Page:United States Statutes at Large Volume 122.djvu/2761

 12 2 STA T . 2 738PUBLIC LA W 11 0– 28 9—J UL Y 30, 2008 ‘ ‘ (F)ORGANIZ A T I O NO F N EW ENTER P RI S E .—TheAg e ncyma y , a sr ece iv er fo ranen t er p rise, organi z eas u ccessor enterprise that w i l l operate pursuant to su b section (i). ‘‘( G ) TRANSFER OR SA L E OF ASSETS AN D LIA B ILITIES.— The Agency may, as conservator or receiver, transfer or sell any asset or liability of the regulate d entity in default, and may do so without any approval, assignment, or con - sent with respect to such transfer or sale. ‘‘( H ) P A YM ENT OF V ALID OBLIGATIONS.—The Agency, as conservator or receiver, shall, to the e x tent of proceeds realized from the performance of contracts or sale of the assets of a regulated entity, pay all valid obligations of the regulated entity that are due and payable at the time of the appointment of the Agency as conservator or receiver, in accordance with the prescriptions and limitations of this section. ‘‘( I ) SU BPOENA AUT H ORITY.— ‘‘(i) IN GENERAL.— ‘‘(I) AGEN C Y AUTHORITY.—The Agency may, as conservator or receiver, and for purposes of car- rying out any power, authority, or duty with respect to a regulated entity (including deter- mining any claim against the regulated entity and determining and realizing upon any asset of any person in the course of collecting money due the regulated entity), exercise any power established under section 1348 . ‘‘(II) APPLICABILITY OF LAW.—The provisions of section 1348 shall apply with respect to the exercise of any power under this subparagraph, in the same manner as such provisions apply under that section. ‘‘(ii) SUBPOENA.—A subpoena or subpoena duces tecum may be issued under clause (i) only by, or with the written approval of, the D irector, or the designee of the Director. ‘‘(iii) R ULE OF CONSTRUCTION.—This subsection shall not be construed to limit any rights that the Agency, in any capacity, might otherwise have under section 131 7 or 137 9B . ‘‘( J ) INCIDENTAL POWERS.—The Agency may, as conser- vator or receiver— ‘‘(i) exercise all powers and authorities specifically granted to conservators or receivers, respectively, under this section, and such incidental powers as shall be necessary to carry out such powers and ‘‘(ii) ta k e any action authorized by this section, which the Agency determines is in the best interests of the regulated entity or the Agency. ‘‘( K ) OTHER PROVISIONS.— ‘‘(i) SHAREHOLDERS AND CREDITORS OF FAILED REGULATED ENTITY.— N otwithstanding any other provi- sion of law, the appointment of the Agency as receiver for a regulated entity pursuant to paragraph ( 2 )or (4) of subsection (a) and its succession, by operation of law, to the rights, titles, powers, and privileges described in subsection (b)(2)(A) shall terminate all

�