103 STAT. 244 PUBLIC LAW 101-73 —AUG. 9, 1989 "(3) CAPITAL STOCK.— No capital stock need be paid in by the Corporation. "(4) EXECUTIVE OFFICER.— The new bank shall not have a board of directors, but shall be managed by an executive officer appointed by the Board of Directors of the Corporation who shall be subject to its directions. " (5) SUBJECT TO LAWS RELATING TO NATIONAL BANKS. —In all '^ other respects the new bank shall be organized in accordance with the then existing provisions of law relating to the organiza- tion of national banking associations. "(6) NEW DEPOSITS. —The new bank may, with the approval of the Corporation, accept new deposits which shall be subject to withdrawal on demand and which, except where the new bank , is the only bank in the community, shall not exceed $100,000 from any depositor. "(7) INSURED STATUS. —The new bank, without application to or approval by the Corporation, shall be an insured depository institution and shall maintain on deposit with the Federal ' ' Reserve bank of its district reserves in the amount required by 1 law for member banks, but it shall not be required to subscribe for stock of the Federal Reserve bank. "(8) INVESTMENTS.—Funds of the new bank shall be kept on hand in cash, invested in obligations of the United States or ,j obligations guaranteed as to principal and interest by the United States, or deposited with the Corporation, any Federal Reserve bank, or, to the extent of the insurance coverage on any such deposit, an insured depository institution. "(9) CONDUCT OF BUSINESS. — The new bank, unless otherwise authorized by the Comptroller of the Currency, shall transact business only as authorized by this Act and as may be incidental to its organization. Taxes. "(10) ExEMPT STATUS.— Notwithstanding any other provision of Federal or State law, the new bank, its franchise, property, and income shall be exempt from all taxation now or hereafter ,} imposed by the United States, by any territory, dependency, or i possession thereof, or by any State, county, municipality, or
- local taxing authority.
-£ "(11) TRANSFER OF DEPOSITS.— (A) Upon the organization of a new bank, the Corporation shall promptly make available to it an amount equal to the estimated insured deposits of such bank in default plus the estimated amount of the expenses of operat- ing the new bank, and shall determine as soon as possible the amount due each depositor for the depositor's insured deposit in the bank in default, and the total expenses of operation of the new bank. "(B) Upon such determination, the amounts so estimated and made available shall be adjusted to conform to the amounts so determined. "(12) EARNINGS. —Earnings of the new bank shall be paid over or credited to the (Corporation in such adjustment. "(13) LOSSES. — If any new bank, during the period it continues its status as such, sustains any losses with respect to which it is t not effectively protected except by reason of being an insured i bank, the Corporation shall furnish to it additional funds in the amount of such losses.
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