Page:United States Statutes at Large Volume 124.djvu/1471

 124 STAT. 1445 PUBLIC LAW 111–203—JULY 21, 2010 the board of directors (or body performing similar func- tions) of the covered financial company does not acquiesce or consent to the appointment of the Corpora- tion as receiver, the Secretary shall petition the United States District Court for the District of Columbia for an order authorizing the Secretary to appoint the Cor- poration as receiver. (ii) FORM AND CONTENT OF ORDER.—The Secretary shall present all relevant findings and the rec- ommendation made pursuant to section 203(a) to the Court. The petition shall be filed under seal. (iii) DETERMINATION.—On a strictly confidential basis, and without any prior public disclosure, the Court, after notice to the covered financial company and a hearing in which the covered financial company may oppose the petition, shall determine whether the determination of the Secretary that the covered finan- cial company is in default or in danger of default and satisfies the definition of a financial company under section 201(a)(11) is arbitrary and capricious. (iv) ISSUANCE OF ORDER.—If the Court determines that the determination of the Secretary that the cov- ered financial company is in default or in danger of default and satisfies the definition of a financial com- pany under section 201(a)(11)— (I) is not arbitrary and capricious, the Court shall issue an order immediately authorizing the Secretary to appoint the Corporation as receiver of the covered financial company; or (II) is arbitrary and capricious, the Court shall immediately provide to the Secretary a written statement of each reason supporting its determina- tion, and afford the Secretary an immediate oppor- tunity to amend and refile the petition under clause (i). (v) PETITION GRANTED BY OPERATION OF LAW.— If the Court does not make a determination within 24 hours of receipt of the petition— (I) the petition shall be granted by operation of law; (II) the Secretary shall appoint the Corpora- tion as receiver; and (III) liquidation under this title shall auto- matically and without further notice or action be commenced and the Corporation may immediately take all actions authorized under this title. (B) EFFECT OF DETERMINATION.—The determination of the Court under subparagraph (A) shall be final, and shall be subject to appeal only in accordance with paragraph (2). The decision shall not be subject to any stay or injunc- tion pending appeal. Upon conclusion of its proceedings under subparagraph (A), the Court shall provide imme- diately for the record a written statement of each reason supporting the decision of the Court, and shall provide copies thereof to the Secretary and the covered financial company. Records.