Act of Sept. 21, 1950, ch. 967, sec. 4 (as amended)

Sec. 4. [12 U.S.C. 1814] (a) Continuation of Insurance.— (1) Banks.—Each bank, which is an insured depository institution on the effective date of this amendment, shall be and continue to be, without application or approval, an insured depository institution and shall be subject to the provisions of this Act. (2) Savings associations.—Each savings association the accounts of which were insured by the Federal Savings and Loan Insurance Corporation on the day before the date of the enactment of the Financial Institutions Reform, Recovery, and Enforcement Act of 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 5(d) of this Act and section 5(i)(5) of the Home Owners' Loan Act— (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 or Federal 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.