Page:United States Statutes at Large Volume 122.djvu/2760

 12 2 STA T . 2 73 7 PUBLIC LA W 11 0– 2 89—J UL Y 30, 2008 ‘ ‘ (b)POWERSANDDUTI ESO F T H E AG EN CY AS C ONSER V ATOR OR R ECEIVER .— ‘‘( 1 )RU L E M A K ING AUTHORITY OF THE AGENCY.— The A g e ncyma y pr e s cr i bes u ch regu l a t i o ns as the Agency d etermines to be appropriate regarding the conduct o f conser v atorships or receiverships. ‘‘( 2 ) G ENERAL P OWERS.— ‘‘(A) S UCCESSOR TO REGULATED ENTITY.—The Agency shall , as conservator or receiver, and by operation of la w , immediately succeed to— ‘‘(i) all rights, titles, powers, and privileges of the regulated entity, and of any stoc k holder, officer, or director of such regulated entity with respect to the regulated entity and the assets of the regulated entity and ‘‘(ii) title to the books, records, and assets of any other legal custodian of such regulated entity. ‘‘( B ) O PERATE THE REGULATED ENTITY.—The Agency may, as conservator or receiver— ‘‘(i) take over the assets of and operate the regu - lated entity with all the powers of the shareholders, the directors, and the officers of the regulated entity and conduct all business of the regulated entity; ‘‘(ii) collect all obligations and money due the regu- lated entity; ‘‘(iii) perform all functions of the regulated entity in the name of the regulated entity which are con- sistent with the appointment as conservator or receiver; ‘‘(iv) preserve and conserve the assets and property of the regulated entity; and ‘‘(v) provide by contract for assistance in fulfilling any function, activity, action, or duty of the Agency as conservator or receiver. ‘‘(C) F UNCTIONS OF OFFICERS, DIRECTORS, AND SHARE- HOLDERS OF A REGULATED ENTITY.—The Agency may, by regulation or order, provide for the e x ercise of any function by any stockholder, director, or officer of any regulated entity for which the Agency has been named conservator or receiver. ‘‘(D) POWERS AS CONSERVATOR.—The Agency may, as conservator, take such action as may be— ‘‘(i) necessary to put the regulated entity in a sound and solvent condition; and ‘‘(ii) appropriate to carry on the business of the regulated entity and preserve and conserve the assets and property of the regulated entity. ‘‘( E ) ADDITIONAL POWERS AS RECEIVER.— I n any case in which the Agency is acting as receiver, the Agency shall place the regulated entity in li q uidation and proceed to reali z e upon the assets of the regulated entity in such manner as the Agency deems appropriate, including through the sale of assets, the transfer of assets to a limited-life regulated entity established under subsection (i), or the exercise of any other rights or privileges granted to the Agency under this paragraph. Regulations.

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