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U.S. Code as of:
01/19/04
Section 1814. Insured depository institutions
(a) Continuation of insurance
(1) Banks
Each bank, which is an insured depository institution on
September 21, 1950, shall be and continue to be, without
application or approval, an insured depository institution and
shall be subject to the provisions of this chapter.
(2) Savings associations
Each savings association the accounts of which were insured by
the Federal Savings and Loan Insurance Corporation on the day
before August 9, 1989, shall be, without application or approval,
an insured depository institution.
(b) Continuation of insurance upon becoming a member bank
In the case of an insured bank which is admitted to membership in
the Federal Reserve System or an insured State bank which is
converted into a national member bank, the bank shall continue as
an insured bank.
(c) Continuation of insurance after conversion
Subject to section 1815(d) of this title -
(1) any State depository institution which results from the
conversion of any insured Federal depository institution; and
(2) any Federal depository institution which results from the
conversion of any insured State depository institution,
shall continue as an insured depository institution.
(d) Continuation of insurance after merger or consolidation
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.
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