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12 U.S.C. § 624 — Appointment of receiver or conservator
Federal law — U.S. Code and appendices · legal_authorities
(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.
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Stable record: federal_law:legal_authorities:record_usc_c5307cddbc7a2cbbc0f871d2
Source file: Laws/federal/codes/united-states-code/title-12/section-624-appointment-of-receiver-or-conservator--8b3f070d3b.md
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Source location: Title 12, Chapter 6, § 624; chapter-006-foreign-banking.md
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(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.
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Federal law — U.S. Code and appendices · legal_authorities
Corporations to be organized for the purpose of engaging in international or foreign banking or other international or foreign financial operations, or in banking or other financial operations in a dependency or insular possession of the United States, either directly or through the agency, ownership or control of local institutions in foreign countries, or in such dependencies or insular possessions as provided by this subchapter and to act when required by the Secretary of the Treasury as fiscal agents of the United States, may be formed by any number of natural persons, not less in any case than five: Provided, That nothing in this subchapter shall be construed to deny the right of the Secretary of the Treasury to use any corporation organized under this subchapter as depositaries in Panama and the Panama Canal Zone, or other insular possessions and dependencies of the United States.
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Federal law — U.S. Code and appendices · legal_authorities
Page 193
TITLE 12—BANKS AND BANKING
§ 624
Editorial Notes
REFERENCES IN TEXT
This subchapter, referred to in text, was in the origi-
nal ‘‘this section’’, meaning section 25A of act Dec. 23,
1913, which is classified to this subchapter (§ 611 et seq.).
CODIFICATION
Section is comprised of par. 13 (undesignated) of sec-
tion 25A of act Dec. 23, 1913, which comprises this sub-
chapter. For complete classification of section 25A of
this Act, see Codification note set out under section 611
of this title.
§ 622. Forfeiture of rights and privileges; dissolu-
tion; liability of directors and officers
Should any corporation organized under this
subchapter violate or fail to comply with any of
the provisions of this subchapter, all of its
rights,
privileges,
and
franchises
derived
herefrom may thereby be forfeited. Before any
such corporation shall be declared dissolved, or
its rights, privileges, and franchises forfeited,
any noncompliance with or violation of such
laws shall, however, be determined and adjudged
by a court of the United States of competent ju-
risdiction, in a suit brought for that purpose in
the district or territory in which the home of-
fice of such corporation is located, which suit
shall be brought by the United States at the in-
stance of the Board of Governors of the Federal
Reserve System or the Attorney General. Upon
adjudication of such noncompliance or viola-
tion, each director and officer who participated
in, or assented to, the illegal act or acts shall be
liable in his personal or individual capacity for
all damages which the said corporation shall
have sustained in consequence thereof. No dis-
solution shall take away or impair any remedy
against the corporation, its stockholders, or of-
ficers for any liability or
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 624
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