2016 US Code
Title 12 - Banks and Banking
Chapter 3 - Federal Reserve System
Subchapter VIII - State Banks as Members of System
Sec. 339a - Resolution of clearing banks
| 12 U.S.C. § 339a (2016) |
| §339a. Resolution of clearing banks |
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(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 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. 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. The 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. |
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(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.) |
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REFERENCES IN TEXT
Section 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 (a)(1), was repealed by Pub.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. |
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1 See References in Text note below. |
| United States Code, 2012 Edition, Supplement 4, Title 12 - BANKS AND BANKING |
| Bills and Statutes |
| United States Code |
| Y 1.2/5: |
| Title 12 - BANKS AND BANKING CHAPTER 3 - FEDERAL RESERVE SYSTEM SUBCHAPTER VIII - STATE BANKS AS MEMBERS OF SYSTEM Sec. 339a - Resolution of clearing banks |
| section 339a |
| 2016 |
| January 6, 2017 |
| No |
| standard |
| 114 Stat. 2763 124 Stat. 1729 |
| Public Law 106-554, Public Law 111-203 |
