Page:United States Statutes at Large Volume 103 Part 1.djvu/418

 103 STAT. 390 ( PUBLIC LAW 101-73 —AUG. 9, 1989 out of the actions of the Corporation with respect to an institu- tion for which a conservator or a receiver has been appointed, the United States district court for the district where the ,*i. ^^, institution's principal business is located. The removal of any action, suit, or proceeding shall be instituted— i "(A) not later than 90 days after the date the Corporation is substituted as a party, or "(B) not later than 30 days after the date suit is filed against the Corporation, if such suit is filed after the date of enactment of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989. The Corporation may appeal any order of remand entered by a United States district court, "(m) INTERVENTION BY OVERSIGHT BOARD IN EXTRAORDINARY CIR- CUMSTANCES. — "(1) IN GENERAL.— Notwithstanding any other provision of law, the Oversight Board has the ultimate authority to super- vise the Corporation and is ultimately accountable for the administration of the Corporation. The Oversight Board is au- thorized to remove the Federal Deposit Insurance Corporation (or any replacement) from its position as exclusive manager of the Corporation and from all of its responsibilities and authori- ties to act for the Corporation, in any case where the Oversight Board determines that any of the following extraordinary events has occurred: "(A) There has been a material failure of the Corporation to adhere to the strategic plan developed pursuant to subsection (a)(14). "(B) There has been a material failure of the (Corporation to meet its financial goals, including over-commitment of financial resources. "(C) There is evidence of fraud, abuse, gross mismanage- ment in the Corporation's programs or activities, or willful violation of this Act or the (Dorporation's policies or proce- ] dures. "(D) There is a continuing failure to obtain consideration at least nearly equivalent to the market value of the assets sold or otherwise transferred by the (Corporation. / "(2) PROCEDURE.—Any decisions made or action taken by the Oversight Board under paragraph (1) shall be made or taken at an open meeting of the Oversight Board and the Oversight Board shall document its reasons for such actions or decisions. "(3) NOTIFICATION TO CONGRESS.— Within 30 days of the meet- ing of the Oversight Board described in paragraph (2) and not . ft later than 90 days before the removal of the Federal Deposit Insurance Corporation pursueint to paragraph (1), the Oversight Board shall notify Congress of any decision made or action taken pursuant to such paragraph and provide written docu- mentation of its decision, including any supporting documenta- tion relied on by the Oversight Board. "(n) OPERATION OF CORPORATION AFTER EXERCISE OF POWERS UNDER SUBSECTION (m). — If the Oversight Board exercises authority under subsection (m), the Oversight Board shall— "(1) develop an operations and management plan for the (Corporation, including a detailed description of the employment and retention procedures for the (Corporation and the classifica- tion standards for employment positions for the (Corporation

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