Page:United States Statutes at Large Volume 106 Part 5.djvu/349

 PUBLIC LAW 102-550—OCT. 28, 1992 106 STAT. 3987 under any such title or Act, except that the Director may not enforce compliance with any housing eoal established under subpart B of part 2 of subtitle A of this title, with section 1336 or 1337 of this title, or with subsection (m) or (n) of section 309 of the Federal National Mortgage Association Charter Act or subsection (e) or (f) of section 307 of the Federal Home Loan Mortgage Corporation Act; or (B) any written agreement entered into by the enterprise with the Director. (b) GROUNDS FOR ISSUANCE AGAINST UNDERCAPITALIZED, SIGNIFICANTLY UNDERCAPITAUZED, AND CRITICALLY UNDERCAPITALIZED ENTERPRISES. —The Director may issue and serve a notice of charges under this section upon an enterprise classified (for purposes of subtitle B) as undercapitalized, significantly undercapitalized, or critically undercapitalized, or any executive officer or director of any such enterprise, if in the determination of the Director the enterprise, executive officer, or director is engaging or has engaged, or the Director has reasonable cause to believe that the enterprise, executive officer, or director is about to engage, in— (1) any conduct likely to result in a material depletion of the core capital of the enterprise, or (2) any conduct or violation described in paragraph (2) or (3) of subsection (a), except that the Director may not enforce compliance with any housing goal established under subpart B of part 2 of subtitle A of this title, with section 1336 or 1337 of this title, or with subsection (m) or (n) of section 309 of the Federal National Mortgage Association Charter Act or subsection (e) or (1) of section 307 of the Federal Home Loan Mortgage Corporation Act. (c) PROCEDURE. — (1) NOTICE OF CHARGES.—Each notice of charges under this section shall contain a statement of the facts constituting the alleged conduct or violation and shall fix a time and place at which a hearing will be held to determine on the record whether an order to cease and desist from such conduct or violation should issue. (2) ISSUANCE OF ORDER. —I f the Director finds on the record made at such hearing that any conduct or violation specified in the notice of charges has been established (or the enterprise consents pursuant to section 1373(a)(4)), the Director may issue and serve upon the enterprise, executive officer, or curector an order requiring such party to cease and desist from any such conduct or violation and to take affirmative action to correct or remedy the (X>ndition8 resulting from any such conduct or violation. (d) AFFIRMATIVE ACTION TO CORRECT CONDITIONS RESULTING FROM VIOLATIONS OR ACTIVITIES.—The authority under this section and section 1372 to issue any order requiring an enterprise, executive officer, or director to take affirmative action to correct or remedy any condition resulting from any conduct or violation with respect to which such order is issued includes the authority— (1) to require an executive officer or a director to make restitution to, or provide reimbursement, indemnification, or guarantee against loss to the enterprise to the extent that such person—

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