Page:United States Statutes at Large Volume 103 Part 1.djvu/565

 PUBLIC LAW 101-73 —AUG. 9, 1989 103 STAT. 537 any action brought by the Board as conservator or liquidat- ing agent shall be— "(i) in the case of any contract claim, the longer of— "(I) the 6-year period beginning on the date the claim accrues; or "(11) the period applicable under State law; and "(ii) in the case of any tort claim, the longer of— "(I) the 3-year period beginning on the date the claim accrues; or "(II) the period applicable under State law. "(B) DETERMINATION OF THE DATE ON WHICH A CLAIM ACCRUES.— For purposes of subparagraph (A), the date on which the statute of limitation begins to run on any claim described in such subparagraph shall be the later of— "(i) the date of the appointment of the Board as conservator or liquidating agent; or "(ii) the date on which the cause of action accrues. "(15) ACCOUNTING AND RECORDKEEPING REQUIREMENTS.— "(A) IN GENERAL.—The Board as conservator or liquidat- ing agent shall, consistent with the accounting and report- ing practices and procedures established by the Board, maintain a full accounting of each conservatorship and liquidation or other disposition of credit unions in default. "(B) ANNUAL ACCOUNTING OR REPORT.— With respect to each conservatorship or liquidation to which the Board was appointed, the Board shall make an annual accounting or report, as appropriate, available to the Comptroller General of the United States or, in the case of a State-chartered credit union, the authority which appointed the Board as conservator or liquidating agent. "(C) AVAILABILITY OF REPORTS. —Any report prepared pursuant to subparagraph (B) shall be made available by the Board upon request to any shareholder of the credit union for which the Board was appointed conservator or liquidating agent or any other member of the public. " (D) RECORDKEEPING REQUIREMENT. —After the end of the 6-year period beginning on the date the Board is appointed as liquidating agent of an insured credit union, the Board may destroy any records of such credit union which the Board, in the Board's discretion, determines to be unneces- sary unless directed not to do so by a court of competent jurisdiction or governmental agency, or prohibited by law. "(c) PROVISIONS RELATING TO CONTRACTS ENTERED INTO BEFORE APPOINTMENT OF CONSERVATOR OR LIQUIDATING AGENT.— "(1) AUTHORITY TO REPUDIATE CONTRACTS.— In addition to any other rights a conservator or liquidating agent may have, the conservator or liquidating agent for any insured credit union may disaffirm or repudiate any contract or lease— "(A) to which such credit union is a party; "(B) the performance of which the conservator or liq- uidating agent, in the conservator's or liquidating agent's discretion, determines to be burdensome; and "(C) the disaffirmance or repudiation of which the con- servator or liquidating agent determines, in the conserva- tor's or liquidating agent's discretion, will promote the orderly administration of the credit union's affairs.

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