Page:United States Statutes at Large Volume 96 Part 2.djvu/116

 96 STAT. 1478

Definitions.

PUBLIC LAW 97-320—OCT. 15, 1982

under the authority of paragraph (2) or (3), the Corporation may solicit such offers or proposals as are practicable from any prospective purchasers or merger partners it determines, in its sole discretion, are both qualified and capable of acquiring the assets and liabilities of the closed bank or the bank in danger of closing. "(6)(A) If, after receiving offers, the offer presenting the lowest expense to the Corporation, that is in a form and with conditions acceptable to the Corporation (hereinafter referred to as the 'lowest acceptable offer'), is from an offeror that is not an existing in-State bank of the same type as the bank that has closed or is in danger of closing (or, where the closed bank is an insured bank other than a mutual savings bank, the lowest acceptable offer is not from an in-State bank holding company), the Corporation shall permit each offeror who made an offer the estimated cost of which to the Corporation was within 15 per centum or $15,000,000, whichever is less, of the initial lowest acceptable offer to submit a new offer. "(B) In considering authorizations under this subsection, the Corporation shall give consideration to the need to minimize the cost of financial assistance and to the maintenance of specialized depository institutions. The Corporation shall authorize transactions under this subsection considering the following priorities: "(i) First, between depository institutions of the same t3T)e within the same State; "(ii) Second, between depository institutions of the same type In different States; "(iii) Third, between depository institutions of different types in the same State; and "(iv) Fourth, between depository institutions of different types in different States. "(C) In considering offers from different States, the Corporation shall give a priority to offers from adjoining States. "(D) In determining the cost of offers and reoffers, the Corporation's calculations and estimations shall be determinative. The Corporation may set reasonable time limits on offers and reoffers. "(7) No sale may be made under the provisions of paragraph (2) or (3)"(A) which would result in a monopoly, or which would be in furtherance of any combination or conspiracy to monopolize or to attempt to monopolize the business of banking in any part of the United States; or "(B) whose effect in any section of the country may be substantially to lessen competition, or to tend to create a monopoly, or which in any other manner would be in restraint of trade, unless the Corporation finds that the anticompetitive effects of the proposed transactions are clearly outweighed in the public interest by the probable effect of the transaction in meeting the convenience and needs of the community to be served. "(8) As used in this subsection— "(A) the term 'receiver' means the Corporation when it has been appointed the receiver of a closed insured bank; "(B) the term 'insured depository institution' means an insured bank or an association or savings bank insured by the Federal Savings and Loan Insurance Corporation; and "(C) the term 'in-State depository institution or in-State holding company' means an existing insured depository institution currently operating in the State in which the closed bank or the bank in danger of closing is chartered or a company that is

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