LIQUIDATION PROCEEDINGS.

SEC. 714. LIQUIDATION PROCEEDINGS. (a) Application for Show Cause Order.— Section 207(a)(1) of the Federal Credit Union Act (12 U.S.C. 1787(a)(1)) is amended— (1) by inserting “(A)” after “(1)”; and (2) by adding at the end thereof the following: “(B) Not later than 10 days after the date on which the Board closes a credit union for liquidation pursuant to paragraph (1), or accepts appointment as liquidating agent pursuant to subsection (b), such insured credit union may apply to the United States district court for the judicial district in which the principal office of such insured credit union is located or the United States District Court for the District of Columbia, for an order requiring the Board to show cause why it should not be prohibited from continuing such liquidation. Except as otherwise provided in this subparagraph, no court may take any action for or toward the removal of any liquidating agent or, except at the instance of the Board, restrain or affect the exercise of powers or functions of a liquidating agent.”. 101 STAT. 655 (b) Liquidations Subject to Regulation of the Board.— Section 208(c) of the Federal Credit Union Act (12 U.S.C. 1788(c)) is redesignated as subsection (j) of section 207 (12 U.S.C. 1787) and is amended by striking out “subject to the regulation of the court or other public body having jurisdiction over the matter” and inserting in lieu thereof “subject only to the regulation of the Board, or, in cases where the Board has been appointed liquidating agent solely by a public authority having jurisdiction over the matter other than said Board, subject only to the regulation of such public authority”. (c) Conforming Amendment.— Section 208(d) of the Federal Credit Union Act (12 U.S.C. 1788(d)) is redesignated as section 208(c).