Page:United States Statutes at Large Volume 103 Part 1.djvu/559

 PUBLIC LAW 101-73—AUG. 9, 1989 103 STAT. 531 "(iv) preserve and conserve the assets and property of such credit union. " (C) FUNCTIONS OF CREDIT UNION'S OFFICERS, DIRECTORS, AND SHAREHOLDERS. —The Board may, by regulation or order, provide for the exercise of any function by any member or stockholder, director, or officer of any credit union for which the Board has been appointed conservator or liquidating agent. "(D) POWERS AS CONSERVATOR.— The Board may, as con- servator, take such action as may be— "(i) necessary to put the credit union in a sound and solvent condition; and "(ii) appropriate to carry on the business of the credit union and preserve and conserve the assets and prop- erty of the credit union. "(E) ADDITIONAL POWERS AS LIQUIDATING AGENT.—The Board may, as liquidating agent, place the credit union in liquidation and proceed to realize upon the assets of the credit union, having due regard to the conditions of credit in the locality. "(F) PAYMENT OF VALID OBLIGATIONS.—The Board, as con- servator or liquidating agent, shall pay all valid obligations of the credit union in accordance with the prescriptions and limitations of this Act. "(G) INCIDENTAL POWERS.—The Board may, as conserva- tor or liquidating agent— "(i) exercise all powers and authorities specifically granted to conservators or liquidating agents, respec- tively, under this Act and such incidental powers as shall be necessary to carry out such powers; and "(ii) take any action authorized by this Act, which the Board determines is in the best interests of the credit union, its account holders, or the Board. " (3) AUTHORITY OF UQUIDATING AGENT TO DETERMINE CLAIMS. — "(A) IN GENERAL.—The Board may, as liquidating agent, determine claims in accordance with the requirements of this subsection and regulations prescribed under para- graph (4). "(B) NOTICE REQUIREMENTS. — The liquidating agent, in any case involving the liquidation or winding up of the affairs of a closed credit union, shall— "(i) promptly publish a notice to the credit union's creditors to present their claims, together with proof, to the liquidating agent by a date specified in the notice which shall be not less than 90 days after the publica- tion of such notice; and "(ii) republish such notice approximately 1 month and 2 months, respectively, after the publication under clause (i). "(C) MAILING REQUIRED. —The liquidating agent shall ~ mail a notice similar to the notice published under subpara- graph (B)(i) at the time of such publication to any creditor shown on the credit union's books— "(i) at the creditor's last address appearing in such books; or

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