§ 197a. — Resumption of business by closed bank on consent of depositors.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC197a]
TITLE 12--BANKS AND BANKING
CHAPTER 2--NATIONAL BANKS
SUBCHAPTER XIII--RECEIVERSHIP
Sec. 197a. Resumption of business by closed bank on consent of
depositors
In any case in which, in the opinion of the Comptroller 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 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 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 June
16, 1933, with respect to the reorganization of national banking
associations.
(June 16, 1933, ch. 89, Sec. 29, 48 Stat. 193.)
Exception as to Transfer of Functions
Functions vested by any provision of law in Comptroller of the
Currency, referred to in this section, not included in transfer of
functions to Secretary of the Treasury, see note set out under section 1
of this title.
