Page:United States Statutes at Large Volume 110 Part 1.djvu/193

 PUBLIC LAW 104-105—FEB. 10, 1996 110 STAT. 169 a plan of liquidation approved by, the Farm Credit Administration Board. " (b) INVOLUNTARY LIQUIDATION.— "(1) IN GENERAL. —The Farm Credit Administration Board may appoint a conservator or receiver for the Corporation under the circumstances specified in section 4.12(b). "(2) APPLICATION. —In applying section 4.12(b) to the Corporation under paragraph (1)— "(A) the Corporation shall also be considered insolvent if the Corporation is unable to pay its debts as they fall due in the ordinary course of business; "(B) a conservator may also be appointed for the Corporation if the authority of the Corporation to purchase qualified loans or issue or guarantee loan-backed securities is suspended; and "(C) a receiver may also be appointed for the Corporation if— "(i)(I) the authority of the Corporation to purchase qualified loans or issue or guarantee loan-backed securities is suspended; or "(II) the Corporation is classified under section 8.35 as within level III or IV and the alternative actions available under subtitle B are not satisfactory; and "(ii) the Farm Credit Administration determines that the appointment of a conservator would not be appropriate. " (3) No EFFECT ON SUPERVISORY ACTIONS.— The grounds for appointment of a conservator for the Corporation under this subsection shall be in addition to those in section 8.37. "(c) APPOINTMENT OF CONSERVATOR OR RECEIVER.— " (1) QUALIFICATIONS. —Notwithstanding section 4.12(b), if a conservator or receiver is appointed for the Corporation, the conservator or receiver shall be— "(A) the Farm Credit Administration or any other governmental entity or employee, including the Farm Credit System Insurance Corporation; or "(B) any person that— "(i) has no claim against, or financial interest in, the Corporation or other basis for a conflict of interest as the conservator or receiver; and "(ii) has the financial and management expertise necessary to direct the operations and affairs of the Corporation and, if necessary, to liquidate the Corporation. " (2) COMPENSATION.— "(A) IN GENERAL.— A conservator or receiver for the Corporation and professional personnel (other than a Federal employee) employed to represent or assist the conservator or receiver may be compensated for activities conducted as, or for, a conservator or receiver. "(B) LIMIT ON COMPENSATION.—Compensation may not be provided in amounts greater than the compensation paid to employees of the Federal Government for similar services, except that the Farm Credit Administration may provide for compensation at higher rates that are not in excess of rates prevailing in the private sector if the Farm 29-194O-96 -7:QL3Part1

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