Page:United States Statutes at Large Volume 103 Part 1.djvu/253

 PUBLIC LAW 101-73 —AUG. 9, 1989 103 STAT. 225 "(ii) after the end of the 3-year period referred to in clause (i), the Corporation shall be appointed. "(7) JUDICIAL REVIEW. — If the Corporation appoints itself as conservator or receiver under paragraph (4), the insured State depository institution may, within 30 days thereafter, bring an action in the United States district court for the judicial district in which the home office of such institution is located, or in the United States District Court for the District of Columbia, for an order requiring the Corporation to remove itself as such con- servator or receiver, and the court shall, upon the merits, dismiss such action or direct the Corporation to remove itself as such conservator or receiver. "(8) REPLACEMENT OF CONSERVATOR OF STATE DEPOSITORY • INSTITUTION. — "(A) IN GENERAL.— In the case of any insured State depository institution for which the Corporation appointed itself as conservator pursuant to paragraph (4), the Cor- poration may, without any requirement of notice, hearing, or other action, replace itself as conservator with itself as receiver of such institution. J- " (B) REPLACEMENT TREATED AS REMOVAL OF INCUMBENT. — The replacement of a conservator with a receiver under, «;* subparagraph (A) shall be treated as the removal of the Corporation as conservator. " (C) RIGHT OF REVIEW OF ORIGINAL APPOINTMENT NOT AFFECTED. —The replacement of a conservator with a re- ceiver under subparagraph (A) shall not affect any right of the insured State depository institution to obtain review, iyj pursuant to paragraph (7), of the original appointment of the conservator. "(9) ADDITIONAL POWERS.— In any case in which the Corpora- tion is appointed conservator or receiver pursuant to paragraph (4)or(6)- "(A) the provisions of this section shall be applicable to the Corporation, as conservator or receiver of any insured State depository institution in the same manner and to the same extent as if such institution were a Federal depository institution for which the Corporation had been appointed conservator or receiver; and "(B) the Corporation as receiver of any insured State depository institution may— "(i) liquidate such institution in an orderly manner; and "(ii) make such other disposition of any matter concerning such institution as the Corporation deter- mines is in the best interests of the institution, the depositors of such institution, and the Corporation. " (d) POWERS AND DUTIES OF CORPORATION AS CONSERVATOR OR RECEIVER. — "(1) RULEMAKING AUTHORITY OF CORPORATION. — The (Corpo- ration may prescribe such regulations as the (Corporation determines to be appropriate regarding the conduct of conservatorships or receiverships. " (2) GENERAL POWERS. — "(A) SUCCESSOR TO INSTITUTION. — The Corporation shall, as conservator or receiver, and by operation of law, succeed to—

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