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12 U.S.C. § 339a - U.S. Code - Unannotated Title 12. Banks and Banking § 339a. Resolution of clearing banks

Current as of January 01, 2024 | Updated by Findlaw Staff

(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,  2 Title 11 shall apply to the bank in lieu of otherwise applicable Federal or State insolvency law.

1 Repealed by Pub.L. 111-203, Title VII, § 740, July 21, 2010, 124 Stat. 1729.
2 So in original. Comma should probably not appear.
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Cite this article: FindLaw.com - 12 U.S.C. § 339a - U.S. Code - Unannotated Title 12. Banks and Banking § 339a. Resolution of clearing banks - last updated January 01, 2024 | https://codes.findlaw.com/us/title-12-banks-and-banking/12-usc-sect-339a/

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