PUBLIC LAW 101-73—AUG. 9, 1989 103 STAT. 195 priate Federal banking agency shall be considered by such agency."; (B) by striking out the penultimate and the last sen- tences; and (C) by striking out "(b) Every national bank" and insert- ing in lieu thereof "(b) CERTIFICATION BY OTHER BANKING AGENCIES.—Every national bank"; and (3) by striking out subsection (c) and inserting in lieu thereof the following new subsections: "(c) CONTINUATION OF INSURANCE AFTER CONVERSION.—Subject to section 5(d)— "(1) any State depository institution which results from the conversion of any insured Federal depository institution; and "(2) any Federal depository institution which results from the conversion of any insured State depository institution, shall continue as an insured depository institution. "(d) CONTINUATION OF INSURANCE AFTER MERGER OR CONSOUDA- TiON.—^y State depository institution or any Federal depository institution which results from the merger or consolidation of in- sured depository institutions, or from the merger or consolidation of a noninsured depository institution with an insured depositorv institution, shall continue as an insured depository institution.'. SEC. 206. APPLICATION PROCESS; INSURANCE FEES. (a) IN GENERAL.—Section 5 of the Federal Deposit Insurance Act (12 U.S.C. 1815) is amended— (1) by striking out "(a) Subject to the provisions of this Act, any" and inserting in lieu thereof the following: "(a) APPLICATION FOR INSURANCE. — "(1) NATIONAL AND STATE NONMEMBER BANKS; STATE SAVINGS ASSOCIATIONS. —Any"; (2) in the 1st sentence of subsection (a)(1) (as so redesignated by paragraph (1) of this subsection), by striking out the comma after "State nonmember bank" and inserting in lieu thereof "and State savings association,"; and (3) in the 2nd sentence of subsection (a)(1) (as so redesignated by paragraph (1) of this subsection)— (A) by striking out the comma after "State nonmember bank" and inserting in lieu thereof "and State savings association,"; (B) by striking out the comma after "such bank" and inserting in lieu thereof "or savings association,"; and (C) by inserting "or savings association, and, in the case of an application by a State savings association, the Corpora- tion shall notify the Director of the Office of Thrift Super- vision of the Corporation's approval of such application" before the period at the end; (4) by adding at the end of subsection (a) the following new paragraphs: "(2) FEDERAL SAVINGS ASSOCIATIONS.—Any Federal savings association shall become an insured depository institution upon— "(A) application to the Corporation; and "(B) receipt by the (Corporation of a certificate issued to the Corporation by the Director which meets the require- ments of paragraph (4), unless insurance is denied by the Board of Directors.
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