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12 U.S.C. § 209 — Liability protection
Federal law — U.S. Code and appendices · legal_authorities
**(a) Federal agency and employees** In any case in which the conservator is a Federal agency or an employee of the Government, the provisions of chapters 161 and 171 of title 28 shall apply with respect to such conservator’s liability for acts or omissions performed pursuant to and in the course of the duties and responsibilities of the conservatorship.
**(b) Other conservators** In any case where the conservator is not a conservator described in subsection (a), the conservator shall not be liable for damages in tort or otherwise for acts or omissions performed pursuant to and in the course of the duties and responsibilities of the conservatorship, unless such acts or omissions constitute gross negligence, including any similar conduct or any form of intentional tortious conduct, as determined by a court.
**(c) Indemnification** The Comptroller 11 So in original. Probably should be “Comptroller of the Currency”. shall have authority to indemnify the conservator on such terms as the Comptroller deems proper.
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Stable record: federal_law:legal_authorities:record_usc_483165d43a51ce13ef39e287
Source file: Laws/federal/codes/united-states-code/title-12/section-209-liability-protection--22b9a4509d.md
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Source location: Title 12, Chapter 2, § 209; chapter-002-national-banks.md
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**(a) Federal agency and employees** In any case in which the conservator is a Federal agency or an employee of the Government, the provisions of chapters 161 and 171 of title 28 shall apply with respect to such conservator’s liability for acts or omissions performed pursuant to and in the course of the duties and responsibilities of the conservatorship.
**(b) Other conservators** In any case where the conservator is not a conservator described in subsection (a), the conservator shall not be liable for damages in tort or otherwise for acts or omissions performed pursuant to and in the course of the duties and responsibilities of the conservatorship, unless such acts or omissions constitute gross negligence, including any similar conduct or any form of intentional tortious conduct, as determined by a court.
**(c) Indemnification** The Comptroller 11 So in original. Probably should be “Comptroller of the Currency”. shall have authority to indemnify the conservator on such terms as the Comptroller deems proper.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Office of the Comptroller of the Currency established** There is established in the Department of the Treasury a bureau to be known as the “Office of the Comptroller of the Currency” which is charged with assuring the safety and soundness of, and compliance with laws and regulations, fair access to financial services, and fair treatment of customers by, the institutions and other persons subject to its jurisdiction.
**(b) Comptroller of the Currency**
(1) **In general** — The chief officer of the Office of the Comptroller of the Currency shall be known as the Comptroller of the Currency. The Comptroller of the Currency shall perform the duties of the Comptroller of the Currency under the general direction of the Secretary of the Treasury. The Secretary of the Treasury may not delay or prevent the issuance of any rule or the promulgation of any regulation by the Comptroller of the Currency, and may not intervene in any matter or proceeding before the Comptroller of the Currency (including agency enforcement actions), unless otherwise specifically provided by law.
(2) **Additional authority** — The Comptroller of the Currency shall have the same authority with respect to functions transferred to the Comptroller of the Currency under the Enhancing Financial Institution Safety and Soundness Act of 2010 as was vested in the Director of the Office of Thrift Supervision on the transfer date, as defined in section 311 of that Act [[12 U.S.C. 5411](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5411&num=0&edition=prelim)].
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General powers** A conservator shall have all the powers of the shareholders, directors, and officers of the bank and may operate the bank in its own name unless the Comptroller 11 So in original. Probably should be “Comptroller of the Currency”. in the order of appointment limits the conservator’s authority.
**(b) Subject to rules of Comptroller** The conservator shall be subject to such rules, regulations, and orders as the Comptroller from time to time deems appropriate; and, except as otherwise specifically provided in such rules, regulations, or orders or in [section 209 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section209&num=0&edition=prelim), shall have the same rights and privileges and be subject to the same duties, restrictions, penalties, conditions, and limitations as apply to directors, officers, or employees of a national bank.
**(c) Payment of depositors and creditors** The Comptroller may require the conservator to set aside and make available for withdrawal by depositors and payment to other creditors such amounts as in the opinion of the Comptroller may safely be used for that purpose. All depositors and creditors who are similarly situated shall be treated in the same manner.
**(d) Compensation of conservator and employees** The conservator and professional employees appointed to represent or assist the conservator shall not be paid amounts greater than are payable to employees of the Federal Government for similar services, except that the Comptroller of the Currency may authorize payment at higher rates (but not in excess of rates prevailing in the private sector), if the Comptroller determines that paying such higher rates is necessary in order to recruit and retain competent personnel.
**(e) Exp
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 206
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Federal law — U.S. Code and appendices · legal_authorities
Page 71
TITLE 12—BANKS AND BANKING
§ 209
1 So in original. Probably should be ‘‘Comptroller of the Cur-
rency’’.
(b) Subject to rules of Comptroller
The conservator shall be subject to such rules,
regulations, and orders as the Comptroller from
time to time deems appropriate; and, except as
otherwise specifically provided in such rules,
regulations, or orders or in section 209 of this
title, shall have the same rights and privileges
and be subject to the same duties, restrictions,
penalties, conditions, and limitations as apply
to directors, officers, or employees of a national
bank.
(c) Payment of depositors and creditors
The Comptroller may require the conservator
to set aside and make available for withdrawal
by depositors and payment to other creditors
such amounts as in the opinion of the Comp-
troller may safely be used for that purpose. All
depositors and creditors who are similarly situ-
ated shall be treated in the same manner.
(d) Compensation of conservator and employees
The conservator and professional employees
appointed to represent or assist the conservator
shall not be paid amounts greater than are pay-
able to employees of the Federal Government
for similar services, except that the Comptroller
of the Currency may authorize payment at high-
er rates (but not in excess of rates prevailing in
the private sector), if the Comptroller deter-
mines that paying such higher rates is necessary
in order to recruit and retain competent per-
sonnel.
(e) Expenses
All expenses of any such conservatorship shall
be paid by the bank and shall be a lien upon the
bank which shall be prior to any other lien.
(Mar. 9, 1933, ch. 1, title II, § 206, 48 Stat. 3; Pub.
L. 101–73, title VIII, § 805, Aug. 9, 1989, 103 Stat.
445.)
Editorial Notes
AM
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 209
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