1994 US Code
Title 12 - BANKS AND BANKING
CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES
SUBCHAPTER II - REQUIRED CAPITAL LEVELS FOR ENTERPRISES AND SPECIAL ENFORCEMENT POWERS
Sec. 4617 - Appointment of conservators for critically undercapitalized enterprises
View MetadataPublication Title | United States Code, 1994 Edition, Title 12 - BANKS AND BANKING |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 12 - BANKS AND BANKING CHAPTER 46 - GOVERNMENT SPONSORED ENTERPRISES SUBCHAPTER II - REQUIRED CAPITAL LEVELS FOR ENTERPRISES AND SPECIAL ENFORCEMENT POWERS Sec. 4617 - Appointment of conservators for critically undercapitalized enterprises |
Contains | section 4617 |
Date | 1994 |
Laws in Effect as of Date | January 4, 1995 |
Positive Law | No |
Disposition | standard |
Source Credit | Pub. L. 102-550, title XIII, §1367, Oct. 28, 1992, 106 Stat. 3980. |
Statutes at Large References | 106 Stat. 3980, 3941 |
Public Law References | Public Law 102-550 |
§4617. Appointment of conservators for critically undercapitalized enterprises (a) Appointment (1) In general
Upon a determination and notice under section 4618(d) of this title that an enterprise is critically undercapitalized and not later than 30 days after providing notice under section 4619(a)(3) of this title, the Director shall appoint a conservator for the enterprise in accordance with the provisions of section 4619 of this title (excluding subsections 1 (a)(1) and (2)).
(2) ExceptionNotwithstanding paragraph (1), the Director may determine not to appoint a conservator for an enterprise classified as critically undercapitalized, but only pursuant to a written finding by the Director, with the written concurrence of the Secretary of the Treasury, that—
(A) the appointment of a conservator would have serious adverse effects on economic conditions of national financial markets or on the financial stability of the housing finance market; and
(B) the public interest would be better served by taking some other enforcement action authorized under this chapter.
(b) AuthorityThe Director shall have the authority to take any actions under sections 4615 and 4616 of this title with respect to an enterprise under conservatorship.
(c) Approval of activities (1) ConservatorThe conservator of any enterprise classified as critically undercapitalized may undertake an activity subject to the approval of the Secretary under section 4542 of this title only with the additional approval of the Director.
(2) No conservatorIf the Director determines under subsection (a)(2) of this section not to appoint a conservator for an enterprise classified as critically undercapitalized, the provisions of section 4616 of this title shall apply with respect to the enterprise.
(d) Effective dateThis section shall take effect upon the first classification of the enterprises within capital classifications that occurs under section 4614 of this title.
(Pub. L. 102–550, title XIII, §1367, Oct. 28, 1992, 106 Stat. 3980.)
References in TextThis chapter, referred to in subsec. (a)(2)(B), was in the original “this title”, meaning title XIII of Pub. L. 102–550, Oct. 28, 1992, 106 Stat. 3941, which is classified principally to this chapter. For complete classification of title XIII to the Code, see Short Title note set out under section 4501 of this title and Tables.
Section Referred to in Other SectionsThis section is referred to in sections 4616, 4619, 4620, 4623 of this title.
1 So in original. Probably should be “subsection”.
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