Page:United States Statutes at Large Volume 124.djvu/1523

 124 STAT. 1497 PUBLIC LAW 111–203—JULY 21, 2010 (i) IN GENERAL.—Notwithstanding any other provi- sion of Federal or State law, the Corporation may provide for a bridge financial company to succeed to and assume any rights, powers, authorities, or privi- leges of the covered financial company with respect to which the bridge financial company was established and, upon such determination by the Corporation, the bridge financial company shall immediately and by operation of law succeed to and assume such rights, powers, authorities, and privileges. (ii) EFFECTIVE WITHOUT APPROVAL.—Any succes- sion to or assumption by a bridge financial company of rights, powers, authorities, or privileges of a covered financial company under clause (i) or otherwise shall be effective without any further approval under Fed- eral or State law, assignment, or consent with respect thereto. (F) CORPORATE GOVERNANCE AND ELECTION AND DES- IGNATION OF BODY OF LAW.—To the extent permitted by the Corporation and consistent with this section and any rules, regulations, or directives issued by the Corporation under this section, a bridge financial company may elect to follow the corporate governance practices and procedures that are applicable to a corporation incorporated under the general corporation law of the State of Delaware, or the State of incorporation or organization of the covered financial company with respect to which the bridge finan- cial company was established, as such law may be amended from time to time. (G) CAPITAL.— (i) CAPITAL NOT REQUIRED.—Notwithstanding any other provision of Federal or State law, a bridge finan- cial company may, if permitted by the Corporation, operate without any capital or surplus, or with such capital or surplus as the Corporation may in its discre- tion determine to be appropriate. (ii) NO CONTRIBUTION BY THE CORPORATION REQUIRED.—The Corporation is not required to pay capital into a bridge financial company or to issue any capital stock on behalf of a bridge financial com- pany established under this subsection. (iii) AUTHORITY.—If the Corporation determines that such action is advisable, the Corporation may cause capital stock or other securities of a bridge finan- cial company established with respect to a covered financial company to be issued and offered for sale in such amounts and on such terms and conditions as the Corporation may, in its discretion, determine. (iv) OPERATING FUNDS IN LIEU OF CAPITAL AND IMPLEMENTATION PLAN.—Upon the organization of a bridge financial company, and thereafter as the Cor- poration may, in its discretion, determine to be nec- essary or advisable, the Corporation may make avail- able to the bridge financial company, subject to the plan described in subsection (n)(9), funds for the oper- ation of the bridge financial company in lieu of capital. (H) BRIDGE BROKERS OR DEALERS.—