|
|
|
Home >> Legal Service >> US Codes >> Title 12 Banks and Banking >> CHAPTER 6 >> § 624
|
|
|
|
Advertise on 321lender.com
|
| § 624. Appointment of receiver or conservator |
§ 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.
|
|
|
|
|
|
|
Top Articles |
|
|
Article Archive |
|
|
Article Of The Day |
|
|
|
|
|
|
|
|
avarshney