding Company. "(viii) AMOUNTS COLLECTED.—Any amounts collected on behalf of the Association by the Holding Company or any subsidiary of the Holding Company with respect to the assets of the Association, pursuant to a servicing contract or other arrangement between the Association and the Holding Company or any subsidiary of the Holding Company, shall be collected solely for the benefit of the Association and shall be immediately deposited by the Holding Company or such subsidiary to an account under the sole control of the Association. " (D) ENCUMBRANCE OF ASSETS. —Notwithstanding any Federal or State law, rule, or regulation, or legal or equitable principle, doctrine, or theory to the contrary, under no circumstances shall the assets of the Association be available or used to pay claims or debts of or incurred by the Holding Company. Nothing in this subparagraph shall be construed to limit the right of the Association to pay dividends not otherwise prohibited under this subparagraph or to limit any liability of the Holding Company explicitly provided for in this section. " (E) HOLDING COMPANY ACTIVITIES.—After the reorganization effective date and prior to the dissolution date, all business activities of the Holding Company shall be conducted through subsidiaries of the Holding Company. " (F) CONFIDENTIALITY. —Any information provided by the Association pursuant to this section shall be subject to the same confidentiality obligations contained in section 439(r)(12). "(G) DEFINITION. —For purposes of this paragraph, the term 'associated person' means any person, other than a natural person, who is directly or indirectly controlling, controlled by, or under common control with, the Association. " (9) ISSUANCE OF STOCK WARRANTS. — "(A) IN GENERAL.—On the reorganization effective date, the Holding Company shall issue to the District of Columbia Financial Responsibility and Management Assistance Authority a number of stock warrants that is equal to

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