Page:United States Statutes at Large Volume 106 Part 5.djvu/344

 106 STAT. 3982 PUBLIC LAW 102-550—OCT. 28, 1992 information regarding the affairs of the enterprise for inspection to the Director upon request; or (iv) the enterprise has willAilly violated, or is willfully violating, a final cease-ana-desist order under section 1371. (2) CONSENT OF ENTERPRISE. —Notwithstanding paragraph (1), the Director may appoint a conservator for an enterprise if the enterprise, by an afiirmative vote of a m^'ority of the members of its board of directors or by an afi&nnative vote of a majority of its shareholders, consents to such appointment. (3) NOTICE.— Upon making a determination under paragraph (1) of this subsection or under section 1366 or 1367 to appoint a conservator for an enterprise, or upon consent of the enterprise under paragraph (2) to such an appointment, the Director shall provide written notice to the enterprise, the Committee on Banking, Finance and Urban Affairs of the House of Representatives, and the Committee on Banking, Housing, and Urban Affairs of the Senate— (A) that a conservator will be appointed for the enterprise; (B) stating the reasons for the appointment of the conservator; and (C) identifying the person or governmental agency that the Director intends to appoint as conservator. (4) QUALIFICATIONS.—The conservator shall be— (A) the Director or any other governmental agency; or (B) any person that— (i) has no claim against, or financial interest in, the enterprise or other basis for a conflict of interest; and (ii) has the financial and management expertise necessary to direct the operations and affairs of the enterprise, (b) JUDICIAL REVIEW.— (1) TIMING AND JURISDICTION.— Except as provided in paragraph (2), an enterprise for which a conservator is appointed (pursuant to this section or section 1366 or 1367) may bring an action in the United Stotes District Court for the District of Columbia for an order requiring the Director to terminate the appointment of the conservator. The court, upon the merits, shall dismiss such action or shall direct the Director to terminate the appointment of the conservator. Such an action may be commenced only during the 20-day period beginning upon the appointment of the conservator. (2) CONSENSUAL APPOINTMENTS.— Appointment of a conservator pursuant to consent of the enterprise under subsection (a)(2) shall not be subject to judicial review under this subsection. (3) STANDARD OF REVIEW.—A decision of the Director to appoint a conservator may be set aside under this subsection only if the court finds that the decision was arbitrary, capricious, an abuse of discretion, or otherwise not in accordance witii applicable laws. (4) LIMITATION ON JURISDICTION.— Except as otherwise provided in this subsection, no court may take any action regarding

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