PUBLIC LAW 101-73—AUG. 9, 1989 103 STAT. 205 "(8) EXCEPTION FOR CERTAIN FSUC ASSISTED INSTITUTIONS. — No
- - depository institution shall have any liability to the Corporation
under this subsection as the result of the default of, or assist- ance provided with respect to, an insured depository institution which is an affiliate of such depository institution if— "(A) such affiliate was receiving cash payments from the Federal Savings and Loan Insurance Corporation under an assistance agreement or note entered into before the date of the enactment of the Financial Institutions Reform, Recov- ery, and Enforcement Act of 1989; "(B) the Federal Savings and Loan Insurance Corpora- tion, or such other entity which has succeeded to the pay- ment obligations of such Corporation with respect to such assistance agreement or note, is unable to continue such ' payments; and V "(C) such affiliate— "(i) is in default or in need of assistance solely as a result of the failure to meet the payment obligations referred to in subparagraph (B); and "(ii) is not otherwise in breach of the terms of any assistance agreement or note which would authorize the Federal Savings and Loan Insurance Corporation or such other successor entity, pursuant to the terms of such assistance agreement or note, to refuse to make such payments. "(9) COMMONLY CONTROLLED DEFINED.— For purposes of this ,, subsection, depository institutions are commonly controlled if— "(A) such institutions are controlled by the same deposi- tory institution holding company (including any company required to file reports pursuant to section 4(f)(6) of the Bank Holding Company Act of 1956); or "(B) 1 depository institution is controlled by another depository institution.", (b) NEWLY INSURED THRIFT PROVISION.—Any insured depository 12 USC 1815 institution (as defined in section 3(c)(2) of the Federal Deposit Insur- note, ance Act, as added by section 204(c) of this Act)— (1) which was an insured institution {as detined in section 401(a) of the National Housing Act, as in effect before the date of the enactment of this Act) on the day before the date of the enactment of this Act; (2) the board of directors of which determined, before April 1, 1987, to terminate such association's status as an insured institution (as so defined) as evidenced in sworn minutes of the board of directors meeting held before such date; (3) had insured deposits of less than $11,000,000 on April 1, 1987; and (4) was an insured institution (as so defined) for less than 1 year as of April 1, 1987, may cease to be a Savings Association Insurance Fund member and become a Bank Insurance Fund member at any time during the 2- year period beginning on the date of the enactment of this Act without the approval of the Federal Deposit Insurance (Corporation under section 5(d)(2) of the Federal Deposit Insurance Act (as added by subsection (a) of this section) and without incurring any liability •. for any exit or entrance fee imposed under such section 5(d)(2).
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