12 2 STA T . 2 736PUBLIC LA W 11 0– 2 89—J UL Y 30 , 2008 ‘ ‘ (A)INGE NE RAL.—TheDir e cto r s h al la p poi n t the A g enc y as recei v er f orareg u late d entity if the Director deter m ines , in w riting, that— ‘‘(i) the assets of the regulated entity are, and during the preceding 60 calendar days have b een, less than the obligations of the regulated entity to its credi - tors and others
or ‘‘(ii) the regulated entity is not, and during the preceding 60 calendar days has not been, generally paying the debts of the regulated entity (other than debts that are the sub j ect of a bona fide dispute) as such debts become due. ‘‘( B ) P ER IOD I C DE T ER M INATION RE QU IRED F OR CRITI- CALL Y UNDERCA P ITALI Z ED REGULATED ENTITY.—If a regu- lated entity is critically undercapitali z ed, the Director shall ma k e a determination, in writing, as to whether the regu- lated entity meets the criteria specified in clause (i) or (ii) of subparagraph (A)— ‘‘(i) not later than 3 0 calendar days after the regu- lated entity initially becomes critically undercapital- ized; and ‘‘(ii) at least once during each succeeding 30-cal- endar day period. ‘‘( C ) DETERMINATION NOT REQUIRED IF RECEI V ER SH IP ALREADY IN PLACE.— S ubparagraph (B) does not apply with respect to a regulated entity in any period during which the Agency serves as receiver for the regulated entity. ‘‘(D) R ECEIVERSHIP TERMINATES CONSERVATORSHIP.— The appointment of the Agency as receiver of a regulated entity under this section shall immediately terminate any conservatorship established for the regulated entity under this title. ‘‘( 5 ) J UDICIAL REVIE W .— ‘‘(A) IN GENERAL.—If the Agency is appointed conser- vator or receiver under this section, the regulated entity may, within 30 days of such appointment, bring an action in the U nited States district court for the judicial district in which the home office of such regulated entity is located, or in the United States District Court for the District of Columbia, for an order re q uiring the Agency to remove itself as conservator or receiver. ‘‘(B) REVIEW.—Upon the filing of an action under subparagraph (A), the court shall, upon the merits, dismiss such action or direct the Agency to remove itself as such conservator or receiver. ‘‘(6) DIRECTORS NOT LIA B LE FOR ACQUIESCING IN APPOINT- MENT OF CONSERVATOR OR RECEIVER.—The members of the board of directors of a regulated entity shall not be liable to the shareholders or creditors of the regulated entity for acquiescing in or consenting in good faith to the appointment of the Agency as conservator or receiver for that regulated entity. ‘‘( 7 ) AGENCY NOT SUB J ECT TO ANY OTHER FEDERAL AGENCY.— W hen acting as conservator or receiver, the Agency shall not be subject to the direction or supervision of any other agency of the United States or any State in the e x ercise of the rights, powers, and privileges of the Agency. Deadlin e . Deadline s .
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