Page:United States Statutes at Large Volume 96 Part 2.djvu/126

 96 STAT. 1488

12 USC 1787.

PUBLIC LAW 97-320—OCT. 15, 1982

"(5) Except as provided in paragraph (3), in the case of an insured State-chartered credit union, the Board may maintain possession and control of the business and assets of such credit union and may operate such credit union until such time— "(A) as the Board shall permit such credit union to continue business, subject to such terms and conditions as may be imposed by the Board; "(B) as the Board shall permit the transfer of possession and control of such credit union to any commission, board, or authority which has supervisory authority over such credit union and which is authorized by State law to operate such credit union; or "(C) as such credit union is liquidated in accordance with the provisions of section 207. "(6) The Board may appoint such agents as it considers necessary in order to assist the Board in carrying out its duties as a conservator under this subsection. "(7) All expenses incurred by the Board in exercising its authority under this subsection with respect to any credit union shall be paid out of the assets of such credit union. "(8) The authority granted by this subsection is in addition to all other authority granted to the Board under this Act.". (b) Section 206(b)(2) of the Federal Credit Union Act (12 U.S.C. 1786(b)(2)) is amended by striking out "subsection (i)" and inserting in lieu thereof "subsection (j)". (c) Section 206g)(l) of such Act (12 U.S.C. 1786(j)(l)), as so redesignated by subsection (a), is amended— (1) in the first sentence, by striking out "subsection (h)(3)" and inserting in lieu thereof "subsection (i)(3)"; and (2) in the fourth sentence, by striking out "subsection (i)" and inserting in lieu thereof "subsection (j)". (d) The first sentence of section 206(j)(2) of such Act (12 U.S.C. 1786(j)(2)), as redesignated by subsection (a), is amended by striking out "subsection (h)(1)" and inserting in lieu thereof "subsection (i)(l)". (e) The first sentence of section 206(1) of such Act (12 U.S.C. 1786(1)), as redesignated by subsection (a), is amended by striking out "(h)" and inserting in lieu thereof "(i)". (f) Section 206(m) of such Act (12 U.S.C. 1786(m)), as redesignated by subsection (a), is amended— (1) by striking out "subsection (i)" and inserting in lieu thereof "subsection (j)"; and (2) by striking out "subsection (h)" and inserting in lieu thereof "subsection (i)". (g) The section heading for section 206 of the Federal Credit Union Act (12 U.S.C. 1786) is amended by inserting "; TAKING POSSESSION OF

BUSINESS AND ASSETs" after "COMMITTEE MEMBERS". PART D—SUNSET PROVISION SUNSET OF CERTAIN PROVISIONS

12 USC 1464 "°Ante, p. 1469.

SEC. 141. (a) Effective upon the expiration of three years after the date of enactment of this Act— (1) section 13(c)(5) of the Federal Deposit Insurance Act, as added by section 111 of this Act, shall be repealed;

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