§ 339a. Resolution of clearing banks

317 words·~1 min read·/usc/title-12/section-339a

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(a)Conservatorship or receivership

(1)Appointment The Board may appoint a conservator or receiver to take possession and control of any uninsured State member bank which operates, or operates as, a multilateral clearing organization pursuant to section 4422 1 of this title 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.

(2)Powers The conservator or receiver for an uninsured State member bank referred to in paragraph

(1)shall exercise the same powers, functions, and duties, subject to the same limitations, as a conservator or receiver for a national bank.

(b)Board authority The Board shall have the same authority with respect to any conservator or receiver appointed under subsection (a), and the uninsured State member bank for which the conservator or receiver has been appointed, as the Comptroller of the Currency has with respect to a conservator or receiver for a national bank and the national bank for which the conservator or receiver has been appointed.

(c)Bankruptcy proceedings The Board (in the case of an uninsured State member bank which operates, or operates as, such a multilateral clearing organization) may direct a conservator or receiver appointed for the bank to file a petition pursuant to title 11, in which case, title 11 shall apply to the bank in lieu of otherwise applicable Federal or State insolvency law.

(Dec. 13, 1913, ch. 6, § 9B, as added Pub. L. 106–554, § 1(a)(5) [title I, § 112(b)], Dec. 21, 2000, 114 Stat. 2763, 2763A–392.)

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statute-compilations

Sec. 9B
RESOLUTION OF CLEARING BANKS

7 references not yet in our index

1
Dec. 13, 1913, ch. 6, § 9B
Pub. L. 106–554, § 1(a)(5) [title I, § 112(b)]
114 Stat. 2763
Section 4422 of this title
Pub. L. 111–203, title VII, § 740
124 Stat. 1729

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§ 339a

Resolution of clearing banks

Stat. Comp.×1

Cite1

ActDec. 13, 1913, ch. 6, § 9B

Pub. L.Pub. L. 106–554, § 1(a)(5) [title I, § 112(b)]

Stat.114 Stat. 2763

CiteSection 4422 of this title

Cites 7 · showing 5Cited by 1 across 1 source