Sec. 2811. RENEWALS, EXTENSIONS, AND SUCCEEDING LEASES FOR FINANCIAL INSTITUTIONS OPERATING ON MILITARY INSTALLATIONS

187 words·~1 min read·/statute-compilations/comps-11977/sec-2811

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

## SEC. 2811 RENEWALS, EXTENSIONS, AND SUCCEEDING LEASES FOR FINANCIAL INSTITUTIONS OPERATING ON MILITARY INSTALLATIONS Section 2667(h) of title 10, United States Code, is amended by adding at the end the following new paragraph: > > #### “(4) > > > #####

(A)> > Paragraph

(1)does not apply to a renewal, extension, or succeeding lease by the Secretary concerned with a financial institution selected in accordance with the Department of Defense Financial Management Regulation providing for the selection of financial institutions to operate on military installations if each of the following applies: > > > ###### “(i) > > The on-base financial institution was selected before the date of the enactment of this paragraph or competitive procedures are used for the selection of any new financial institutions. > > > ###### “(ii) > > A current and binding operating agreement is in place between the installation commander and the selected on-base financial institution. > > > ##### “(B) > > The renewal, extension, or succeeding lease shall terminate upon the termination of the operating agreement described in subparagraph (A)(ii) associated with that lease.” > .