Page:United States Statutes at Large Volume 103 Part 1.djvu/320

 103 STAT. 292 PUBLIC LAW 101-73 —AUG. 9, 1989 Courts, U.S. tion which is likely to cause insolvency or substantial dissipation of assets or earnings, or is likely to weaken the condition of the association or otherwise seriously prejudice the interests of its depositors. "(D) APPROVAL OF STATE OFFICIAL. —(i) The authority con- ferred by subparagraph (C) shall not be exercised without the written approval of the State official having jurisdiction over the insured State savings association that one or more of the grounds specified for such exercise exist. "(ii) If such approval has not been received within 30 days of receipt of notice to the State that the Director has determined such grounds exist, and the Director has re- sponded in writing to the State's written reasons, if any, for withholding approval, then the Director may proceed with- out State approval. " (E) POWER OF APPOINTMENT; JUDICIAL REVIEW. —The Director shall have exclusive power and jurisdiction to appoint a conservator or receiver for a Federal savings association. If, in the opinion of the Director, a ground for the appointment of a conservator or receiver for a savings association exists, the Director is authorized to appoint ex parte and without notice a conservator or receiver for the savings association. In the event of such appointment, the association 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 association is located, or in the United States District Court for the District of Colum- bia, for an order requiring the Director to remove such conservator or receiver, and the court shall upon the merits dismiss such action or direct the Director to remove such conservator or receiver. Upon the commencement of such an action, the court having jurisdiction of any other action or proceeding authorized under this subsection to which the association is a party shall stay such action or proceeding during the pendency of the action for removal of the con- servator or receiver. "(F) REPLACEMENT.—The Director may, without any prior notice, hearing, or other action, replace a conservator with another conservator or with a receiver, but such replace- ment shall not affect any right which the association may have to obtain judicial review of the original appointment, except that any removal under this subparagraph shall be removal of the conservator or receiver in office at the time of such removal. "(G) COURT ACTION.— Except as otherwise provided in this subsection, no court may take any action for or toward the removal of any conservator or receiver or, except at the request of the Director, to restrain or affect the exercise of powers or functions of a conservator or receiver. "(H) POWERS.— "(i) IN GENERAL. — A conservator shall have all the powers of the members, the stockholders, the directors, and the officers of the association and shall be au- thorized to operate the association in its own name or to conserve its assets in the manner and to the extent ' "•' •- authorized by the Director.

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