Page:United States Statutes at Large Volume 103 Part 1.djvu/473

 PUBLIC LAW 101-73 —AUG. 9, 1989 103 STAT. 445 SEC. 805. CONSERVATOR; POWERS AND DUTIES. Section 206 of the Bank Conservation Act (12 U.S.C. 206) is amended to read as follows: "SEC. 206. CONSERVATOR; POWERS AND DUTIES. "(a) GENERAL POWERS.—A conservator shall have all the powers of -^ the shareholders, directors, and officers of the bank and may oper- ate the bank in its own name unless the Comptroller in the order of appointment limits the conservator's authority. "Qi) SUBJECT TO RULES OF COMPTROLLER.— The conservator shall be subject to such rules, regulations, and orders as the Comptroller from time to time deems appropriate; and, except as otherwise specifically provided in such rules, regulations, or orders or in section 209 of this Act, shall have the same rights and privileges and be subject to the same duties, restrictions, penalties, conditions, and limitations as apply to directors, officers, or employees of a national bank. "(c) PAYMENT OF DEPOSITORS AND CREDITORS. —The Comptroller may require the conservator to set aside and make available for withdrawal by depositors and payment to other creditors such amounts as in the opinion of the Comptroller may safely be used for that purpose. All depositors and creditors who are similarly situated shall be treated in the same manner. "(d) COMPENSATION OF CONSERVATOR AND EMPLOYEES. —The con- servator and professional employees appointed to represent or assist the conservator shall not be paid amounts greater than are payable to employees of the Federal Government for similar services, except that the Comptroller of the Currency may authorize payment at higher rates (but not in excess of rates prevailing in the private sector), if the Comptroller determines that paying such higher rates is necessary in order to recruit and retain competent personnel. "(e) EXPENSES.— Al l expenses of any such conservatorship shall be paid by the bank and shall be a lien upon the bank which shall be prior to any other lien.". .^ SEC. 806. LIABILITY PROTECTION. Section 209 of the Bank Conservation Act (12 U.S.C. 209) is amended to read as follows: "SEC. 209. LIABILITY PROTECTION. "(a) FEDERAL AGENCY AND EMPLOYEES. — In any case in which the conservator is a Federal agency or an employee of the Government, the provisions of chapters 161 and 171 of title 28, United States Code, shall apply with respect to such conservator's liability for acts or omissions performed pursuant to and in the course of the duties and responsibilities of the conservatorship. "(b) OTHER CONSERVATORS. —In any case where the conservator is not a conservator described in subsection (a), the conservator shall not be liable for damaiges in tort or otherwise for acts or omissions performed pursuant to and in the course of the duties and respon- sibilities of the conservatorship, unless such acts or omissions con- stitute gross negligence, including any similar conduct or any form of intentional tortious conduct, as determined by a court. "(c) INDEMNIFICATION.— The Comptroller shall have authority to indemnify the conservator on such terms as the Comptroller deems proper.".

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