§2183. Dissolution; voluntary or involuntary liquidation; mergers; receiverships or conservators — Inbound Citations
12 U.S.C. § 2183
Cited by 5 provisions in release 119-102.
Citations to 12 U.S.C. § 2183 as a whole
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(m) This section shall become applicable with respect to the power of the Corporation to act as a conservator or receiver on the date on which the Farm Credit Administration appoints the Corporation as a conservator or receiver under section 2183 or 2279cc of this title.
Citations to §2183(b)
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(1) The Farm Credit Administration Board may appoint a conservator or receiver for the Corporation under the circumstances specified in section 2183(b) of this title.
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(2) In applying section 2183(b) of this title to the Corporation under paragraph (1)—(A) the Corporation shall also be considered insolvent if the Corporation is unable to pay its debts as they fall due in the ordinary course of business;(B) a conservator may also be appointed for the Corporation if the authority of the Corporation to purchase qualified loans or issue or guarantee loan-backed securities is suspended; and(C) a receiver may also be appointed for the Corporation if—(I) the authority of the Corporation to purchase qualified loans or issue or guarantee loan-backed securities is suspended; or(II) the Corporation is classified under section 2279bb–4 of this title as within level III or IV and the alternative actions available under part B are not satisfactory; and(ii) the Farm Credit Administration determines that the appointment of a conservator would not be appropriate.
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(1) Notwithstanding section 2183(b) of this title, if a conservator or receiver is appointed for the Corporation, the conservator or receiver shall be—(A) the Farm Credit Administration or any other governmental entity or employee, including the Farm Credit System Insurance Corporation; or(B) any person that—(i) has no claim against, or financial interest in, the Corporation or other basis for a conflict of interest as the conservator or receiver; and(ii) has the financial and management expertise necessary to direct the operations and affairs of the Corporation and, if necessary, to liquidate the Corporation.
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(e) The conservator or receiver for the Corporation shall have such powers to conduct the conservatorship or receivership as shall be provided pursuant to regulations adopted by the Farm Credit Administration Board. Such powers shall be comparable to the powers available to a conservator or receiver appointed pursuant to section 2183(b) of this title.