2015 US Code
Title 12 - Banks and Banking (Sections 1 - 5710)
Chapter 3 - Federal Reserve System (Sections 221 - 522)
Subchapter VIII - State Banks as Members of System (Sections 321 - 339a)
Sec. 339a - Resolution of clearing banks
Publication Title | United States Code, 2012 Edition, Supplement 3, 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 3 - FEDERAL RESERVE SYSTEM SUBCHAPTER VIII - STATE BANKS AS MEMBERS OF SYSTEM Sec. 339a - Resolution of clearing banks |
Contains | section 339a |
Date | 2015 |
Laws In Effect As Of Date | January 3, 2016 |
Positive Law | No |
Disposition | standard |
Source Credit | Dec. 13, 1913, ch. 6, §9B, as added Pub. L. 106-554, §1(a)(5) [title I, §112(b)], Dec. 21, 2000, 114 Stat. 2763, 2763A-392. |
Statutes at Large References | 114 Stat. 2763 124 Stat. 1729 |
Public and Private Laws | Public Law 106-554, Public Law 111-203 |
Download PDF
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) PowersThe 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 authorityThe 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 proceedingsThe 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, §9B, as added Pub. L. 106–554, §1(a)(5) [title I, §112(b)], Dec. 21, 2000, 114 Stat. 2763, 2763A–392.)
REFERENCES IN TEXTSection 4422 of this title, referred to in subsec. (a)(1), was repealed by Pub. L. 111–203, title VII, §740, July 21, 2010, 124 Stat. 1729.
CODIFICATIONSection was enacted as section 9B of act Dec. 13, 1913, and not as part of section 9 of such act which comprises this subchapter.
1 See References in Text note below.
Disclaimer: These codes may not be the most recent version. The United States Government Printing Office may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the US site. Please check official sources.