12 U.S.C. § 196 — Expenses

submitted 32 years ago by Pub. L. 103-325 to r/title-12-BANKS-AND-BANKING · 41 words · no verdicts yet

in plain englishAI-generated · not legal advice

The association being examined must pay all costs of examining its condition. If a receivership happens, its costs come out of the association's assets. Those costs get paid before any money is given back to owners.

All expenses from examining the condition of any association — whether a preliminary examination or another kind — must be paid by that association. All expenses of any receivership must be paid out of the association's assets, before any leftover proceeds are distributed.

the actual law source: uscode.house.gov ↗public domain

All expenses of any preliminary or other examinations into the condition of any association shall be paid by such association. All expenses of any receivership shall be paid out of the assets of such association before distribution of the proceeds thereof.

Source credit: (R.S. § 5238; Pub. L. 103–325, title VI, § 602(g)(13), Sept. 23, 1994, 108 Stat. 2294.)

history & why it existsrecord from the source credit

1994Enacted · Pub. L. 103-325 · 108 Stat. 2294

A history note hasn’t been published yet. The record shows enactment by Pub. L. 103-325 on 1994-09-23.

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