Page:United States Statutes at Large Volume 103 Part 1.djvu/232

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103 STAT. 204 PUBLIC LAW 101-73—AUG. 9, 1989 ' '-'••'^ with the restrictions of sections 23A and 23B of the Federal Reserve Act without regard to section 23A(d)(l). . 'fyK., "(C) LIMITED PARTNERSHIPS.— "(i) IN GENERAL.—The Corporation may, in its discre- tion, exempt any limited partnership and any affiliate of any limited partnership (other than any insured ' '^ depository institution which is a majority owned subsidiary of such partnership) from the provisions of this subsection if such limited partnership or affiliate has filed a registration statement with the Securities and Exchange Commission on or before April 10, 1989, indicating that as of the date of such filing such part- nership intended to acquire 1 or more insured deposi- ' ^' tory institutions. "(ii) REVIEW AND NOTICE.—Within 10 business days ^ after the date of submission of any request for an exemption under this subparagraph together with such information as shall be reasonably requested by the Corporation, the Corporation shall make a determina- tion on the request and shall so advise the applicant. "(6) 5-YEAR TRANSITION RULE. —During the 5-year period begin- ning on the date of the enactment of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989— "(A) no Savings Association Insurance Fund member » shall have any liability to the Corporation under this subsection arising out of assistance provided by the Cor- poration or any loss incurred by the Corporation as a result of the default of a Bank Insurance Fund member which was acquired by such Savings Association Insurance Fund member or any affiliate of such member before the date of the enactment of such Act; and "(B) no Bank Insurance Fund member shall have such liability with respect to assistance provided by or loss in- curred by the Corporation as a result of the default of a Savings Association Insurance Fund member which was acquired by such Bank Insurance Fund member or any affiliate of such member before the date of the enactment of such Act. "(7) EXCLUSION FOR INSTITUTIONS ACQUIRED IN DEBT COLLEC- TIONS.— Any depository institution shall not be treated as commonly controlled, for purposes of this subsection, during the 5-year period beginning on the date of an acquisition described in subparagraph (A) or such longer period as the Corporation may determine after written application by the acquirer, if— "(A) 1 depository institution controls another by virtue of ownership of voting shares acquired in securing or collect- ing a debt previously contracted in good faith; and "(B) during the period beginning on the date of the enactment of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 and ending upon the expira- tion of the exclusion, the controlling bank and all other insured depository institution affiliates of such controlling bank comply fully with the restrictions of sections 23A and 23B of the Federal Reserve Act, without regard to section 23A(d)(l) of such Act, in transactions with the acquired insured depository institution.