Page:United States Statutes at Large Volume 124.djvu/1522

 124 STAT. 1496 PUBLIC LAW 111–203—JULY 21, 2010 (h) BRIDGE FINANCIAL COMPANIES.— (1) ORGANIZATION.— (A) PURPOSE.—The Corporation, as receiver for one or more covered financial companies or in anticipation of being appointed receiver for one or more covered financial companies, may organize one or more bridge financial companies in accordance with this subsection. (B) AUTHORITIES.—Upon the creation of a bridge finan- cial company under subparagraph (A) with respect to a covered financial company, such bridge financial company may— (i) assume such liabilities (including liabilities associated with any trust or custody business, but excluding any liabilities that count as regulatory cap- ital) of such covered financial company as the Corpora- tion may, in its discretion, determine to be appropriate; (ii) purchase such assets (including assets associ- ated with any trust or custody business) of such cov- ered financial company as the Corporation may, in its discretion, determine to be appropriate; and (iii) perform any other temporary function which the Corporation may, in its discretion, prescribe in accordance with this section. (2) CHARTER AND ESTABLISHMENT.— (A) ESTABLISHMENT.—Except as provided in subpara- graph (H), where the covered financial company is a covered broker or dealer, the Corporation, as receiver for a covered financial company, may grant a Federal charter to and approve articles of association for one or more bridge finan- cial company or companies, with respect to such covered financial company which shall, by operation of law and immediately upon issuance of its charter and approval of its articles of association, be established and operate in accordance with, and subject to, such charter, articles, and this section. (B) MANAGEMENT.—Upon its establishment, a bridge financial company shall be under the management of a board of directors appointed by the Corporation. (C) ARTICLES OF ASSOCIATION.—The articles of associa- tion and organization certificate of a bridge financial com- pany shall have such terms as the Corporation may provide, and shall be executed by such representatives as the Cor- poration may designate. (D) TERMS OF CHARTER; RIGHTS AND PRIVILEGES.—Sub- ject to and in accordance with the provisions of this sub- section, the Corporation shall— (i) establish the terms of the charter of a bridge financial company and the rights, powers, authorities, and privileges of a bridge financial company granted by the charter or as an incident thereto; and (ii) provide for, and establish the terms and condi- tions governing, the management (including the bylaws and the number of directors of the board of directors) and operations of the bridge financial company. (E) TRANSFER OF RIGHTS AND PRIVILEGES OF COVERED FINANCIAL COMPANY.—