Title 12 — Banks and Banking
Chapter 6 — Foreign Banking
§ 624. Appointment of receiver or conservator
Statutory text
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.
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.
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.
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.
Third Deficiency Appropriation Act, fiscal year 1919
Pub. L. 66–6 § 25A(16) · 41 Stat. 35
Enacted · 12 U.S.C. § 624
Dec. 23, 1913, ch. 6, § 25A(16), formerly § 25(a) (par.), as added Dec. 24, 1919, ch. 18, 41 Stat. 378
Source evidence
Code source credit
Dec. 23, 1913, ch. 6, § 25A(16), formerly § 25(a) (par.), as added Dec. 24, 1919, ch. 18, 41 Stat. 378Consolidated Appropriations Act, 2001
Pub. L. 106–554 § 1(a)(5)(tI)(s112)(e) · 114 Stat. 2763
Amended · 12 U.S.C. § 624
Pub. L. 106–554 amended section catchline and text generally. Prior to amendment, text read as follows: “Whenever the Board of Governors of the Federal Reserve System shall become satisfied of the insolvency of any corporation organized under this subchapter, it may appoint a receiver who shall take possession of all of the property and assets of the corporation and exercise the same rights, privileges, powers, and authority with respect thereto as are now exercised by receivers of national banks appointed by the Comptroller of the Currency of the United States: Provided, however, That the assets of the corporation subject to the laws of other countries or jurisdictions shall be dealt with in accordance with the terms of such laws.”
Source evidence
Code amendment note
Pub. L. 106–554 amended section catchline and text generally. Prior to amendment, text read as follows: “Whenever the Board of Governors of the Federal Reserve System shall become satisfied of the insolvency of any corporation organized under this subchapter, it may appoint a receiver who shall take possession of all of the property and assets of the corporation and exercise the same rights, privileges, powers, and authority with respect thereto as are now exercised by receivers of national banks appointed by the Comptroller of the Currency of the United States: Provided, however, That the assets of the corporation subject to the laws of other countries or jurisdictions shall be dealt with in accordance with the terms of such laws.”Enacted provision · exact public law section
(5) H.R. 5660, as introduced on December 14, 2000.
1 of 2 references resolved to an enrolled provision · 1 partial
Editorial Notes
References in Text
This subchapter, referred to in text, was in the original “this section”, meaning section 25A of act , which is classified to this subchapter (§ 611 et seq.).
Codification
Section is comprised of par. (16) of section 25A of act , which comprises this subchapter. For complete classification of section 25A of this Act, see Codification note set out under section 611 of this title.
Amendments
2000—Pub. L. 106–554 amended section catchline and text generally. Prior to amendment, text read as follows: “Whenever the Board of Governors of the Federal Reserve System shall become satisfied of the insolvency of any corporation organized under this subchapter, it may appoint a receiver who shall take possession of all of the property and assets of the corporation and exercise the same rights, privileges, powers, and authority with respect thereto as are now exercised by receivers of national banks appointed by the Comptroller of the Currency of the United States: Provided, however, That the assets of the corporation subject to the laws of other countries or jurisdictions shall be dealt with in accordance with the terms of such laws.”
Credits
1913–2000 · 4 acts
- 1913Dec. 23, 1913, ch. 6, § 25A(16), formerly § 25(a) (par.), as added Dec. 24, 1919, ch. 18, 41 Stat. 378
- 1935amended Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704
- 1991renumbered § 25A (par.), Pub. L. 102–242, title I, § 142(e)(2), , 105 Stat. 2281
- 2000renumbered § 25A(16), and amended Pub. L. 106–554, § 1(a)(5) [title I, § 112(e)], , 114 Stat. 2763, 2763A–396.
Show as published
(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), , 105 Stat. 2281; renumbered § 25A(16), and amended Pub. L. 106–554, § 1(a)(5) [title I, § 112(e)], , 114 Stat. 2763, 2763A–396.)