Section 206 regarding identity II of Work out-of Oct 15, 1982 (Club
[Source: Area 2[13(g), previously 13(f)] of your own Work off September 21, 1950 (Bar. 797; 64 Stat. 889), energetic Sep 21, 1950, just like the redesignated by the section 113(m) out of label We of your Act from Oct fifteen, 1982 (Bar. 97–320; 96 Stat. 1474), effective Oct fifteen, 1982]
(h) Reopening or Antipathy out of Closure off Covered Department of Overseas Lender .–New powers conferred towards Panel out of Directors in addition to Firm by this point to do so in order to reopen a covered depository institution when you look at the standard or even to avert the standard out-of an insured depository organization can be utilized in terms of a covered branch from a different financial when the, regarding view of your own Panel out of Administrators, the general public demand for avoiding the standard of these department drastically outweighs any extra chance of losses on Deposit Insurance policies Fund which the exercise of such powers perform involve.
[Source: Part 2[13(h), earlier 13(g)] of your own Operate away from September 21, 1950 (Club. 797), while the added from the point 6(c)(24) of your Act off Sep 17, 1978 (Club. 95–369; ninety-five Stat. 619), active September 17, 1978; so that as redesignated from the area 113(m) out South Dakota loans of title We of one’s Operate from October fifteen, 1982 (Pub. 97–320; 96 Stat. 1474), effective finished by parts 201(a)(1) and you can 217(6) off term II of Act of August 9, 1989 (Club. 101–73; 103 Stat. 187 and you can 258), energetic August 9, 1989; section 8(a)(19)(F) of Act from (Club. 109–173; 119 Stat. 3613), effective go out shall take effect at the time of your own merger of Financial Insurance Money together with Coupons Relationship Insurance rates Financing pursuant on the Federal Put Insurance rates Change Work away from 2005]
(1) ELIGIBLITY.–Appropriate Government banking institution should allow an agricultural bank so you can take the measures referred to when you look at the paragraph (2) whether or not it finds out you to–
L. Zero
(A) there’s absolutely no proof one con otherwise unlawful abuse on the a portion of the bank contributed to the brand new losings described in the section (2); and you may
(B) the newest farming bank keeps an intend to restore its capital, maybe not after as compared to intimate of your amortization several months depending not as much as paragraph (2), so you’re able to a level recommended because of the suitable Government banking department.
People losses you to definitely such as for example financial manage if not be required to reveal towards its yearly monetary comments because of these reappraisal ortized towards the their economic comments over a period of maybe not to help you surpass 7 years, due to the fact considering when you look at the regulations issued by the appropriate Federal banking company
(2) SEVEN-Season Loss AMORTIZATION.–(A) One losses on people licensed farming mortgage one a farming bank do if you don’t be required to reveal on the their annual financial record your seasons between ortized with the its financial statements over good age of not to surpass seven ages, once the given during the laws and regulations issued from the compatible Government financial institution.
(B) A farming bank get reappraise one a home or other possessions, actual otherwise individual, so it received coincident to your while making away from an experienced agricultural mortgage and that it had with the January step 1, 1983, and you can such most assets it acquires in advance of January step one, 1992.
(3) Guidelines.–Maybe not later than just ninety days immediately following [August 10, 1987], the newest day out-of enactment associated with subsection, the proper Government banking institution shall topic statutes implementing this subsection in terms of banks which supervises, in addition to regulations applying the administrative centre repair dependence on paragraph (1)(B).
(II) fewer than 25 % of the complete finance for the qualified farming money but that your suitable Federal financial institution or County lender commissioner recommends toward Corporation to possess qualifications below which section, otherwise that the Organization, towards their actions, deems eligible; and you may
