Page:United States Statutes at Large Volume 105 Part 3.djvu/431

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

PUBLIC LAW 102-242—DEC. 19, 1991 105 STAT. 2315 ... (D) 2 individuals appointed by the President from among President, individuals who represent community organizations. (3) TERMS.— (A) APPOINTED MEMBERS.—Each appointed member shall be appointed for a term of 5 years. (B) INTERIM APPOINTMENT. — Any member appointed to fill a vacancy occurring before the expiration of the term to which such member's predecessor was appointed shall be appointed only for the remainder of such term. (C) CONTINUATION OF SERVICE. — Each appointed member may continue to serve after the expiration of the period to which such member was appointed until a successor has been appointed. (4) CHAIRPERSON.—The Secretary of the Treasury shall serve as the Chairperson of the Board. (5) No PAY. —No members of the Commission may receive any pay for service on the Board. (6) TRAVEL EXPENSES.— Each member shall receive travel expenses, including per diem in lieu of subsistence, in accordance with sections 5702 and 5703 of title 5, United States Code. (7) MEETINGS. —The Board shall meet at the call of the Chairperson or a majority of the Board's members. (e) DUTIES OF THE BOARD. — (1) PROCEDURE FOR DETERMINING COMMUNITY ENTERPRISE ASSESSMENT CREDITS. —The Board shall establish procedures for accepting and considering applications by insured depository institutions under subsection (a)(1) for community enterprise assessment credits and making determinations with respect to such applications. (2) NOTICE TO FDIC.—The Board shall notify the applicant and the Federal Deposit Insurance Corporation of any determination of the Board with respect to any application referred to in paragraph (1) in sufficient time for the Corporation to include the amount of such credit in the computation made for purposes of the notification required under section 7(d)(1)(B). (f) AVAILABILITY OF FUNDS. — The provisions of this section shall not take effect until appropriations are specifically provided in advance. There are hereby authorized to be appropriated such sums as may be necessary to carry out the provisions of this section. (g) DEFINITIONS.—For purposes of this section— (1) APPROPRIATE FEDERAL BANKING AGENCY. —The term "appropriate Federal banking agency" has the meaning given to such term in section 3(q) of the Federal Deposit Insurance Act. (2) BOARD.— The term "Board" means the Community Enterprise Assessment Credit Board established under the amendment made by subsection (d). (3) INSURED DEPOSITORY INSTITUTION. —The term "insured depository institution" has the meaning given to such term in section 3(c)(2) of the Federal Deposit Insurance Act. SEC. 234. COMMUNITY DEVELOPMENT ORGANIZATIONS. 12 USC 1834b. (a) COMMUNITY DEVELOPMENT ORGANIZATIONS DESCRIBED. — For purposes of this subtitle, any insured depository institution, or a qualified portion thereof, shall be treated as meeting the community development organization requirements of this section if— (1) the institution— Appropriation authorization.