Page:United States Statutes at Large Volume 103 Part 1.djvu/472

 103 STAT. 444 PUBLIC LAW 101-73 —AUG. 9, 1989 "SEC. 205. TERMINATION OF CONSERVATORSHIP. "(a) GENERAL RULE.— At any time the Comptroller becomes satis- fied that it may safely be done and that it would be in the public interest, the Comptroller (with the agreement of the Board of Directors of the Federal Deposit Insurance Corporation when the Corporation has been appointed conservator) may— "(1) terminate the conservatorship and permit the involved bank to resume the transaction of its business subject to such ' terms, conditions, and limitations as the Comptroller may pre- scribe; or ' "(2) terminate the conservatorship upon a sale, merger, consolidation, purchase and assumption, change in control, or voluntary dissolution and liquidation of the involved bank. "(b) OTHER GROUNDS FOR TERMINATION.—The Comptroller also may terminate the conservatorship upon the appointment of a receiver pursuant to the first section of the Act of June 30, 1876 (12 U.S.C. 191). Courts, U.S. "(c) ENFORCEMENT UNDER FEDERAL DEPOSIT INSURANCE ACT.— Such terms, conditions, and limitations as may be prescribed under subsection (a)(1) shall be enforceable under the provisions of section 8(i) of the Federal Deposit Insurance Act, to the same extent as an order issued pursuant to section 8(b) of the Federal Deposit Insur- ance Act which has become final. The bank may bring an action in the United States district court for the judicial district in which the home office of such bank is located or in the United States District Court for the District of Columbia for an order requiring the ( Comptroller to terminate the order. An action for judicial review of -^ the terms, conditions, and limitations may not be commenced later than 20 days from the date of the termination of the conservatorship or the imposition of the order, whichever is later. Courts, U.S. " (d) ACTION UPON TERMINATION.— "(1) IN GENERAL.— Upon termination of the conservatorship under subsection (a)(2), the Federal Deposit Insurance Corpora- tion, as conservator, or when another person is appointed con- servator, such other person, shall conclude the affairs of the ^ conservatorship in accordance with paragraph (2). "(2) DEPOSIT AND DISTRIBUTION OF PROCEEDS.— (A) Within 180 days of the sale, merger, consolidation, purchase and assumption, change in control, or voluntary dissolution and liquidation, the conservator shall deposit all net proceeds received from the transaction, less any outstanding expenses of the conservatorship, with the United States district court for the judicial district in which the home office of such bank is located and shall cause notice to be published for three consecutive months and notify by mail all known and remaining creditors and shareholders. Within 60 days thereafter, any deposi- tor, creditor, or other claimant of the bank, or any shareholder of the bank may bring an action in interpleader in that court for distribution of the proceeds. The district court shall distribute such funds equitably. If no such action is instituted within one year after the date the funds are deposited with the district court, title to such net proceeds shall revert to the United States and the district court shall remit the funds to the Treasury of the United States. "(B) The conservator shall be deemed to have discharged all responsibility of the conservatorship upon the deposit of the pro- ceeds with the district court and giving the required notifications.".

�