Page:United States Statutes at Large Volume 84 Part 1.djvu/1069

 84 STAT. ]

PUBLIC LAW 91-468-OCT. 19, 1970

1011

the net amounts available for distribution to them. The Administrator ^^^^^'^^'^^ ^^^" as such liquidating agent, however, may, in his discretion, pay dividends on proved claims at any time after thie expiration of the period of advertisement made pursuant to the first sentence of this paragraph, and no liability shall attach to the Administrator himself for as such liquidating agent by reason of any such payment for failure to pay dividends to a claimant whose claim is not proved at the time of any such payment. "(3) Notwithstanding any other provision of law, the Administrator as liquidating agent of a closed Federal credit union insured under this title shall not be required to furnish bond and shall have the right to appoint an agent or agents to assist him in his duties as such liquidating agent. All fees, compensation, and expenses of liqui- ^^^^* dation and admmistration thereof shall be fixed by the Administrator and may be paid by him out of funds coming into his possession as such liquidating agent. " (b) Whenever any insured State-chartered credit union shall have been closed by action of its board of directors or by the commission, board, or authority having supervision of such credit union, as the case may be, or by a court of competent jurisdiction, on account of bankruptcy or insolvency, the Administrator shall accept appointment as liquidating agent therefor, if such appointment is tendered by the comjnission, board, or authority having supervision of such credit union, or by a court of competent jurisdiction, and is authorized or permitted by State law. With respect to any such State-chartered credit union, the Administrator as such liquidating agent shall possess all the rights, powers, and privileges granted by State law to a liquidating agent of a State-chartered credit union. For the purposes of a^entl'^"^'^^""^ this subsection, the term 'liquidating agent' includes a liquidating agent. agent, receiver, conservator, commission, person, or other agency charged by law with the duty of winding up the affairs of a credit union. " (c) Wlienever an insured credit union shall have been closed for Payment. liquidation on account of bankruptcy or insolvency, payment of the insured accounts in such credit union shall be made by the Administrator as soon as possible, subject to the provisions of subsection (d) of this section. For the purposes of this subsection, the term 'insured "insured account' means the total amount of the account in the member's name ''°^ * (after deducting offsets) less any part thereof which is in excess of $20,000. Such amount shall be determined according to such regulations as the Administrator may prescribe, and, in determining the amount due to any member, there shall be added together all accounts in the credit union maintained by him for his own benefit either in his own name or in the names of others. The Administrator may define, ^^°^^^^^ with such classifications and exceptions as he may prescribe, the extent of the insurance coverage provided for member accounts, including member accounts in the name of a minor, in trust, or in joint tenancy. The Administrator, in his discretion, may require proof of claims to claims, proof. be filed before paying the insured accounts, and in any case where he is not satisfied as to m e validity of a claim for an insured account, he may require the final determination of a court of competent jurisdiction before paying such claim. " (d) In the case of a closed Federal credit union, the Administrator, upon the payment to any member as provided in subsection (c) of this section, shall be subrogated to all rights of the member against such closed credit union to the extent of such payment. I n the case of any other closed insured credit union, the Administrator shall not make any payment to any member until the right of the

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