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§ 1441a-3. —  RTC and FDIC properties.



[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
  January 24, 2002 and December 19, 2002]
[CITE: 12USC1441a-3]

 
                       TITLE 12--BANKS AND BANKING
 
                   CHAPTER 11--FEDERAL HOME LOAN BANKS
 
Sec. 1441a-3. RTC and FDIC properties


(a) Reports

                           (1) Submission

        The Resolution Trust Corporation and the Federal Deposit 
    Insurance Corporation shall each submit to the Congress for each 
    year a report identifying and describing any property that is 
    covered property of the corporation concerned as of September 30 of 
    such year. The report shall be submitted on or before March 30 of 
    the following year.

                          (2) Consultation

        In preparing the reports required under this subsection, each 
    corporation concerned may consult with the Secretary of the Interior 
    for purposes of identifying the properties described in paragraph 
    (1).

(b) Limitation on transfer

                             (1) Notice

        The Resolution Trust Corporation and the Federal Deposit 
    Insurance Corporation may not sell or otherwise transfer any covered 
    property unless the corporation concerned causes to be published in 
    the Federal Register a notice of the availability of the property 
    for purchase or other transfer that identifies the property and 
    describes the location, characteristics, and size of the property.

                 (2) Expression of serious interest

        During the 90-day period beginning on the date that notice under 
    paragraph (1) concerning a covered property is first published, any 
    governmental agency or qualified organization may submit to the 
    corporation concerned a written notice of serious interest for the 
    purchase or other transfer of a particular covered property for 
    which notice has been published. The notice of serious interest 
    shall be in such form and include such information as the 
    corporation concerned may prescribe.

                     (3) Prohibition of transfer

        During the period under paragraph (2), a corporation concerned 
    may not sell or otherwise transfer any covered property for which 
    notice has been published under paragraph (1). Upon the expiration 
    of such period, the corporation concerned may sell or otherwise 
    transfer any covered property for which notice under paragraph (1) 
    has been published if a notice of serious interest under paragraph 
    (2) concerning the property has not been timely submitted.

                  (4) Offers and permitted transfer

        If a notice of serious interest in a covered property is timely 
    submitted pursuant to paragraph (2), the corporation concerned may 
    not sell or otherwise transfer such covered property during the 90-
    day period beginning upon the expiration of the period under 
    paragraph (2) except to a governmental agency or qualified 
    organization for use primarily for wildlife refuge, sanctuary, open 
    space, recreational, historical, cultural, or natural resource 
    conservation purposes, unless all notices of serious interest under 
    paragraph (2) have been withdrawn.

(c) Definitions

    For purposes of this section:

                      (1) Corporation concerned

        The term ``corporation concerned'' means--
            (A) the Federal Deposit Insurance Corporation, with respect 
        to matters relating to the Federal Deposit Insurance 
        Corporation; and
            (B) the Resolution Trust Corporation, with respect to 
        matters relating to the Resolution Trust Corporation.

                        (2) Covered property

        The term ``covered property'' means any property--
            (A) to which--
                (i) the Resolution Trust Corporation has acquired title 
            in its corporate or receivership capacity; or
                (ii) the Federal Deposit Insurance Corporation has 
            acquired title in its corporate capacity or which was 
            acquired by the former Federal Savings and Loan Insurance 
            Corporation in its corporate capacity; and

            (B) that--
                (i) is located within the John H. Chafee Coastal Barrier 
            Resources System; or
                (ii) is undeveloped, greater than 50 acres in size, and 
            adjacent to or contiguous with any lands managed by a 
            governmental agency primarily for wildlife refuge, 
            sanctuary, open space, recreational, historical, cultural, 
            or natural resource conservation purposes.

                       (3) Governmental agency

        The term ``governmental agency'' means any agency or entity of 
    the Federal Government or a State or local government.

                           (4) Undeveloped

        The term ``undeveloped'' means--
            (A) containing few manmade structures and having geomorphic 
        and ecological processes that are not significantly impeded by 
        any such structures or human activity; and
            (B) having natural, cultural, recreational, or scientific 
        value of special significance.

(Pub. L. 101-591, Sec. 10, Nov. 16, 1990, 104 Stat. 2939; Pub. L. 106-
167, Sec. 3(c)(5), Dec. 9, 1999, 113 Stat. 1804.)

                          Codification

    Section was enacted as part of the Coastal Barrier Improvement Act 
of 1990, and not as part of the Federal Home Loan Bank Act which 
comprises this chapter.


                               Amendments

    1999--Subsec. (c)(2)(B)(i). Pub. L. 106-167 substituted ``John H. 
Chafee Coastal Barrier Resources System'' for ``Coastal Barrier 
Resources System''.


                  Termination of Reporting Requirements

    For termination, effective May 15, 2000, of provisions in subsec. 
(a)(1) of this section requiring submittal of an annual report to 
Congress, see section 3003 of Pub. L. 104-66, as amended, set out as a 
note under section 1113 of Title 31, Money and Finance, and pages 168 
and 190 of House Document No. 103-7.



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