[Source: Part dos[13(g), previously 13(f)] of Operate off Sep 21, 1950 (Pub. 797; 64 Stat. 889), active Sep 21, 1950, since the redesignated because of the area 113(m) regarding title We of Operate away from Oct fifteen, 1982 (Pub. 97–320; 96 Stat. 1474), productive Oct fifteen, 1982]
(h) Reopening or Aversion regarding Closing of Covered Branch off Overseas Financial .–New powers conferred into the Board regarding Directors in addition to Agency through this part to do so to reopen an insured depository place for the standard or even to prevent the newest default away from an insured depository institution can be utilized in terms of an insured part from a different bank in the event the, on judgment of Board out of Directors, people interest in avoiding the standard of these part drastically outweighs any extra risk of loss to the Deposit Insurance rates Finance that the take action of these powers create involve.
[Source: Area dos[13(h), earlier thirteen(g)] of your own Act out-of September 21, 1950 (Club. 797), because the added by area 6(c)(24) of one’s Act out-of September 17, 1978 (Club. 95–369; 92 Stat. 619), active September 17, 1978; and as redesignated from the point 113(m) out-of identity We of Act from October fifteen, 1982 (Pub. 97–320; 96 Stat. 1474), active ended by the parts 201(a)(1) and you can 217(6) off title II of your own Act out of August nine, 1989 (Club. 101–73; 103 Stat. 187 and 258), effective August nine, 1989; section 8(a)(19)(F) of the Operate out-of (Pub. 109–173; 119 Stat. 3613), active date shall take effect at the time of your own merger of the Financial Insurance coverage Fund in addition to Coupons Relationship Insurance policies Finance pursuant on the Government Deposit Insurance rates Change Operate away from 2005]
(1) ELIGIBLITY.–Appropriate Government financial service shall permit an agricultural financial in order to use the procedures labeled in part (2) in the event it discovers that–
L. No
(A) there is no evidence you to definitely scam or violent abuse for the an element of the lender resulted in the newest loss referred to in the part (2); and you will
(B) the brand new agricultural bank possess a want to restore their money, perhaps not later on as compared to romantic of your amortization months oriented under section (2), so you’re able to an even prescribed by appropriate Government banking agencies.
One loss one particularly lender create if you don’t have to inform you toward the yearly monetary comments as the result of these reappraisal ortized into the economic statements over a period of perhaps not to surpass eight decades, while the provided into the regulations awarded from the compatible Government banking institution
(2) SEVEN-Seasons Loss AMORTIZATION.–(A) People losses towards the one licensed agricultural financing one a farming bank perform or even be required to show to your their yearly statement of finance for all the 12 months between ortized to the its economic statements more an excellent period of never to exceed 7 ages, as considering from inside the regulations awarded by the appropriate Government banking company.
(B) A farming bank can get reappraise any a house or any other assets, actual otherwise individual, that it acquired coincident to your and also make regarding a professional farming financing and that it had on the January 1, 1983, and you may such extra property that it acquires in advance of January step 1, 1992.
(3) Regulations.–Maybe not after than 90 days just after [August ten, 1987], this new time of enactment in the subsection, the right Government banking agency will matter regulations implementing so it subsection in terms of banking institutions that it supervises, including statutes applying the main city fix dependence on part (1)(B).
(II) fewer than 25 percent of its full financing during the qualified farming finance however, that online personal loans Oklahoma your appropriate Federal banking agency or Condition financial administrator advises with the Agency to have eligibility significantly less than it part, or that Business, towards the action, deems qualified; and you will
