12 U.S.C. § 5392 — Prohibition of circumvention and prevention of conflicts of interest
submitted 16 years ago by Pub. L. 111-203 to r/title-12-BANKS-AND-BANKING · 112 words · no verdicts yet
This section limits funding for orderly liquidation, bars government actions that evade the subchapter, and requires the Corporation to address conflicts in multiple receiverships.
(a) No other funding. Funds for orderly liquidation of a covered financial company* may be provided only as this subchapter specifies.
(b) Limit on governmental actions. No governmental entity may act to get around this subchapter’s purposes.
(c) Conflict of interest. If the Corporation is receiver for more than one covered financial company*, or for a covered financial company* and an affiliated insured depository institution, it must take the action needed to avoid conflicts of interest connected with the multiple receiverships.
Funds for the orderly liquidation of any covered financial company* under this subchapter shall only be provided as specified under this subchapter.
No governmental entity may take any action to circumvent the purposes of this subchapter.
In the event that the Corporation is appointed receiver for more than 1 covered financial company* or is appointed receiver for a covered financial company* and receiver for any insured depository institution that is an affiliate* of such covered financial company, the Corporation shall take appropriate action, as necessary to avoid any conflicts of interest that may arise in connection with multiple receiverships.
Source credit: (Pub. L. 111–203, title II, § 212, July 21, 2010, 124 Stat. 1516.)
- 2010Enacted · Pub. L. 111-203 · 124 Stat. 1516
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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