If the Corporation is classified as within level II, the Corporation shall, within the time period determined by the Director, submit to the Director a capital restoration plan and, after approval, carry out the plan.
(b) Restriction on dividends
If the Corporation is classified as within level II, the Corporation may not make any payment of dividends that would result in the Corporation being reclassified as within level III or IV.
(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
(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
This section shall take effect upon the expiration of the 30-month period beginning on December 13, 1991.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.