Page:United States Statutes at Large Volume 105 Part 3.djvu/388

 105 STAT. 2272 PUBLIC LAW 102-242—DEC. 19, 1991 "(A) GROUNDS FOR APPOINTING CONSERVATOR OR RECEIVER FOR INSURED SAVINGS ASSOCIATION. —The Director of the Office of Thrift Supervision may appoint a conservator or receiver for any insured savings association if the Director determines, in the Director's discretion, that 1 or more of the grounds specified in section ll(c)(5) of the Federal Deposit Insurance Act exists"; and (2) by redesignating subparagraphs (E) through (I) as subparagraphs (B) through (F), respectively. (e) ADDITIONAL PROVISIONS RELATING TO APPOINTMENT OF CON- SERVATOR OR RECEIVER.— Section ll(c)(9) of the Federal Deposit Insureince Act (12 U.S.C. 1821(c)(9)) is amended to read as follows: "(9) APPROPRIATE FEDERAL BANKING AGENCY MAY APPOINT COR- PORATION AS CONSERVATOR OR RECEIVER FOR INSURED STATE DEPOSITORY INSTITUTION TO CARRY OUT SECTION 38. — "(A) IN GENERAL. —The appropriate Federal banking agency may appoint the Corporation as sole receiver (or, subject to paragraph (11), sole conservator) of any insured State depository institution, after consultation with the appropriate State supervisor, if the appropriate Federal banking agency determines that— "(i) 1 or more of the grounds specified in subparagraphs (K) and (L) of paragraph (5) exist with respect to that institution; and "(ii) the appointment is necessary to carry out the purpose of section 38. "(B) NONDELEGATION.— The appropriate Federal banking agency shall not delegate any action under subparagraph (A). "(10) CORPORATION MAY APPOINT ITSELF AS CONSERVATOR OR RECEIVER FOR INSURED DEPOSITORY INSTITUTION TO PREVENT LOSS TO DEPOSIT INSURANCE FUND.—The Board of Directors may appoint the Corporation as sole conservator or receiver of an insured depository institution, after consultation with the appropriate Federal banking agency and the appropriate State supervisor (if any), if the Board of Directors determines that— "(A) 1 or more of the grounds specified in any subparagraph of paragraph (5) exist with respect to the institution; and "(B) the appointment is necessary to reduce— "(i) the risk that the deposit insurance fund would incur a loss with respect to the insured depository institution, or "(ii) any loss that the deposit insurance fund is expected to incur with respect to that institution. "(11) APPROPRIATE FEDERAL BANKING AGENCY SHALL NOT AP- POINT CONSERVATOR UNDER CERTAIN PROVISIONS WITHOUT GIVING CORPORATION OPPORTUNITY TO APPOINT RECEIVER.—The appropriate Federal banking agency shall not appoint a conservator for an insured depository institution under subparagraph (K) or (L) of paragraph (5) without the Corporation's consent unless the agency has given the Corporation 48 hours notice of the agency's intention to appoint the conservator and the grounds for the appointment. "(12) DIRECTORS NOT LIABLE FOR ACQUIESCING IN APPOINTMENT OF CONSERVATOR OR RECEIVER.—The members of the board of directors of an insured depository institution shall not be liable

�