ALLcrimesfood&drugstaxestelecomcommercehealthconservationtransportationagricultureveteransbrowse all titles »
0

12 U.S.C. § 214d — Prohibition on conversion

submitted 76 years ago by Pub. L. 111-203 to r/title-12-BANKS-AND-BANKING · 59 words · no verdicts yet

in plain englishAI-generated · not legal advice

A national bank can't convert into a state bank or state savings association while it's under a cease-and-desist order or similar formal enforcement action. This also applies if the bank has a memorandum of understanding with the Comptroller of the Currency about a significant supervisory problem.

A national banking association is blocked from converting to a state bank or a state savings association during any time it is subject to a cease-and-desist order, or any other formal enforcement order, issued by the Comptroller of the Currency. The same block applies if the bank has entered into a memorandum of understanding with the Comptroller about a significant supervisory matter — meaning a serious problem the Comptroller is overseeing at that bank.
the actual law source: uscode.house.gov ↗public domain

A national banking association may not convert to a State bank or State savings association during any period in which the national banking association is subject to a cease and desist order (or other formal enforcement order) issued by, or a memorandum of understanding entered into with, the Comptroller of the Currency with respect to a significant supervisory matter.

Source credit: (Aug. 17, 1950, ch. 729, § 10, as added Pub. L. 111–203, title VI, § 612(a), July 21, 2010, 124 Stat. 1612.)

history & why it existsrecord from the source credit
  • 1950Enacted · Pub. L. 111-203 · 124 Stat. 1612

A history note hasn’t been published yet. The record shows enactment by Pub. L. 111-203 on 1950-08-17.

all 0 arguments · sorted by: best

0/280

no arguments yet — make the first case