Section 13Sec./Art. 13

Section 22 of the same Act is hereby further amended to read as follows:

"CORPORATE FUNDS AND ASSETS

"Section 22. (a) x x x

"x x x

"FINANCIAL ASSISTANCE

"(e) The Corporation is authorized to make loans to, or purchase the assets of, or assume liabilities of, or make deposits in:

"(1) A bank in danger of closing, upon its acquisition by a qualified investor; or

"(2) A qualified investor, upon its purchase of all assets and assumption of all liabilities of a bank in danger of closing; or

"(3) A surviving or consolidated institution that has merged or consolidated with a bank in danger of closing; upon such terms and conditions as the Board of Directors may prescribe, when in the opinion of the Board of Directors, such acquisition, purchase of assets, assumption of liabilities, merger or consolidation, is essential to provide adequate banking service in the community or maintain financial stability in the economy.

"The Corporation may, taking into consideration the peculiar characteristics of Islamic banks, formulate rules and regulations for the extension of financial assistance under this section.

"The Corporation, prior to the exercise of the powers under this section, shall determine that actual payoff and liquidation thereof will be more expensive than the exercise of this power: Provided, That when the Monetary Board has determined that there are systemic consequences of a probable failure or closure of an insured bank, the Corporation may grant financial assistance to such insured bank in such amount as may be necessary to prevent its failure or closure and/or restore the insured bank to viable operations, under such terms and condition as may be deemed necessary by the Board of Directors, subject to the concurrence by the Monetary Board and without additional cost to the DIF at the time of granting the financial assistance.

"x x x."