FDIC Law, Regulations, Related Acts
[Table of Contents]
[Previous Page]
[Next Page]
[Search]
1000 - Federal Deposit Insurance Act
SEC. 11A. FSLIC RESOLUTION FUND.
(a) Established--
[Codified to 12 U.S.C. 1821a(a)]
[Source: Section 2[11A(a)] of the Act of September 21, 1950 (Pub. L. No. 797), effective September 21, 1950, as added by section 215 of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 252), effective August 9, 1989; as amended by section 202(c) of title II of the Act of December 12, 1991 (Pub. L. No. 102--233; 105 Stat. 1767), effective December 12, 1991; section 161(b) of title I of the Act of December 19, 1991 (Pub. L. No. 102--242; 105 Stat. 2286), effective December 19, 1991; section 8(a)(15) of the Act of February 15, 2006 (Pub. L. No. 109--173; 119 Stat. 3612 and 3613), effective date shall take effect the day of the merger of the bank Insurance Fund and the Savings Association Insurance Fund pursuant to the Federal Deposit Insurance Reform Act of 2005]
(b) Source of Funds.--The FSLIC Resolution Fund shall be funded from the following sources to the extent funds are needed in the listed priority:
[Codified to 12 U.S.C. 1821a(b)]
[Source: Section 2[11A(b)] of the Act of September 21, 1950 (Pub. L. No. 797), effective September 21, 1950, as added by section 215 of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 252), effective August 9, 1989; as amended by section 202(d) of title II of the Act of December 12, 1991 (Pub. L. No. 102--233; 105 Stat. 1767), effective December 12, 1991; section 8(a)(16) of the Act of February 15, 2006 (Pub. L. No. 109--173; 119 Stat. 3613), effective date shall take effect the day of the merger of the bank Insurance Fund and the Savings Association Insurance Fund pursuant to the Federal Deposit Insurance Reform Act of 2005]
(c) Treasury Backup.--
[Codified to 12 U.S.C. 1821a(c)]
[Source: Section 2[11A(c)] of the Act of September 21, 1950 (Pub. L. No. 797), effective September 21, 1950, as added by section 215 of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 252), effective August 9, 1989]
(d) Legal Proceedings.--Any judgment resulting from a proceeding to which the Federal Savings and Loan Insurance Corporation was a party prior to its dissolution or which is initiated against the Corporation with respect to the Federal Savings and Loan Insurance Corporation or with respect to the FSLIC Resolution Fund shall be limited to the assets of the FSLIC Resolution Fund.
[Codified to 12 U.S.C. 1821a(d)]
[Source: Section 2[11A(d)] of the Act of September 21, 1950 (Pub. L. No. 797), effective September 21, 1950, as added by section 215 of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 252), effective August 9, 1989]
(e) Transfer of Net Proceeds From Sale of RTC Assets.--The FSLIC Resolution Fund shall transfer to the Resolution Funding Corporation any net proceeds from the sale of assets acquired from the Resolution Trust Corporation upon the termination of such Corporation pursuant to section 21A of the Federal Home Loan Bank Act.
[Codified to 12 U.S.C. 1821a(e)]
[Source: Section 2[11A(e)] of the Act of September 21, 1950 (Pub. L. No. 797), effective September 21, 1950, as added by section 215 of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 252), effective August 9, 1989]
(f) Dissolution.--The FSLIC Resolution Fund shall be dissolved upon satisfaction of all debts and liabilities and sale of all assets. Upon dissolution any remaining funds shall be paid into the Treasury. Any administrative facilities and supplies, including offices and office supplies, shall be transferred to the Corporation for use by and to be held as assets of the Deposit Insurance Fund.
[Codified to 12 U.S.C. 1821a(f)]
[Source: Section 2[11A(f)] of the Act of September 21, 1950 (Pub. L. No. 797), effective September 21, 1950, as added by section 215 of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 252), effective August 9, 1989; section 8(a)(17) of the Act of February 15, 2006 (Pub. L. No. 109--173; 119 Stat. 3613), effective date shall take effect the day of the merger of the bank Insurance Fund and the Savings Association Insurance Fund pursuant to the Federal Deposit Insurance Reform Act of 2005]