Page:United States Statutes at Large Volume 96 Part 2.djvu/127

 PUBLIC LAW 97-320—OCT. 15, 1982

96 STAT. 1489

(2) subparagraphs (F) and (G) of section 5(o)(2) of the Home Owners* Loan Act of 1933, as added by section 112 of this Act, shall be repealed; (3) the provision of law amended by section 116 of this Act shall be amended to read as it would without such amendment; (4) the provisions of law amended by subsections (a) and (c) of section 118 shall be amended to read as they would without such amendments; (5) the provision of law amended by section 121 of this Act shall be amended to read as it would without such amendment; (6) the provisions of law amended by subsections (d) through (g) of section 122 of this Act shall be amended to read as they would without such amendments; (7) the provisions of law amended by section 123 of this Act shall be amended to read as they would without such amendments; and (8) the provisions of law amended by sections 131 and 132 shall be amended to read as they would without such amendments. (b) The repeal or termination by subsection (a) of any amendment made by this Act shall have no effect on any action taken or authorized while such amendment was in effect. TITLE II—NET WORTH CERTIFICATES

Ante, p. 1471. 12 USC 1823.

12 USC 1843, 1842. 12 USC 1464.

12 USC 1729. 12 USC 1730a.

12 USC 1785, 1786. 12 USC 1464 note.

Net Worth eertificate Act.

SHORT TITLE

SEC. 201. This title may be cited as the "Net Worth Certificate 12 USC I8II Act". "''^^• INSURED INSTITUTIONS

SEC. 202. (a) Section 406(f) of the National Housing Act (12 U.S.C. 1729(f)), as amended by section 122 of this Act, is amended by adding at the end thereof the following: "(5)(A)(i) Notwithstanding any other provision of State or Federal law, and without limitation on any authority provided elsewhere in this Act or the Home Owners' Loan Act of 1933, the Corporation, in 12 USC 1461. its sole discretion and on such terms and conditions as it may prescribe, is authorized to increase or maintain the capital of a qualified institution by making periodic purchases of capital instruments to be known as net worth certificates, as defined by the Corporation, for such form of consideration as the Corporation may determine, from such qualified institution, and may authorize such institution to issue such net worth certificates, pursuant to this paragraph. "(ii) Dividends on any certificate so purchased shall be at a rate equivalent to the rate of interest paid on any promissory note used to purchase the certificate. "(iii) In making a determination under this paragraph, the State supervisor of the State in which a State chartered institution which is the subject of the eligibility determination is located shall be consulted. "(iv) With respect to certificates held by it, the claim of the Corporation shall have a priority over any claim arising out of an equity interest in the insitution in the event of a liquidation or reorganization, subject to the prior payment of all accounts, certificates of deposit, and debt obligations other than debt obligations

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