Page:United States Statutes at Large Volume 103 Part 1.djvu/251

 PUBLIC LAW 101-73—AUG. 9, 1989 103 STAT. 223 State in the exercise of the Corporation's rights, powers, and privileges. " (D) DEPOSITORY INSTITUTION IN CONSERVATORSHIP SUB- JECT TO BANKING AGENCY SUPERVISION. — Notwithstanding subparagraph (C), any Federal depository institution for which the Corporation has been appointed conservator shall remain subject to the supervision of the appropriate Federal banking agency. "(3) INSURED STATE DEPOSITORY INSTITUTIONS— "(A) APPOINTMENT BY APPROPRIATE STATE SUPERVISOR. — Whenever the authority having supervision of any insured . State depository institution (other than a District deposi- tory institution) appoints a conservator or receiver for such institution and tenders appointment to the Corporation, the Corporation may accept such appointment. "(B) ADDITIONAL POWERS. — In addition to the powers con- / ferred and the duties related to the exercise of such powers imposed by State law on any conservator or receiver ap- pointed under the law of such State for an insured State depository institution, the Corporation, as conservator or receiver pursuant to an appointment described in subpara- graph (A), shall have the powers conferred and the duties imposed by this section on the Corporation as conservator or receiver. "(C) CORPORATION NOT SUBJECT TO ANY OTHER AGENCY. — When acting as conservator or receiver pursuant to an appointment described in subparagraph (A), the (Corpora- tion shall not be subject to the direction or supervision of any other agency or department of the United States or any State in the exercise of its rights, powers, and privileges. "(D) DEPOSITORY INSTITUTION IN CONSERVATORSHIP SUB- JECT TO BANKING AGENCY SUPERVISION. —Notwithstanding subparagraph (C), any insured State depository institution for which the Corporation heis been appointed conservator shall remain subject to the supervision of the appropriate State bank or savings association supervisor. "(4) APPOINTMENT OF CORPORATION BY THE CORPORATION.— Except as otherwise provided in section 21A of the Federal Home Loan Bank Act and notwithstanding any other provision of Federal law, the law of any State, or the constitution of any State, the Corporation may appoint itself as sole conservator or receiver of any insured State depository institution if— "(A) the (Corporation determines— "(pthat— "(I) a conservator, receiver, or other legal custo- dian has been appointed for such institution; "(II) such institution has been subject to the appointment of any such conservator, receiver, or custodian for a period of at least 15 consecutive days; and '(III) 1 or more of the depositors in such institu- tion is unable to withdraw any amount of any — insured deposit; or "(ii) that such institution has been closed by or under the laws of any State; and "(B) the Corporation determines that 1 or more of the grounds specified in paragraph (5)—

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