Page:United States Statutes at Large Volume 112 Part 2.djvu/48

 112 STAT. 932 PUBLIC LAW 105-219—AUG. 7, 1998 " (b) CERTIFIED STATEMENT.— " (1) STATEMENT REQUIRED.— "(A) IN GENERAL. —For each calendar year, in the case of an insured credit union with total assets of not more than $50,000,000, and for each semi-annual period in the case of an insured credit union with total assets of ^ $50,000,000 or more, an insured credit union shall file with the Board, at such time as the Board prescribes, a certified statement showing the total amount of insured shares in the credit union at the close of the relevant period and both the amount of its deposit or adjustment of deposit and the amount of the insurance charge due to the Fund for that period, both as computed under subsection (c). " (B) EXCEPTION FOR NEWLY INSURED CREDIT UNION.— Subparagraph (A) shall not apply with respect to a credit union that became insured during the reporting period. "(2) FORM. —The certified statements required to be filed with the Board pursuant to this subsection shall be in such form and shall set forth such supporting information as the Board shall require. "(3) CERTIFICATION. — The president of the credit union or any officer designated by the board of directors shall certify, with respect to each statement required to be filed with the Board pursuant to this subsection, that to the best of his or her knowledge and belief the statement is true, correct, complete, and in accordance with this title and the regulations issued under this title."; (2) in subsection (c)(1)(A), by striking clause (iii) and inserting the following: "(iii) PERIODIC ADJUSTMENT. — The amount of each insured credit union's deposit shall be adjusted as follows, in accordance with procedures determined by the Board, to reflect changes in the credit union's insured shares: "(I) annually, in the case of an insured credit union with total assets of not more than $50,000,000; and "(II) semi-annually, in the case of an insured credit union with total assets of $50,000,000 or more."; (3) in subsection (c), by striking paragraphs (2) and (3) and inserting the following: "(2) INSURANCE PREMIUM CHARGES.— "(A) IN GENERAL. — Each insured credit union shall, at such times as the Board prescribes (but not more than twice in any calendar year), pay to the Fund a premium charge for insurance in an amount stated as a percentage of insured shares (which shall be the same for all insured credit unions). " (B) RELATION OF PREMIUM CHARGE TO EQUITY RATIO OF FUND.— The Board may assess a premium charge only if— "(i) the Fund's equity ratio is less than 1.3 percent; and

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