Page:United States Statutes at Large Volume 105 Part 3.djvu/376

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105 STAT. 2260 PUBLIC LAW 102-242—DEC. 19, 1991 ture would improve the institution's financial condition and future prospects. "(J) REQUIRING OTHER ACTION.— Requiring the institution to take any other action that the agency determines will better carry out the purpose of this section than any of the actions described in this paragraph. " (3) PRESUMPTION IN FAVOR OF CERTAIN ACTIONS. — In comply- ing with paragraph (2), the agency shall take the following actions, unless the agency determines that the actions would not further the purpose of this section: "(A) The action described in clause (i) or (iii) of paragraph (2)(A) (relating to requiring the sale of shares or obligations, or requiring the institution to be acquired by or combine with another institution). "(B) The action described in paragraph (2)(B)(i) (relating to restricting transactions with affiliates). "(C) The action described in paragraph (2)(C) (relating to restricting interest rates). " (4) SENIOR EXECUTIVE OFFICERS' COMPENSATION RESTRICTED.— "(A) IN GENERAL.—The insured depository institution shall not do any of the following without the prior written approval of the appropriate Federal banking agency: "(i) Pay any bonus to any senior executive officer. "(ii) Provide compensation to any senior executive officer at a rate exceeding that officer's average rate of compensation (excluding bonuses, stock options, and profit-sharing) during the 12 calendar months preceding the calendar month in which the institution became undercapitalized. "(B) FAILING TO SUBMIT PLAN.— The appropriate Federal banking agency shall not grant any approval under subparagraph (A) with respect to an institution that has failed to submit an acceptable capital restoration plan. "(5) DISCRETION TO IMPOSE CERTAIN ADDITIONAL RESTRIC- TIONS.—The agency may impose 1 or more of the restrictions prescribed by regulation under subsection (i) if the agency determines that those restrictions are necessary to carry out the purpose of this section. " (6) CONSULTATION WITH FUNCTIONAL REGULATORS. —Before the agency or Corporation makes a determination under paragraph (2)(1) with respect to an affiliate that is a broker, dealer, government securities broker, government securities dealer, investment company, or investment adviser, the agency or Corporation shall consult with the Securities and Exchange Commission and, in the case of any other affiliate which is subject to any financial responsibility or capital requirement, any other functional regulator (as defined in section 2(s) of the Bank Holding Company Act of 1956) of such affiliate with respect to the proposed determination of the agency or the Corporation and actions pursuant to such determination. " (g) MORE STRINGENT TREATMENT BASED ON OTHER SUPERVISORY CRITERIA. — J "(1) IN GENERAL. — If the appropriate Federal banking agency determines (after notice and an opportunity for hearing) that an insured depository institution is in an unsafe or unsound condition or, pursuant to section 8(b)(8), deems the institution to be engaging in an unsafe or unsound practice, the agency may—