Page:United States Statutes at Large Volume 105 Part 3.djvu/389

From Wikisource
Jump to: navigation, search
This page needs to be proofread.


PUBLIC LAW 102-242—DEC. 19, 1991 105 STAT. 2273 to the institution's shareholders or creditors for acquiescing in or consenting in good faith to— "(A) the appointment of the Corporation or the Resolution Trust Corporation as conservator or receiver for that institution; or "(B) an acquisition or combination under section 38(f)(2)(A)(iii). "(13) ADDITIONAL POWERS. — In any case in which the Corporation is appointed conservator or receiver under paragraph (4), (6), (9), or (10) for any insured State depository institution— "(A) subject to subparagraph (B), this section shall apply to the Corporation as conservator or receiver in the same manner and to the same extent as if that institution were a Federal depository institution for which the Corporation had been appointed conservator or receiver; "(B) the Corporation shall apply the law of the State in which the institution is chartered insofar as that law gives the claims of depositors priority over those of other creditors or claimants; and "(C) the Corporation as receiver of the institution may— "(i) liquidate the institution in an orderly manner; and "(ii) make any other disposition of any matter concerning the institution, as the Corporation determines is in the best interests of the institution, the depositors of the institution, and the Corporation.". (f) CONFORMING AMENDMENT TO THE FEDERAL RESERVE ACT.— Section 11 of the Federal Reserve Act (12 U.S.C. 248) is amended by adding at the end the following new subsection: " (p) AUTHORITY TO APPOINT CONSERVATOR OR RECEIVER.—The Board may appoint the Federal Deposit Insurance Corporation as conservator or receiver for a State member bank under section 11(c)(9) of the Federal Deposit Insurance Act.". i (g) EFFECTIVE DATE.—The amendments made by this section shall ];2JLTSC 191 become effective 1 year after the date of enactment of this Act. Subtitle E—Least-Cost Resolution SEC. 141. LEAST-COST RESOLUTION. (a) LEAST-COST RESOLUTIONS REQUIRED. — (1) IN GENERAL. —Section 13(c) of the Federal Deposit Insurance Act (12 U.S.C. 1823(c)) is amended— (A) by redesignating paragraphs (5), (6), (7), (8), and (9), as paragraphs (6), (7), (8), (9), and (10), respectively; (B) by redesignating subparagraph (B) of paragraph (4) as paragraph (5); and (C) by amending paragraph (4) (as amended by subparagraph (B) of this paragraph) to read as follows: "(4) LEAST-COST RESOLUTION REQUIRED.— "(A) IN GENERAL.— Notwithstanding any other provision of this Act, the Corporation may not exercise any authority under this subsection or subsection (d), (f), (h), (i), or (k) with respect to any insured depository institution unless— "(i) the Corporation determines that the exercise of such authority is necessary to meet the obligation of note.