12 U.S.C. § 5387 — Directors not liable for acquiescing in appointment of receiver
submitted 16 years ago by Pub. L. 111-203 to r/title-12-BANKS-AND-BANKING · 55 words · no verdicts yet
Board members of a covered financial company are not liable to its shareholders or creditors when they consent in good faith to the Corporation becoming receiver.
Members of the board of directors, or a body with similar duties, are not liable to the company’s shareholders or creditors for agreeing in good faith to the Corporation’s appointment as receiver under section 5383.
The members of the board of directors (or body performing similar functions) of a covered financial company* shall not be liable to the shareholders or creditors thereof for acquiescing in or consenting in good faith to the appointment of the Corporation as receiver for the covered financial company* under section 5383 of this title.
Source credit: (Pub. L. 111–203, title II, § 207, July 21, 2010, 124 Stat. 1459.)
- 2010Enacted · Pub. L. 111-203 · 124 Stat. 1459
A history note hasn’t been published yet. The record shows enactment by Pub. L. 111-203 on 2010-07-21.
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