[Code of Federal Regulations]

[Title 12, Volume 6]

[Revised as of January 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 12CFR627.2715]



[Page 280]

 

                       TITLE 12--BANKS AND BANKING

 

                 CHAPTER VI--FARM CREDIT ADMINISTRATION

 

PART 627_TITLE IV CONSERVATORS, RECEIVERS, AND VOLUNTARY LIQUIDATIONS

--Table of Contents

 

                            Subpart A_General

 

Sec. 627.2715  Action for removal of conservator or receiver.



    Upon the appointment of a conservator or receiver for a Farm Credit 

institution by the Farm Credit Administration Board pursuant to Sec. 

627.2710 of this part, the institution may, within 30 days of such 

appointment, bring an action in the United States District Court for the 

judicial district in which the home office of the institution is 

located, or in the United States District Court for the District of 

Columbia, for an order requiring the Farm Credit Administration Board to 

remove such conservator or receiver and, if the charter has been 

canceled, to rescind the cancellation of the charter. Notwithstanding 

any other provision of subpart B or C of this part, the institution's 

board of directors is empowered to meet subsequent to such appointment 

and authorize the filing of an action for removal. An action for removal 

may be authorized only by such institution's board of directors.