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1000 - Federal Deposit Insurance Act
{{2-29-08 p.1087}}
SEC. 4(a) CONTINUTATION OF INSURANCE.--
(1) BANKS.--Each bank which is an insured depository
institution on the effective date of this
amendment *
, shall be and continue to be, without application or approval, an
insured depository institution and shall be subject to the provisions
of this Act.
(2) SAVINGS ASSOCIATIONS.--Each savings association the
accounts of which were insured by the Federal Savings and Loan
Insurance Corporation on the day before the date of the enactment of
the Financial Institutions Reform, Recovery, and Enforcement Act of
1989, shall be, without application or approval, an insured depository
institution.
[Codified to 12 U.S.C. 1814(a)]
[Source: Section 2[4(a)] of the Act of September 21, 1950 (Pub.
L. No. 797; 64 Stat. 875), effective September 21, 1950, as amended by
sections 201(a) and 205(1) of title II of the Act of August 9, 1989
(Pub. L. No. 101--73; 103 Stat. 194), effective August 9,
1989]
(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.
[Codified to 12 U.S.C. 1814(b)]
[Source: Section 2[4(b)] of the Act of September 21, 1950 (Pub.
L. No. 797; 64 Stat. 875), effective September 21, 1950, as amended by
sections 201(a) and 205(2) of title II of the Act of August 9, 1989
(Pub. L. No. 101-73; 103 Stat. 194), effective August 9, 1989; section
115(b) of title I of the Act of December 19, 1991 (Pub. L. No.
102--242; 105 Stat. 2249), effective December 19,
1991]
(c) CONTINUATION OF INSURANCE AFTER CONVERSION.-- Subject
to section 5(d) of this Act and
section 5(i)(5) of the Home Owners' Loan Act--
(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.
[Codified to 12 U.S.C. 1814(c)]
[Source: Section 2[4(c)] of the Act of September 21, 1950 (Pub.
L. No. 797), effective September 21, 1950, as added by section 113(c)
of title I of the Act of October 15, 1982 (Pub. L. No. 97--320; 96
Stat. 1473), effective October 15, 1982, as amended by section 205(3)
of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103
Stat. 195), effective August 9, 1989]
(d) Continuation of Insurance After Merger or
Consolidation.--Any State depository institution or any Federal
depository institution which results from the merger or consolidation
of insured depository institutions, or from the merger or consolidation
of a noninsured depository institution with an insured depository
institution, shall continue as an insured depository institution.
[Codified to 12 U.S.C. 1814(d)]
[Source: Section 2[4(d)] of the Act of September 21, 1950 (Pub.
L. No. 797), effective September 21, 1950, as added by section 205(3)
of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103
Stat. 195), effective August 9, 1989]
NOTE
Derivation. Sections 4(a) and (b) derive from section 12B(e)
and (f)(1) of the Federal Reserve Act, as added by
section 101[12B(e) and (f)(1)] of title I of the Act of
August 23, 1935 (Pub. L. No. 305; 49 Stat. 687), effective August 23,
1935. Section
{{2-29-08 p.1088}}12B(e) of the Federal Reserve Act was
amended by section 6 of the Act of August 17, 1950 (Pub. L. No. 706; 64
Stat. 457), effective August 17, 1950. By section 1 of the Act of
September 21, 1950 (Pub. L. No. 797; 64 Stat. 873), effective September
21, 1950, section 12B of the Federal Reserve Act was withdrawn as a
part of that Act and was made a separate act known as the "Federal
Deposit Insurance Act."
Section 4(c) was added by section 113(c) of title I of the Act
of October 15, 1982 (Pub. L. No. 97--320; 96 Stat. 1473), effective
October 15, 1982.
Section 4(d) was enacted by section 205(3) of the Act of August 9,
1989, known as the "FIRRE Act", (Pub. L. No. 101--73; 103 Stat.
195), effective August 9, 1989.
[The page following this is 1093.]
*September 21, 1950. Go Back to Text
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