12 USC 2279bb-5 - Mandatory actions applicable to level II

U.S Code last checked for updates: May 05, 2024

§ 2279bb–5.

Mandatory actions applicable to level II

(a)

Capital restoration plan

(b)

Restriction on dividends

(c)

Reclassification from level II to level III

The Director shall immediately reclassify the Corporation as within level III (and the Corporation shall be subject to the provisions of section 2279bb–6 of this title), if—

(1)

the Corporation is within level II; and

(2)

(A)

the Corporation does not submit a capital restoration plan that is approved by the Director; or

(B)

the Director determines that the Corporation has failed to make, in good faith, reasonable efforts necessary to comply with such a capital restoration plan and fulfill the schedule for the plan approved by the Director.

(d)

Effective date

(Pub. L. 92–181, title VIII, § 8.36, as added Pub. L. 102–237, title V, § 503(b)(2), Dec. 13, 1991, 105 Stat. 1876.)

cite as: 12 USC 2279bb-5