Page:United States Statutes at Large Volume 106 Part 5.djvu/345

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PUBLIC LAW 102-550—OCT. 28, 1992 106 STAT. 3983 the removal of a conservator or otherwise restrain or affect the exercise of powers orftuictionsof a conservator. (c) REPLACEMENT.— The Director may, without notice or hearing, replace a conservator with another conservator. Such replacement shall not affect the right of the enterprise under subsection (b) to obtain judicial review of the decision of the Director to appoint a conservator. (d) EXAMINATIONS.— The Director may examine and supervise any enterprise in conservatorship during the period in which the enterprise continues to operate as a going concern. (e) TERMINATION. — (1) DISCRETIONARY.— At any time the Director determines that termination of a conservatorship pursuant to an appointment under subsection (a) is in the public interest and may safely be accomplished, the Director may terminate the conservatorship and permit the enterprise to resume the transaction of its business subject to such terms, conditions, and limitations as the Director may prescribe. (2) MANDATORY. — The Director shall terminate a conservatorship initiated pursuant to section 1366 or 1367 upon a determination by the Director that the enterprise has maintained an amount of core capital that is equal to or exceeds the minimum capital level for the enterprise established under section 1362, and may by written order prescribe such terms, conditions, and limitations on the enterprise as the Director considers appropriate. (3) TERMS.—Any terms, conditions, and limitations imposed by the Director upon termination of a conservatorship shall be enforceable and reviewable under the provisions of sections 1374 and 1375, to the same extent as any cease-and-desist order issued pursuant to subtitle C. SEC. 1388A. POWERS OF CONSERVATORa 12 USC 4620. (a) GENERAL POWERS.— ^A conservator shall have all the powers of the shareholders, directors, and officers of the enterprise under conservatorship and may operate the enterprise in the name of the enterprise, unless the Director provides otherwise. (b) AbDmONAL POWER.— ^A conservator may avoid any security interest taken by a creditor with the intent to hinder, delay, or defraud the enterprise or the creditors of the enterprise. (c) LIMITATIONS BY DIRECTOR.— ^A conservator shall be subject to any rules, regulations, and orders issued from time to time by the Director and, except as otherwise specifically provided in such rules, regulations, or orders or in section 1369B, shall have the same rights and privileges and be subject to the same duties, restrictions, penalties, conditions, and Imiitations applicable to directors, officers, or employees of the enterprise. (d) ENFORCEMENT OF CONTRACTS. — (1) IN GENERAL.—^A conservator may enforce any contract described in paragraph (2), notwithstanding any provision of the contract providing for the termination, default, acceleration, or other exercise of rights upon, or solely by reason of, the insolvency of the enterprise or the appointment of a conservator. (2) ENFORCEABLE CONTRACTS. —Any contract that is within a class of contracts shall be enforceable under paragraph (1) if the Director—