(a) The Federal Savings and Loan Insurance Corporation [abolished] is authorized and empowered to act, without bond, as receiver or liquidator of any building and loan or savings and loan association, hereinafter referred to as an “insured association”, which has the insurance protection provided by Title IV of the National Housing Act and which shall have been taken over for liquidation pursuant to the provisions of the laws of this state.
(b)
(1) The appropriate state authority having the right to appoint a receiver or liquidator of the insured association, in the event of the taking over of the insured association for liquidation, shall tender to the Federal Savings and Loan Insurance Corporation [abolished] the appointment as receiver or liquidator thereof, and, if the Federal Savings and Loan Insurance Corporation [abolished] accepts the appointment, the Federal Savings and Loan Insurance Corporation [abolished] shall have and possess all the powers and privileges provided by the laws of this state with respect to a receiver or liquidator of a savings and loan association, its investors, depositors, and other creditors and shall be subject to all duties of a receiver or liquidator.
(2) In addition, the Federal Savings and Loan Insurance Corporation [abolished] shall have all the rights, privileges, and powers conferred upon it by federal statutes.
(3) The Federal Savings and Loan Insurance Corporation [abolished] may make loans on the security of, or may purchase at public or private sale, and bid at any receiver's sale, and liquidate or sell, any part of the assets of the association of which it is the receiver, and, in the event of the purchase of the assets, it shall bid for and pay a fair and reasonable price.
(c) Whether or not the Federal Savings and Loan Insurance Corporation [abolished] shall serve as receiver or liquidator of an insured association, whenever it shall pay or make available for payment the liabilities of an insured association in liquidation which are insured by it, it shall be subrogated, upon the surrender and transfer to it of any share, share account, or account insured by it with respect to that share, share account, or account. However, the surrender and transfer of the share account or account shall not affect any right which the transferor thereof may have in any portion of the share, share account, or account which is uninsured or any right to participate in the distribution of the net proceeds remaining from the disposition of the assets of the insured association. The rights of the investors in, and creditors of, the insured association shall be determined in accordance with the applicable provisions of the laws of this state.
(d) Upon the acceptance by the Federal Savings and Loan Insurance Corporation [abolished] of appointment as a receiver or liquidator, possession of, and title to, all the assets, business, and property of the insured association of every kind and nature shall pass to, and be vested in, the Federal Savings and Loan Insurance Corporation [abolished] as receiver or liquidator.