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12 U.S.C. § 202 — Definitions

submitted 93 years ago by ch. 1 to r/title-12-BANKS-AND-BANKING · 95 words · no verdicts yet

in plain englishAI-generated · not legal advice

This law defines three terms for a chapter about bank dissolution. It says what counts as a bank, a voluntary dissolution and liquidation, and a State. These definitions apply throughout this part of the law.

In this subchapter, "bank" means any national banking association, or any other financial institution that is chartered or licensed under federal law and supervised by the Comptroller of the Currency. "Voluntary dissolution and liquidation" means a deal under section 181 of this title where someone takes over the bank's insured deposits and buys the bank, or buys control of the bank, so it keeps operating as a going concern. "State" means any state, territory, or possession of the United States, and also the Canal Zone.
the actual law source: uscode.house.gov ↗public domain

As used in this subchapter, the term “bank” means any national banking association or any other financial institution chartered or licensed under Federal law and subject to the supervision of the Comptroller of the Currency; the term “voluntary dissolution and liquidation” means a transaction pursuant to section 181 of this title that involves the assumption of the bank’s insured deposit liabilities and the sale of the bank, or of control of the bank, as a going concern; and the term “State” means any State, Territory, or possession of the United States, and the Canal Zone.

Source credit: (Mar. 9, 1933, ch. 1, title II, § 202, 48 Stat. 2; Pub. L. 101–73, title VIII, § 801, Aug. 9, 1989, 103 Stat. 441; Pub. L. 109–351, title VII, § 725(b), Oct. 13, 2006, 120 Stat. 2001; Pub. L. 109–356, title I, § 123(b), Oct. 16, 2006, 120 Stat. 2028.)

history & why it existsrecord from the source credit
  • 1933Enacted · Act of Mar. 9, 1933, ch. 1 · 48 Stat. 2
  • 1989Amended · Pub. L. 101-73 · 103 Stat. 441
  • 2006Amended · Pub. L. 109-351 · 120 Stat. 2001
  • 2006Amended · Pub. L. 109-356 · 120 Stat. 2028

A history note hasn’t been published yet. The record shows enactment by ch. 1 on 1933-03-09.

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