Page:United States Statutes at Large Volume 113 Part 2.djvu/357

 PUBLIC LAW 106-102—NOV. 12, 1999 113 STAT. 1377 "(e) PROVISIONS APPLICABLE TO NATIONAL BANKS THAT FAIL To CONTINUE TO MEET CERTAIN REQUIREMENTS. — "(1) IN GENERAL. — If a national bank or insured depository Notice. institution affiliate does not continue to meet the requirements of subsection (a)(2)(C) or subsection (d), the Comptroller of the Currency shall promptly give notice to the national bank to that effect describing the conditions giving rise to the notice. "(2) AGREEMENT TO CORRECT CONDITIONS.—Not later than Deadline. 45 days after the date of receipt by a national bank of a notice given under paragraph (1) (or such additional period as the Comptroller of the Currency may permit), the national bank shall execute an agreement vsdth the Comptroller of the Currency and any relevant insured depository institution affiliate shall execute an agreement with its appropriate Federal banking agency to comply with the requirements of subsection (a)(2)(C) and subsection (d). "(3) IMPOSITION OF CONDITIONS.—Until the conditions described in a notice under paragraph (1) are corrected— "(A) the Comptroller of the Currency may impose such limitations on the conduct or activities of the national bank or any subsidiary of the national bank as the Comptroller of the Currency determines to be appropriate under the circumstances and consistent with the purposes of this section; and "(B) the appropriate Federal banking agency may impose such limitations on the conduct or activities of any relevant insured depository institution affiliate or any subsidiary of the institution as such agency determines to be appropriate under the circumstances and consistent with the purposes of this section. "(4) FAILURE TO CORRECT. — If the conditions described in Deadline, a notice to a national bank under paragraph (1) are not corrected within 180 days after the date of receipt by the national bank of the notice, the Comptroller of the Currency may require the national bank, under such terms and conditions as may be imposed by the Comptroller and subject to such extension of time as may be granted in the discretion of the Comptroller, to divest control of any financial subsidiary. "(5) CONSULTATION.— In taking any action under this subsection, the Comptroller shall consult with all relevant Federal and State regulatory agencies and authorities. " (f) FAILURE TO MAINTAIN PUBLIC RATING OR MEET APPLICABLE CRITERIA.— "(1) IN GENERAL.—^A national bank that does not continue to meet any applicable rating or other requirement of subsection (a)(2)(E) after acquiring or establishing a financial subsidiary shall not, directly or through a subsidiary, purchase or acquire any additional equity capital of any financial subsidiary until the bank meets such requirements. "(2) EQUITY CAPITAL.—For purposes of this subsection, the term 'equity capital' includes, in addition to any equity instrument, any debt instrument issued by a financial subsidiary, if the instrument qualifies as capital of the subsidiary under any Federal or State law, regulation, or interpretation applicable to the subsidiary. "(g) DEFINITIONS.—For purposes of this section, the following definitions shall apply:

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