§ 624. — Appointment of receiver or conservator.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC624]
TITLE 12--BANKS AND BANKING
CHAPTER 6--FOREIGN BANKING
SUBCHAPTER II--ORGANIZATION OF CORPORATIONS TO DO FOREIGN BANKING
Sec. 624. Appointment of receiver or conservator
(A) 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.
(B) 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.
(C) 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.
(Dec. 23, 1913, ch. 6, Sec. 25A(16), formerly Sec. 25(a) (par.), as
added Dec. 24, 1919, ch. 18, 41 Stat. 378; amended Aug. 23, 1935, ch.
614, title II, Sec. 203(a), 49 Stat. 704; renumbered Sec. 25A (par.),
Pub. L. 102-242, title I, Sec. 142(e)(2), Dec. 19, 1991, 105 Stat. 2281;
renumbered Sec. 25A(16), and amended Pub. L. 106-554, Sec. 1(a)(5)
[title I, Sec. 112(e)], Dec. 21, 2000, 114 Stat. 2763, 2763A-396.)
References in Text
This subchapter, referred to in text, was in the original ``this
section'', meaning section 25A of act Dec. 23, 1913, which is classified
to this subchapter (Sec. 611 et seq.).
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.''
