Page:United States Statutes at Large Volume 103 Part 1.djvu/217

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PUBLIC LAW 101-73—AUG. 9, 1989 103 STAT. 189 "(2) ACTING OFFICIALS MAY SERVE. —In the event of a vacancy in the office of the Comptroller of the Currency or the office of Director of the Office of Thrift Supervision and pending the appointment of a successor, or during the absence or disability of the Comptroller or such Director, the acting Comptroller of the Currency or the acting Director of the Office of Thrift Supervision, as the case may be, shall be a member of the Board of Directors in the place of the Comptroller or Director. " (e) INELIGIBILITY FOR OTHER OFFICES. — "(1) POSTSERVICE RESTRICTION.— "(A) IN GENERAL. —No member of the Board of Directors may hold any office, position, or employment in any insured depository institution or any depository institution holding company during— "(i) the time such member is in office; and "(ii) the 2-year period beginning on the date such member ceases to serve on the Board of Directors. "(B) EXCEPTION FOR MEMBERS WHO SERVE FULL TERM. — The limitation contained in subparagraph (A)(ii) shall not apply to any member who has ceased to serve on the Board of Directors after serving the full term for which such member was appointed. "(2) RESTRICTION DURING SERVICE.—No member of the Board of Directors may— "(A) be an officer or director of any insured depository institution, depository institution holding company. Federal Reserve bank, or Federal home loan bank; or "(B) hold stock in any insured depository institution or depository institution holding company. "(3) CERTIFICATION. —Upon taking office, each member of the Board of Directors shall certify under oath that such member has complied with this subsection and such certification shall be filed with the secretary of the Board of Directors.", (b) TRANSITION PROVISION. — 12 USC 1812 (1) CHAIRPERSON. —Notwithstanding any provision of section 2 note, of the Federal Deposit Insurance Act, the Chairman of the Board of Directors of the Federal Deposit Insurance Corporation on the date of the enactment of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 may continue to serve as the Chairperson until the end of the term to which such Chairman was appointed. (2) MEMBERS.— Notwithstanding any provision of section 2 of the Federal Deposit Insurance Act, the appointed member of the Board of Directors of the Federal Deposit Insurance Cor- poration on the date of the enactment of the Financial Institu- tions Reform, Recovery, and Enforcement Act of 1989 who is not the Chairman shall continue to serve in office until the earlier of— (A) the end of the term to which such member was appointed; or (B) February 28, 1993, except that such member may continue to serve after the end of such term until a successor has been appointed and qualified. (3) APPOINTMENTS BEFORE MARCH i, 1993. — Notwithstanding any provision of section 2 of the Federal Deposit Insurance Act, the term of any member appointed to the Board of Directors of the Federal Deposit Insurance Corporation before February 28,