Page:United States Statutes at Large Volume 96 Part 2.djvu/122

 96 STAT. 1484

Definitions.

26 USC 7701.

PUBLIC LAW 97-320—OCT. 15, 1982

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 type 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 the case of a minority-controlled institution, the Corporation shall seek an offer from other minority-controlled institutions before proceeding with the sequence set forth in the preceding subparagraph. "(D) In considering offers from different States, the Corporation shall give a priority to offers from adjoining States. "(E) In determining the cost of offers and reoffers under this subsection, the Corporation's calculations and estimations shall be determinative. The Corporation may set reasonable time limits on offers and reoffers. "(4) For purposes of this subsection— "(A) the term 'insured depository institution* means an insured institution or a bank insured by the Federal Deposit Insurance Corporation; and "(B) the term 'in-State depository institution or in-State depository institution holding company' means an existing insured depository institution currently operating in the State in which the closed institution is chartered or a company that is operating an insured depository institution subsidiary in the State in which the closed institution is chartered. "(5)(A) Where a merger, consolidation, transfer, or acquisition under this subsection involves an insured institution eligible for assistance and a bank or bank holding company, an insured institution may retain and operate any existing branch or branches or any other existing facilities but otherwise shall be subject to the conditions upon which a national bank may establish and operate branches in the State in which such insured institution is located. "(B) No such insured institution shall move its principal office or any branch office after it is acquired which it would be prohibited from moving if it were a national bank. "(C)(i) Notwithstanding the foregoing, if such an insured institution does not have its home office in the State of the bank holding company bank subsidiary, and if such institution does not qualify as a domestic building and loan association under section 7701(a)(19) of the Internal Revenue Code of 1954, or does not meet the asset composition test imposed by subparagraph (C) of that section on institutions seeking so to qualify, then such insured institution shall be subject to the conditions upon which a bank may retain, operate, and establish branches in the State in which the insured institution is located.

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