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.
12 U.S. Code § 1814. Insured depository institutions
Subsec. (c)(2). Pub. L. 109–351, § 608(b)(2), which directed insertion of “or Federal” after “insured State,”, was executed by making the insertion after “insured State”, to reflect the probable intent of Congress.
1991—Subsec. (b). Pub. L. 102–242, § 115(b), as amended by Pub. L. 102–550, § 1603(b)(6), amended subsec. (b) generally, substituting present provisions for provisions which related to certification by other banking agencies.
Subsec. (b). Pub. L. 101–73, § 205(2)(A), (B), inserted after first sentence “Any application or notice for membership or to commence or resume business shall be promptly provided by the appropriate Federal banking agency to the Corporation and the Corporation shall have a reasonable period of time to provide comments on such application or notice. Any comments submitted by the Corporation to the appropriate Federal banking agency shall be considered by such agency.” and struck out at end “A State bank, resulting from the conversion of an insured national bank, shall continue as an insured bank. A State bank, resulting from the merger or consolidation of insured banks, or from the merger or consolidation of a noninsured bank or institution with an insured State bank, shall continue as an insured bank.”
Pub. L. 101–73, § 205(2)(C), which directed the amendment of subsec. (b) by substituting “(b) Certification by Other Banking Agencies.—Every national bank” for “(b) Every national bank” could not be executed literally because the original read “(b) Every national member bank”, but was executed by inserting the heading without changing the text to reflect the probable intent of Congress.
Subsec. (c). Pub. L. 101–73, § 205(3), amended subsec. (c) generally. Prior to amendment, subsec. (c) read as follows: “Every Federal savings bank which is chartered pursuant to section 1464(o) of this title, and which is engaged in the business of receiving deposits other than trust funds, shall be an insured bank from the time it is authorized to commence business, until such time as its accounts are insured by the Federal Savings and Loan Insurance Corporation.”
Subsec. (d). Pub. L. 101–73, § 205(3), added subsec. (d).
1982—Subsec. (c). Pub. L. 97–320 added subsec. (c).