Page:United States Statutes at Large Volume 107 Part 3.djvu/433

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PUBLIC LAW 103-204—DEC. 17, 1993 107 STAT. 2371 assisUuice to any insured depository institution that is not in default, or that is not in danger of default, that is acquiring (as defined in section 13(i)(8)(B) of such Act) another insured depository institution.". SEC. 3. RTC MANAGEMENT REFORMS. (a) IN GENERAL. — Section 21A of the Federal Home Loan Bank Act (12 U.S.C. 1441a) is amended by adcting at the end the following new subsection: "(w) RTC MANAGEMENT REFORMS. —

    • (1) COMPREHENSIVE BUSINESS PLAN. — The Corporation

shall establish and maintain a comprehensive business plan covering the operations of the Corporation, including the disposition of assets, for the remainder of the Corporation's existence. "(2) MARKETING REAL PROPERTY ON AN INDIVIDUAL BASIS. — The Corporation shall— (A) market any undivided or controlling interest in real property, whether held directly or indirectly by an institution described in subsection (b)(3)(A), on an individual basis, including sales by auction, for no fewer than 120 days before such assets may be made available for sale or other disposition on a portfolio basis or otherwise included in a multiasset sales initiative, except that this subparagraph does not apply to assets that are— (i) sold simultaneously with a resolution in which a buyer purchases a significant proportion of the assets and assumes a significant proportion of the liabilities, or acts as agent of the Corporation for purposes of paying insuied deposits, of an institution described in subsection (b)(3)(A); or "(ii) transferred to a new institution organized pursuant to section ll(d)(2)(F) of the Federal Deposit Insurance Act; and "(B) prescribe regulations— "(i) to require that the sale or other disposition of any asset consisting of real property on a portfolio basis or in connection with any multiasset sales initiative after the end of the 120-day period described in subparagraph (A) be justified in writing; and "(ii) to carry out the requirements of subparagraph (A). "(3) DISPOSITION OF REAL ESTATE RELATED ASSETS.— "(A) PROCEDURES FOR DISPOSITION OF REAL ESTATE- RELATED ASSETS.— The Corporation shall not sell real property or any nonperforming real estate loan which the Corporation has acqiiired as receiver or conservator, unless— "(i) the Corporation has assigned responsibility for the management and disposition of such asset to a qualified person or entity to— "(1) analyze each asset on an asset-by-asset basis and consider alternative disposition strategies for such asset; "(11) develop a written management and disposition plan; and "(III) implement that plan for a reasonable period of time; or