PUBLIC LAW 101-73 —AUG. 9, 1989 103 STAT. 267 "(C) the Corporation if the acquiring, assuming, or resulting bank is to be a State nonmember insured bank (except a District bank or a savings bank supervised by the Director of the Office of Thrift Supervision); and "(D) the Director of the Office of Thrift Supervision if the acquiring, assuming, or resulting institution is to be a savings association."; (B) by striking out paragraph (12); (C) in paragraphs (3), (4), (6), (7), and (9), by inserting after the word "bank" or "banks" each time it appears, the words "or savings association" or "or savings associations", respectively; and (D) in paragraph (3), by striking out "failure" and insert- ing in lieu thereof "default"; (3) in subsection (i)(2)— (A) by striking out "insured bank" and inserting in lieu thereof "insured Federal depository institution"; (B) by striking out "insured State bank" and inserting in lieu thereof "insured State depository institution"; (C) by striking out the period at the end of subpargraph (C) and inserting in lieu thereof "; and"; (D) by inserting after subparagraph (C) the following new subparagraph: "(D) the Director of the Office of Thrift Supervision if the resulting institution is to be an insured State savings association."; ^ (E) in paragraph (4)(D), by inserting "and fitness" after "character"; and
(F) by striking out paragraph (5); and (4) by adding at the end the following: "(m) ACTIVITIES OF SAVINGS ASSOCIATIONS AND THEIR SUBSIDI- ARIES. — "(1) PROCEDURES.—When an insured savings association establishes or acquires a subsidiary or when an insured savings association elects to conduct any new activity through a subsidi- ary that the insured savings association controls, the insured savings association— "(A) shall notify the Corporation and the Director of the _ Office of Thrift Supervision not less than 30 days prior to the establishment, or acquisition, of any such subsidiary, and not less than 30 days prior to the commencement of any such activity, and in either case shall provide at that time such information as each such agency may, by regula- tion, require; and , "(B) shall conduct the activities of the subsidiary in accordance with regulations and orders of the Director of i the Office of Thrift Supervision. "(2) ENFORCEMENT POWERS.—With respect to any subsidiary of an insured savings association: "(A) the Corporation and the Director of the Office of Thrift Supervision shall each have, with respect to such subsidiary, the respective powers that each has with respect to the insured savings association pursuant to this section or section 8; and "(B) the Director of the Office of Thrift Supervision may ^^^ 4 determine, after notice and opportunity for hearing, that the continuation by the insured savings association of its
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