Acquisitions of insured financial institutions will be more attractive to investors under a new policy statement issued by the Federal Home Loan Bank Board that gives potential acquirers a choice of capital maintenance agreement options.

Acquirers of insured institutions will now have the option of agreeing to a limited net worth - a sort of "prenuptial" agreement. The policy also provides greater protection of the Federal Savings and Loan Insurance Corp. (FSLIC) fund."Qualified investors may have been wary in the past of the potentially adverse effects that could be caused by open-ended net worth maintenance agreements," said Bank Board Chairman M. Danny Wall.

"The new policy will ease those concerns while providing a clear incentive to prudent management of the institution and protection to the FSLIC."

Under the net worth maintenance option, an acquirer's specific financial obligation to infuse addition capital would be capped at a given dollar amount.

The net worth option would be available only to acquirers that have sufficient resources to satisfy the agreement.

Wall said prenuptial agreements between the Bank Board and the acquirer would allow the FSLIC to take a variety of immediate corrective actions - such as voting of stock by the FSLIC, removal of management, or the sale of stock - if the capital level of the acquired institution falls below a pre-determined percentage of liabilities or assets.