Page:United States Statutes at Large Volume 124.djvu/1473

 124 STAT. 1447 PUBLIC LAW 111–203—JULY 21, 2010 (1) IN GENERAL.—Not later than 6 months after the date of enactment of this Act, the Court shall establish such rules and procedures as may be necessary to ensure the orderly conduct of proceedings, including rules and procedures to ensure that the 24-hour deadline is met and that the Secretary shall have an ongoing opportunity to amend and refile petitions under subsection (a)(1). (2) PUBLICATION OF RULES.—The rules and procedures established under paragraph (1), and any modifications of such rules and procedures, shall be recorded and shall be transmitted to— (A) the Committee on the Judiciary of the Senate; (B) the Committee on Banking, Housing, and Urban Affairs of the Senate; (C) the Committee on the Judiciary of the House of Representatives; and (D) the Committee on Financial Services of the House of Representatives. (c) PROVISIONS APPLICABLE TO FINANCIAL COMPANIES.— (1) BANKRUPTCY CODE.—Except as provided in this sub- section, the provisions of the Bankruptcy Code and rules issued thereunder or otherwise applicable insolvency law, and not the provisions of this title, shall apply to financial companies that are not covered financial companies for which the Corpora- tion has been appointed as receiver. (2) THIS TITLE.—The provisions of this title shall exclusively apply to and govern all matters relating to covered financial companies for which the Corporation is appointed as receiver, and no provisions of the Bankruptcy Code or the rules issued thereunder shall apply in such cases, except as expressly pro- vided in this title. (d) TIME LIMIT ON RECEIVERSHIP AUTHORITY.— (1) BASELINE PERIOD.—Any appointment of the Corporation as receiver under this section shall terminate at the end of the 3-year period beginning on the date on which such appoint- ment is made. (2) EXTENSION OF TIME LIMIT.—The time limit established in paragraph (1) may be extended by the Corporation for up to 1 additional year, if the Chairperson of the Corporation determines and certifies in writing to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representa- tives that continuation of the receivership is necessary— (A) to— (i) maximize the net present value return from the sale or other disposition of the assets of the covered financial company; or (ii) minimize the amount of loss realized upon the sale or other disposition of the assets of the covered financial company; and (B) to protect the stability of the financial system of the United States. (3) SECOND EXTENSION OF TIME LIMIT.— (A) IN GENERAL.—The time limit under this subsection, as extended under paragraph (2), may be extended for Certification. Deadline.