Page:United States Statutes at Large Volume 107 Part 3.djvu/447

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PUBLIC LAW 103-204—DEC. 17, 1993 107 STAT. 2385 'Xii) the Board of Directors has determined that— "(I) Savings Association Insurance Fund members, in the aggregate, are unable to pay additional semiannual assessments under section 7(b) at the assessment rates which would be required in order to cover, from such additional assessments, losses which have been incurred or can reasonablv be expected to be incurred by the Fund without adversely affecting the ability of such members to raise and maintain capital or to maintain the members' assessment base; and "(11) an increase in the assessment rates for Savings Association Insurance Fund members to cover such losses could reasonably be expected to result in greater losses to the Government; "(iii) the Board of Directors has determined that— "(I) Savings Association Insurance Fund members, in the aggregate, are unable to pay additional semiannual assessments under section 7(b) at the assessment rates which would be required in order to meet the repayment schedule required under section 14(c) for any amount borrowed under section 14(a) to cover losses which have been incurred or can reasonably be expected to be incurred by the Fund without adversely affecting the ability of such members to rais# and maintain capital or to maintain the members' assessment base; and (ID an increase in the assessment rates for Savings Association Insiirance Fund members to meet any such repayment schedule could reasonably be expected to result in greater losses to the (jrovernment; "(iv) as of the date of certification, the Corporation has in effect procedures designed to ensure that the activities of the Savings Association Insurance Fund and the affairs of any Savings Association Insurance Fund member for which a conservator or receiver has been appointed are conducted in an efficient manner and the Corporation is in compliance with such procedures; "(v) with respect to the most recent audit of the Savings Association Insurance Fund by the Comptroller General of the United States before the date of the certification— "(I) the Corporation has taken or is taking appropriate action to implement any recommendation made by the Comptroller General; or (II) no corrective action is necessary or appropriate; (vi) the Corporation has provided for the appointment of a chief financial officer who— "(I) does not have other operating responsibilities; "(11) will report directly to the Chairperson of the Corporation; and "(III) will have such authority and duties of chief financial officers under section 902 of title