Page:United States Statutes at Large Volume 105 Part 3.djvu/381

 PUBLIC LAW 102-242—DEC. 19, 1991 105 STAT. 2265 "(1) IMPLEMENTATION. — "(1) REGULATIONS AND OTHER ACTIONS. —Each appropriate Federal banking agency shall prescribe such regulations (in consultation with the other Federal banking agencies), issue such orders, and take such other actions as are necessary to carry out this section. "(2) WRITTEN DETERMINATION AND CONCURRENCE REQUIRED. — Any determination or concurrence by an appropriate Federal banking agency or the Corporation required under this section shall be written, "(m) OTHER AUTHORITY NOT AFFECTED.—T his section does not limit any authority of an appropriate Federal banking agency, the Corporation, or a State to take action in addition to (but not in derogation of) that required under this section. " (n) ADMINISTRATIVE REVIEW OF DISMISSAL ORDERS. — "(1) TIMELY PETITION REQUIRED. —A director or senior executive officer dismissed pursuant to an order under subsection (f)(2)(F)(ii) may obtain review of that order by filing a written petition for reinstatement with the appropriate Federal banking agency not later than 10 days after receiving notice of the dismissal. "(2) PROCEDURE. — "(A) HEARING REQUIRED. —The agency shall give the petitioner an opportunity to— "(i) submit written materials in support of the petition; and "(ii) appear, personally or through counsel, before 1 or more members of the agency or designated employ- r ees of the agency. "(B) DEADLINE FOR HEARING.—The agency shall— "(i) schedule the hearing referred to in subparagraph (A)(ii) promptly after the petition is filed; and "(ii) hold the hearing not later than 30 days after the petition is filed, unless the petitioner requests that the hearing be held at a later time. "(C) DEADLINE FOR DECISION. —Not later than 60 days after the date of the hearing, the agency shall— "(i) by order, grant or deny the petition; "(ii) if the order is adverse to the petitioner, set forth the basis for the order; and "(iii) notify the petitioner of the order. "(3) STANDARD FOR REVIEW OF DISMISSAL ORDERS. —The petitioner shall bear the burden of proving that the petitioner's continued employment would materially strengthen the insured depository institution's ability— "(A) to become adequately capitalized, to the extent that the order is based on the institution's capital level or failure to submit or implement a capital restoration plan; and "(B) to correct the unsafe or unsound condition or unsafe or unsound practice, to the extent that the order is bgised on subsection (g)(D. "(o) TRANSITION RULES FOR SAVINGS ASSOCIATIONS.— "(1) RTC's ROLE DOES NOT DIMINISH CARE REQUIRED OF OTS.— "(A) IN GENERAL. — In implementing this section, the appropriate Federal banking agency (and, to the extent

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