§ 197a. Resumption of business by closed bank on consent of depositors

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1933

   Banking Act of 1933

   Pub. L. 73–89 § 29 · 48 Stat. 162

   Enacted · 12 U.S.C. § 197a

   (June 16, 1933, ch. 89, § 29, 48 Stat. 193.)

   Source evidence

   Code source credit
   (June 16, 1933, ch. 89, § 29, 48 Stat. 193.)

   Enacted provision · exact public law section
   Sec. 29. In any case in which, in the opinion of the Comptroller Resumption of business, by closed association. 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 Consent of depositors, etc. 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 Powers of Comptroller not affected. 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 the date of enactment of this Act with respect to the reorganization of national banking associations.

1 of 1 references resolved to an enrolled provision