36

1 be exercisable by the director or directors on the board not

2

so suspended, until such time as there shall be a quorum of

3 the board of directors. In the event all of the directors of a

4 Federal credit union are suspended pursuant to this section,

5 the Administrator shall appoint persons to serve temporarily

6

7

8

9

as directors in their place and stead pending the termination

of such suspensions, or until such time as those who have been

suspended cease to be directors of the credit union and their

respective successors take office.

10 “(i) (1) Any hearing provided for in this section shall 11 be held in the Federal judicial district or in the territory in 12 which the principal office of the credit union is located, unless 13 the party afforded the hearing consents to another place,

14

15

and shall be conducted in accordance with the provisions of

chapter 5 of title 5 of the United States Code. Such hearing 16 shall be private unless the Administrator, in his discretion, 17 after fully considering the views of the party afforded the 18 hearing, determines that a public hearing is necessary to pro

19

20

tect the public interest. After such hearing, and within

ninety days after the Administrator has notified the parties 21 that the case has been submitted to him for final decision, he

22 shall render his decision (which shall include findings of fact

2

23

24

upon which his decision is predicated) and shall issue and

serve upon each party to the proceeding an order or orders

consistent with the provisions of this section. Judicial review

37

of any such order shall be exclusively as provided in this sub2 section (i). Unless a petition for review is timely filed in a 3 court of appeals of the United States, as hereinafter provided 4 in paragraph (2) of this subsection, and thereafter until the 5 record in the proceeding has been filed as so provided, the 6 Administrator may at any time, upon such notice and in 7 such manner as he may deem proper, modify, terminate, or 8 set aside any such order. Upon such filing of the record, the 9 Administrator may modify, terminate, or set aside any such 10 order with permission of the court.

11 "(2) Any party to the proceeding, or any person 12 required by an order issued under this section to cease and 13 desist from any of the practices or violations stated therein, may obtain a review of any order served pursuant to para

14

15

graph (1) of this subsection (other than an order issued 16 with the consent of the credit union or the director, officer, 17 committee member, or other other person concerned or an 18 order issued under subsection (h) of this section) by filing 19 in the court of appeals of the United States for the cir20 cuit in which the principal office of the credit union is located, 21 or in the United States Court of Appeals for the District 22 of Columbia Circuit, within thirty days after the date of 23 service of such order, a written petition praying that the 24 order of the Administrator be modified, terminated, or set 25 aside. A copy of such petition shall be forthwith transmitted

223

38

1 by the clerk of the court to the Administrator, and there

2

upon the Administrator shall file in the court the record in

3 the proceeding, as provided in section 2112 of title 28,

4 United States Code. Upon the filing of such petition, such

5

court shall have jurisdiction, which upon the filing of the 6 record shall, except as provided in the last sentence of

7 said paragraph (1), be exclusive, to affirm, modify, ter

8

9

10

11

13

minate, or set aside, in whole or in part, the order of the

Administrator. Review of such proceedings shall be had

as provided in chapter 7 of title 5, United States Code. The

judgment and decree of the court shall be final, except that the same shall be subject to review by the Supreme Court

upon certiorari, as provided in section 1254 of title 28, 14 United States Code.

15 "(3) The commencement of proceedings for judicial 16 review under paragraph (2) of this subsection shall not, 17 unless specifically ordered by the court, operate as a stay

18

19

of any order issued by the Administrator.

(j) The Administrator may in his discretion apply to 20 the United States district court, or the United States court

21 of any territory within the jurisdiction of which the principal

22

23

24

office of the credit union is located, for the enforcement of

any effective and outstanding notice or order issued under this

section, and such courts shall have jurisdiction and power to

25 order and require compliance therewith. However, except

39

1 as otherwise provided in this section, no court shall have

2 jurisdiction to affect by injunction or otherwise the issuance

3

or enforcement of any notice or order under this section or to

4 review, modify, suspend, terminate, or set aside any such

5 notice or order.

6

"(k) Any director, officer, or committee member, or 7 former director, officer, or committee member, of an insured 8 credit union or of a credit union any of the member accounts 9 of which are insured, or any other person against whom there 10 is outstanding and effective any notice or order (which is an 11 order which has become final) served upon such director, 12 officer, committee member, or other person under subsections 13 (g) (3), (g) (4), or (h) of this section and who (i) partic14 ipates in any manner in the conduct of the affairs of the 15 credit union involved, or directly or indirectly solicits or pro16 cures, or transfers or attempts to transfer, or votes or attempts 17 to vote, any proxies, consents, or authorizations in respect of 18 any voting rights in such credit union, or (ii) without the 19 prior written approval of the Administrator votes for a direc20 tor, serves or acts as a director, officer, committee member, or employee of any credit union, shall upon conviction be 22 fined not more than $5,000 or imprisoned for not more than

21

23

24

one year, or both.

"(1) As used in this section (1) the terms 'cease-and

40

1 desist order which has become final' and 'order which has be

2

comes final' mean a cease-and-desist order, or an order,

3 issued by the Administrator with the consent of the credit

4 union or the director, officer, committee member, or other

5

person concerned, or with respect to which no petition for 6 review of the action of the Administrator has been filed and 7 perfected in a court of appeals as specified in paragraph (2) 8 of subsection (i) of this section, or with respect to which the 9 action of the court in which said petition is so filed is not

subject to further review by the Supreme Court of the United 11 States in proceedings provided for in said paragraph, or an 12 order issued under subsection (h) of this section, and (2) 13 the term 'violation' includes without limitation any action 14 (alone or with another or others) for or toward causing,

15

bringing about, participating in, counseling, or aiding or 16 abetting a violation.

17

"(m) Any service required or authorized to be made by 18 the Administrator under this section may be made by regis19 tered mail or in such other manner reasonably calculated to 20 give actual notice as the Administrator may by regulation or 21 otherwise provide. Copies of any notice or order served by the 22 Administrator upon any State-chartered credit union or any

24

director, officer, or committee member thereof or other person participating in the conduct of its affairs, pursuant to the provisions of this section, shall also be sent to the commission,