Page:United States Statutes at Large Volume 124.djvu/1486

 124 STAT. 1460 PUBLIC LAW 111–203—JULY 21, 2010 continue with the same validity as if an orderly liquidation had not been commenced. SEC. 209. RULEMAKING; NON-CONFLICTING LAW. The Corporation shall, in consultation with the Council, pre- scribe such rules or regulations as the Corporation considers nec- essary or appropriate to implement this title, including rules and regulations with respect to the rights, interests, and priorities of creditors, counterparties, security entitlement holders, or other per- sons with respect to any covered financial company or any assets or other property of or held by such covered financial company, and address the potential for conflicts of interest between or among individual receiverships established under this title or under the Federal Deposit Insurance Act. To the extent possible, the Corpora- tion shall seek to harmonize applicable rules and regulations promulgated under this section with the insolvency laws that would otherwise apply to a covered financial company. SEC. 210. POWERS AND DUTIES OF THE CORPORATION. (a) POWERS AND AUTHORITIES.— (1) GENERAL POWERS.— (A) SUCCESSOR TO COVERED FINANCIAL COMPANY.—The Corporation shall, upon appointment as receiver for a cov- ered financial company under this title, succeed to— (i) all rights, titles, powers, and privileges of the covered financial company and its assets, and of any stockholder, member, officer, or director of such com- pany; and (ii) title to the books, records, and assets of any previous receiver or other legal custodian of such cov- ered financial company. (B) OPERATION OF THE COVERED FINANCIAL COMPANY DURING THE PERIOD OF ORDERLY LIQUIDATION.—The Cor- poration, as receiver for a covered financial company, may— (i) take over the assets of and operate the covered financial company with all of the powers of the mem- bers or shareholders, the directors, and the officers of the covered financial company, and conduct all busi- ness of the covered financial company; (ii) collect all obligations and money owed to the covered financial company; (iii) perform all functions of the covered financial company, in the name of the covered financial com- pany; (iv) manage the assets and property of the covered financial company, consistent with maximization of the value of the assets in the context of the orderly liquida- tion; and (v) provide by contract for assistance in fulfilling any function, activity, action, or duty of the Corporation as receiver. (C) FUNCTIONS OF COVERED FINANCIAL COMPANY OFFI- CERS, DIRECTORS, AND SHAREHOLDERS.—The Corporation may provide for the exercise of any function by any member or stockholder, director, or officer of any covered financial company for which the Corporation has been appointed as receiver under this title. 12 USC 5390. 12 USC 5389.