Page:United States Statutes at Large Volume 103 Part 1.djvu/321

 PUBLIC LAW 101-73—AUG. 9, 1989 103 STAT. 293 "(ii) FDIC OR RTC AS CONSERVATOR OR RECEIVER.— Except as provided in section 21A of the Federal Home Loan Bank Act, the Director, at the Director's discre- tion, may appoint the Federal Deposit Insurance Corporation or the Resolution Trust Corporation, as appropriate, as conservator for a savings association. The Director shall appoint only the Federal Deposit Insurance Corporation or the Resolution Trust Cor- poration, as appropriate, as receiver for a savings association for the purpose of liquidation or winding up the affairs of such savings association. The conservator or receiver so appointed shall, as such, have power to buy at its own sale. The Federal Deposit Insurance Corporation, as such conservator or receiver, shall have all the powers of a conservator or receiver, as appro- priate, granted under the Federal Deposit Insurance Act, and (when not inconsistent therewith) any other rights, powers, and privileges possessed by conservators or receivers, as appropriate, of savings associations under this Act and any other provisions of law. "(I) DISCLOSURE REQUIREMENT FOR THOSE ACTING ON BEHALF OF CONSERVATOR. — A conscrvator shall require that any independent contractor, consultant, or counsel em- ployed by the conservator in connection with the conservatorship of a savings association pursuant to this section shall fully disclose to all parties with which such contractor, consultant, or counsel is negotiating, any limita- tion on the authority of such contractor, consultant, or ^ counsel to make legally binding representations on behalf of the conservator. " (8) REGULATIONS. — "(A) IN GENERAL.—The Director may prescribe regula- tions for the reorganization, consolidation, liquidation, and dissolution of savings associations, for the merger of in- sured savings associations with insured savings associa- tions, for savings associations in conservatorship and receivership, and for the conduct of conservatorships and receiverships. The Director may, by regulation or other- wise, provide for the exercise of functions by members, stockholders, directors, or officers of a savings association during conservatorship and receivership. "(B) FDIC OR RTC AS CONSERVATOR OR RECEIVER.— In any case where the Federal Deposit Insurance Corporation or the Resolution Trust Corporation is the conservator or receiver, any regulations prescribed by the Director shall be consistent with any regulations prescribed by the Federal Deposit Insurance Corporation pursuant to the Federal Deposit Insurance Act. "(4) REFUSAL TO COMPLY WITH DEMAND.—Whenever a Lawenforce- conservator or receiver appointed by the Director demands ment and crime, possession of the property, business, and assets of any savings association, or of any part thereof, the refusal by any director, officer, employee, or agent of such association to comply with the demand shall be punishable by a fine of not more than i $5,000 or imprisonment for not more than one year, or both. "(5) DEFINITIONS.—As used in this subsection, the term 'sav- ings association' includes any savings association or former 29-194 O—91—Part 1 11: QL 3

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