Page:United States Statutes at Large Volume 106 Part 5.djvu/346

 106 STAT. 3984 PUBLIC LAW 102-550—OCT. 28, 1992 (A) determines that the continued enforceability of such class of contracts is necessary to achieve the purpose of the conservatorship; and (B) specifically provides for the enforceability of such class of contracts in a regulation or order, issued for the purpose of this subsection, which describes such class. (3) APPLICABILITY.— This subsection and any regulation or order issued under this subsection shall apply only to contracts entered into, modified, extended, or renewed after the effective date of the regulation or order. (e) STAYS. — (1) IN GENERAL. —Not later than 45 days after appointment pursuant to section 1366, 1367, or 1369, or 45 days afi«r receipt of actual notice of an action or proceeding that is pending at the time of appointment, a conservator may request that any judicial action or proceeding to which the conservator or the enterprise is or may become a party be stayed for a period not exceeding 45 days after the request. Upon petition, the court shall grant such stay as to all parties. (2) FEDERAL AGENCY AS CONSERVATOR.—In any case in which the conservator appointed for an enterprise is a Federal agency or an officer or employee of the Federal Government, the conservator may make a request for a stay under paragraph (1) only with the prior consent of the Attorney General and subject to the direction and control of the Attorney General. (f) PAYMENT OF CREDITORS.— The Director may require a conservator to set aside and make available for payment to creditors any amounts that the Director determines may safely be used for such purpose. All creditors who are similarly situated shall be treated in a similar manner. (g) COMPENSATION OF CONSERVATOR AND EMPLOYEES. — A conservator and professional employees (other than Federal employees) appointed to represent or assist the conservator may be compensated for activities conducted as conservator. Compensation may not be provided in amounts greater than the compensation paid to employees of the Federal Government for similar services, except that the Director may provide for compensation at higher rates (but not in excess of rates prevailing in the private sector), if the Director determines that compensation at higher rates is necessary in order to recruit and retain competent personnel. (h) EXPENSES.—All expenses of a conservatorship pursuant to this section (including compensation pursuant to subsection (f)) shall be paid by the enterprise under conservatorship and shall be secured by a lien on the enterprise, which shall have priority over any other lien. (i) CONFLICTS OF INTEREST AND FINANCIAL DISCLOSURE.— A conservator shall be subject to any laws and regulations relating to conflicts of interest and financial disclosure that apply to employ- 12 USC 4621. SEC. 1369B. LIABILITY PROTECTION FOR CONSERVATORS. (a) FEDERAL AGENCIES AND EMPLOYEES. —In any case in which a conservator appointed under this subtitle is a Federal agency or an officer or employee of the Federal Government, the provisions of chapters 161 and 171 of title 28, United States Code, shall apply with respect to the liability of the conservator for acts or
 * ees of the Office.

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