Page 86

continue with the same validity as if an orderly liquidation had not been commenced.

12 USC 5389. SEC. 209. RULEMAKING; NON-CONFLICTING LAW.
The Corporation shall, in consultation with the Council, pre-
scribe such rules or regulations as the Corporation considers nec-
essary or appropriate to implement this title, including rules and
regulations with respect to the rights, interests, and priorities of
creditors, counterparties, security entitlement holders, or other per-
sons with respect to any covered financial company or any assets
or other property of or held by such covered financial company,
and address the potential for conflicts of interest between or among
individual receiverships established under this title or under the
Federal Deposit Insurance Act. To the extent possible, the Corpora-
tion shall seek to harmonize applicable rules and regulations
promulgated under this section with the insolvency laws that would
otherwise apply to a covered financial company.

12 USC 5390. SEC. 210. POWERS AND DUTIES OF THE CORPORATION.
(a) POWERS AND AUTHORITIES.—
(1) GENERAL POWERS.—
(A) SUCCESSOR TO COVERED FINANCIAL COMPANY.—The
Corporation shall, upon appointment as receiver for a cov-
ered financial company under this title, succeed to—
(i) all rights, titles, powers, and privileges of the
covered financial company and its assets, and of any
stockholder, member, officer, or director of such com-
pany; and
(ii) title to the books, records, and assets of any
previous receiver or other legal custodian of such cov-
ered financial company.
(B) OPERATION OF THE COVERED FINANCIAL COMPANY
DURING THE PERIOD OF ORDERLY LIQUIDATION.—The Cor-
poration, as receiver for a covered financial company,
may—
(i) take over the assets of and operate the covered
financial company with all of the powers of the mem-
bers or shareholders, the directors, and the officers
of the covered financial company, and conduct all busi-
ness of the covered financial company;
(ii) collect all obligations and money owed to the
covered financial company;
(iii) perform all functions of the covered financial
company, in the name of the covered financial com-
pany;
(iv) manage the assets and property of the covered
financial company, consistent with maximization of the
value of the assets in the context of the orderly liquida-
tion; and
(v) provide by contract for assistance in fulfilling
any function, activity, action, or duty of the Corporation
as receiver.
(C) FUNCTIONS OF COVERED FINANCIAL COMPANY OFFI-
CERS, DIRECTORS, AND SHAREHOLDERS.—The Corporation
may provide for the exercise of any function by any member

LAWS or stockholder, director, or officer of any covered financial company for which the Corporation has been appointed as receiver under this title.PUBLIC with on anorris VerDate Nov 24 2008 00:54 Jul 29, 2010 Jkt 089139 PO 00203 Frm 00086 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 GPO1 PsN: PUBL203