Page:United States Statutes at Large Volume 96 Part 2.djvu/107

 PUBLIC LAW 97-320—OCT. 15, 1982

96 STAT. 1469

Public Law 97-320 97th Congress An Act To revitalize the housing industry by strengthening the financial stability of home mortgage lending institutions and ensuring the availability of home mortgage loans.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SHORT TITLE

1. This Act may be cited as the "Garn-St Germain Depository Institutions Act of 1982". SECTION

TITLE I—DEPOSIT INSURANCE FLEXIBILITY

Oct. 15, 1982 [H.R. 6267] Garn-St Germain Depository Institutions Act of 1982. 12 USC 226 note.

Deposit Insurance Flexibility Act.

SHORT TITLE

SEC. 101. This title may be cited as the "Deposit Insurance Flexibility Act". PART A—FEDERAL DEPOSIT INSURANCE CORPORATION AMENDMENTS ASSISTANCE TO INSURED BANKS

SEC. 111. Section 13(c) of the Federal Deposit Insurance Act (12 U.S.C. 1823(c)) is amended to read as follows: "(cKD The Corporation is authorized, in its sole discretion and upon such terms and conditions as the Board of Directors may prescribe, to make loans to, to make deposits in, to purchase the assets or securities of, to assume the liabilities of, or to make contributions to, any insured bank— "(A) if such action is taken to prevent the closing of such insured bank; "(B) if, with respect to a closed insured bank, such action is taken to restore such closed insured bank to normal operation; or "(C) if, when severe financial conditions exist which threaten the stability of a significant number of insured banks or of insured banks possessing significant financial resources, such action is taken in order to lessen the risk to the Corporation posed by such insured bank under such threat of instability. "(2)(A) In order to facilitate a merger or consolidation of an insured bank described in subparagraph (B) with an insured institution or the sale of assets of such insured bank and the assumption of such insured bank's liabilities by an insured institution, or the acquisition of the stock of such insured bank, the Corporation is authorized, in its sole discretion and upon such terms and conditions as the Board of Directors may prescribe— "(i) to purchase any such assets or assume any such liabilities;

12 USC 1811 note.

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