12 U.S.C. § 197a — Resumption of business by closed bank on consent of depositors
submitted 93 years ago by ch. 89 to r/title-12-BANKS-AND-BANKING · 148 words · no verdicts yet
The Comptroller of the Currency may let a closed national bank reopen if doing so helps depositors and creditors. The bank must temporarily hold back some or all deposits, for a period the Comptroller sets. At least 75 percent of depositors and unsecured creditors, by dollar amount, must agree in writing. This section does not limit the Comptroller's other reorganization powers.
In any case in which, in the opinion of the Comptroller of the Currency, it would be to the advantage of the depositors and unsecured creditors of any national banking association whose business has been closed, for such association to resume business upon the retention by the association, for a reasonable period to be prescribed by the Comptroller, of all or any part of its deposits, the Comptroller is authorized, in his discretion, to permit the association to resume business if depositors and unsecured creditors of the association representing at least 75 per centum of its total deposit and unsecured credit* liabilities consent in writing to such retention of deposits. Nothing in this section shall be construed to affect in any manner any powers of the Comptroller under the provisions of law in force on June 16, 1933, with respect to the reorganization of national banking associations.
Source credit: (June 16, 1933, ch. 89, § 29, 48 Stat. 193.)
- 1933Enacted · Act of June 16, 1933, ch. 89 · 48 Stat. 193
A history note hasn’t been published yet. The record shows enactment by ch. 89 on 1933-06-16.
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