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12 U.S.C. § 624 — Appointment of receiver or conservator

submitted 113 years ago by ch. 6 to r/title-12-BANKS-AND-BANKING · 195 words · no verdicts yet

in plain englishAI-generated · not legal advice

The Board may appoint a conservator or receiver for a corporation under this subchapter with the same authority and limits that apply to a national bank. It may also direct that official to file a bankruptcy petition under title 11.

(A) The Board may appoint a conservator or receiver for a corporation organized under this subchapter to the same extent and in the same way as the Comptroller of the Currency may do so for a national bank. That official has the same powers, duties, and functions, with the same limits, as a national-bank conservator or receiver. (B) The Board has the same authority over the appointed official and corporation as the Comptroller has over a national-bank conservator or receiver and the bank involved. (C) The Board may direct the conservator or receiver to file a title 11 petition. If it does, title 11 applies instead of otherwise applicable Federal or State insolvency law.
the actual law source: uscode.house.gov ↗public domain
(A)In general.—

The Board may appoint a conservator or receiver for a corporation organized under the provisions of this subchapter to the same extent and in the same manner as the Comptroller of the Currency may appoint a conservator or receiver for a national bank, and the conservator or receiver for such corporation shall exercise the same powers, functions, and duties, subject to the same limitations, as a conservator or receiver for a national bank.

(B)Equivalent authority.—

The Board shall have the same authority with respect to any conservator or receiver appointed for a corporation organized under the provisions of this subchapter under this section and any such corporation as the Comptroller of the Currency has with respect to a conservator or receiver of a national bank and the national bank for which a conservator or receiver has been appointed.

(C)Title 11 petitions.—

The Board may direct the conservator or receiver of a corporation organized under the provisions of this subchapter to file a petition pursuant to title 11, in which case, title 11 shall apply to the corporation in lieu of otherwise applicable Federal or State insolvency law.

Source credit: (Dec. 23, 1913, ch. 6, § 25A(16), formerly § 25(a) (par.), as added Dec. 24, 1919, ch. 18, 41 Stat. 378; amended Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704; renumbered § 25A (par.), Pub. L. 102–242, title I, § 142(e)(2), Dec. 19, 1991, 105 Stat. 2281; renumbered § 25A(16), and amended Pub. L. 106–554, § 1(a)(5) [title I, § 112(e)], Dec. 21, 2000, 114 Stat. 2763, 2763A–396.)

history & why it existsrecord from the source credit
  • 1913Enacted · Act of Dec. 23, 1913, ch. 6 · 41 Stat. 378
  • 1935Amended · Act of Aug. 23, 1935, ch. 614 · 49 Stat. 704
  • 1991Amended · Pub. L. 102-242 · 105 Stat. 2281
  • 2000Amended · Pub. L. 106-554 · 114 Stat. 2763, 2763

A history note hasn’t been published yet. The record shows enactment by ch. 6 on 1913-12-23.

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