Page:United States Statutes at Large Volume 106 Part 5.djvu/343

 PUBLIC LAW 102-550—OCT. 28, 1992 106 STAT. 3981 Director any information relevant to the action that the enterprise considers appropriate for consideration by the Director in determining whether to take such action. The Director may, at the discretion of the Director, hold an informal administrative hearing to receive and discuss such information and the proposed determination. (2) EXTENDED PERIOD.—The Director may extend the period under paragraph (1) for good cause for not more than 30 additional days. (3) SHORTENED PERIOD.— The Director may shorten the period under paragraph (1) if the Director determines that the condition of the enterprise so requires or the enterprise consents. (4) FAILURE TO RESPOND.— The failure of an enterprise to provide information during the response period under this subsection (as extended or shortened) shall waive any right of the enterprise to comment on the proposed action of the Director. (d) CONSIDERATION OP INFORMATION AND DETERMINATION.— After the expiration of the response period under subsection (c) or upon receipt of information provided during such period by the enterprise, whichever occurs earlier, the Director shall determine whether to take the action proposed, taking into consideration any relevant information submitted by the enterprise during the response period. The Director shall provide written notice of a determination to take action and the reasons for such determination to the enterprise, the Committee on Banking, Finance and Urban Affairs of the House of Representatives, and the Committee on Bcmking, Housing, and Urban Affairs of the Senate. Such notice shall respond to any information submitted during the response period. (e) EFFECTIVE DATE OF ACTIONS.— An action referred to in subsection (b) shall take effect upon receipt by the enterprise of notice of the determination of the Director under subsection (d), unless otherwise provided in such notice. SEC. 1368. APPOINTMENT OF CONSERVATORS. 12 USC 4619. (a) APPOINTMENT.— (1) DISCRETIONARY AUTHORITY. —The Director may, after providing notice under paragraph (3), appKDint a conservator for an enterprise upon a determination in writing— (A) that alternative remedies available to the Director under this title are not satisfactory; and (B) that— (i) the enterprise is not likely to pay its obligations in the normal course of business; (ii) the enterprise has incurred or is reasonably likely to incui* losses that would deplete substantially all of its core capital and it is unlikely that the enterprise will replenish its core capital within a reasonable period; (iii) the enterprise has concealed or is concealing books, papers, records, or assets of the enterprise that are material to the discharge of the Directors responsibilities under this subtitle, or has refused or is refusing to submit such books, papers, records, or

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