TITLE 12 - BANKS AND BANKING

CHAPTER VI - FARM CREDIT ADMINISTRATION

SUBCHAPTER B - FARM CREDIT SYSTEM

PART 627 - TITLE IV CONSERVATORS, RECEIVERS, AND VOLUNTARY LIQUIDATIONS

subpart c - CONSERVATORS AND CONSERVATORSHIPS

627.2780 - Powers and duties of conservators.

  (a) The conservator of an institution serves as the trustee of the institution and conducts its operations for the benefit of the creditors and stockholders of the institution.

  (b) The conservator may, with respect to Farm Credit institutions, exercise the powers that a receiver of an institution may exercise under any of the provisions of 627.2725(b) of this part, except paragraphs 627.2725 (b)(2) and (b)(17). The provisions of 627.2726 shall also apply to the conservator of a Farm Credit institution. In interpreting the applicable paragraphs for purposes of this section, the terms conservator and conservatorship shall be read for receiver and receivership.

  (c) The conservator may extend credit to new and existing borrowers as is necessary to the continuing operation of the institution and to effectuate the purposes of the conservatorship.

  (d) The conservator may also take any other action the conservator considers appropriate or expedient to the continuing operation of the institution.

[57 FR 46482, Oct. 9, 1992, as amended at 70 FR 55515, Sept. 22, 2005]