Page:United States Statutes at Large Volume 96 Part 2.djvu/133

 PUBLIC LAW 97-320—OCT. 15, 1982

96 STAT. 1495

tion, (B) to issue and otherwise deal in net worth certificates issued pursuant to this paragraph, or (C) to continue operations, including the receipt of deposits and the payment or crediting of interest or dividends to depositors, because of the level of such institution's net worth, surplus fund, or guaranty fund, shall not apply to any qualified institution which the Corporation has approved for the purpose of taking part in programs under this subsection, continuing operations, or paying interest or dividends. "(9) During any period when a qualified institution has outstanding net worth certificates issued in accordance with this subsection, such institution shall not be liable for any State or local tax which is determined on the basis of the deposits held by such institution or the interest paid on such deposits. "(10) Notwithstanding any other Federal or State law, net worth certificates purchased by the Corporation under this subsection shall be deemed to be net worth for statutory and regulatory purposes. "(11) The Corporation may not use its authority under this subsection to purchase the voting or common stock of a qualified institution. Nothing in this paragraph shall be construed to limit the ability of the Corporation to enter into and enforce covenants and agreements that it determines to be necessary to protect its financial interests. "(12) The Corporation may provide assistance to a qualified institution which is not an insured institution only if the State fund which insures or guarantees tho deposits of such qualified institution enters into an agreement with the Corporation which provides that— "(A) the State fund will indemnify the Corporation for any losses which the Corporation may incur as a result of providing assistance under this subsection to such qualified institution; and "(B) during any period when such qualified institution has outstanding capital instruments issued in accordance with this subsection, the State insurance fund maintains a level of assessments on its members which results in costs to its members which are at least equivalent to the premium assessments paid to the Corporation by insured institutions during such period. "(13) During any period in which a qualified institution which has a stock form of ownership has outstanding certificates under this subsection, such qualified insured institution may not pay dividends to its shareholders.". REPORTS TO CONGRESS

SEC. 204. The Federal Home Loan Bank Board and the Board of 12 USC 1823 Directors of the Federal Deposit Insurance Corporation shall each "ote. transmit an annual report to each House of the Congress specifying the types and amounts of net worth certificates purchased from each depository institution and the conditions imposed on each such depository institution. GENERAL ACCOUNTING OFFICE AUDIT

SEC. 205. The Comptroller General of the United States shall 12 USC 1823 conduct on a semiannual basis an audit of the net worth certificate "°^^' programs of the Federal Deposit Insurance Corporation and the

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