PUBLIC LAW 102-242—DEC. 19, 1991 105 STAT. 2249 the Federal Deposit Insurance Act, fees to fund the direct and indirect expenses of the Office as the Director deems necessary or appropriate. The fees may be imposed more frequently than annually at the discretion of the Director.". SEC. 115. APPLICATION TO FDIC REQUIRED FOR INSURANCE. (a) IN GENERAL.— Section 5 of the Federal Deposit Insurance Act (12 U.S.C. 1815(a)) is amended by striking all that precedes subsection (b) and inserting the following: "SEC. 5. DEPOSIT INSURANCE. "(a) APPLICATION TO CORPORATION REQUIRED,— "(1) IN GENERAL.— Except as provided in paragraphs (2) and (3), any depository institution which is engaged in the business of receiving deposits other than trust funds (as defined in section 3(p)), upon application to and examination by the Corporation and approval by the Board of Directors, may become an insured depository institution. "(2) INTERIM DEPOSITORY INSTITUTIONS.— In the case of any interim Federal depository institution that is chartered by the appropriate Federal banking agency and will not open for business, the depository institution shall be an insured depository institution upon the issuance of the institution's charter by the agency. " (3) APPLICATION AND APPROVAL NOT REQUIRED IN CASES OF CONTINUED INSURANCE.—Paragraph (1) shall not apply in the case of any depository institution whose insured status is continued pursuant to section 4, "(4) REVIEW REQUIREMENTS. — In reviewing any application under this subsection, the Board of Directors shall consider the factors described in section 6 in determining whether to approve the application for insurance. "(5) NOTICE OF DENIAL OF APPLICATION FOR INSURANCE. —If the Board of Directors votes to deny any application for insurance by any depository institution, the Board of Directors shall promptly notify the appropriate Federal banking agency and, in the case of any State depository institution, the appropriate State banking supervisor of the denial of such application, giving specific reasons in writing for the Board of Directors' determination with reference to the factors described in section 6. " (6) NONDELEGATION REQUIREMENT. — The authority of the Board of Directors to make any determination to deny any application under this subsection may not be delegated by the Board of Directors.". (b) CONTINUATION OF INSURANCE UPON BECOMING A MEMBER BANK.— 4(b) of the Federal Deposit Insurance Act (12 U.S.C. 1814(b)) is amended to read as follows: " (b) CONTINUATION OF INSURANCE UPON BECOMING A MEMBER BANK. — In the case of an insured bank which is admitted to membership in the Federal Reserve System or an insured State bank which is converted into a national member bank, the bank shall continue as an insured bank.".