§ 339a. — Resolution of clearing banks.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC339a]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER VIII--STATE BANKS AS MEMBERS OF SYSTEM
Sec. 339a. Resolution of clearing banks
(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 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) of this section,
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, Sec. 9B, as added Pub. L. 106-554, Sec. 1(a)(5)
[title I, Sec. 112(b)], Dec. 21, 2000, 114 Stat. 2763, 2763A-392.)
Codification
Section was enacted as section 9B of act Dec. 13, 1913, and not as
part of section 9 of such act which comprises this subchapter.
