Volume 97 · 189
Public Law 98–29
To amend the Federal Deposit Insurance Act to provide for the issuance of income capital certificates.
Approved May 16, 1983
Statutory text
An Act
To amend the Federal Deposit Insurance Act to provide for the issuance of income capital certificates.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
That
section
Income capital certificates, issuances.
13(i)(1)(D) of the Federal Deposit Insurance Act (12 U.S.C. 1823(i)(1)(D)) is amended by adding at the end thereof the following: “Issuance of net worth certificates in accordance with this subsection shall not constitute a default under the terms of any debt obligations subordinated to the claims of general creditors which were outstanding when such net worth certificates were issued.”.
The amendment made by subsection (a) shall be deemed to
have taken effect on the date of enactment of the Garn-St Germain Depository Institutions Act of 1982.
Approved May 16, 1983.