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12 U.S.C. § 206 — Conservator; powers and duties
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
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Source file: Laws/federal/codes/united-states-code/title-12/section-206-conservator-powers-and-duties--d5aa6d6f30.md
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Source location: Title 12, Chapter 2, § 206; chapter-002-national-banks.md
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**(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) 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.
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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) 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.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 209
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** Except as provided in subsection (b) and by the Government Employees Salary Reform Act of 1964 (78 Stat. 400) and notwithstanding the provisions of other statutes, the head of an Executive agency or military department who is authorized to fix by administrative action the annual rate of basic pay for a position or employee may not fix the rate at more than the rate for level IV of the Executive Schedule. This section does not impair the authorities provided by—
(1) sections 248, 482, 1766, and 1819 of title 12, section 206 of the Bank Conservation Act, sections 2B(b) 11 See References in Text note below. and 21A(e)(4) 1 of the Federal Home Loan Bank Act, section 2A(i) 1 of the Home Owners’ Loan Act, and sections 5.11 and 5.58 of the Farm Credit Act of 1971;
(2) [section 831b of title 16](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title16-section831b&num=0&edition=prelim);
(3) sections 403a–403c, 403e–403h, and 403j of title 50; 1 or
(4) 22 So in original. Two pars. (4) have been enacted. section 4802.
(4) 2 section 2(a)(7) of the Commodity Exchange Act ([7 U.S.C. 2(a)(7)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section2/a/7&num=0&edition=prelim)).
**(b)** Subsection (a) shall not affect the authority of the Secretary of Defense or the Secretary of a military department to fix the pay of a civilian employee paid from nonappropriated funds, except that the annual rate of basic pay (including any portion of such pay attributable to comparability with private-sector pay in a locality) of such an employee may not be fixed at a rate greater than the rate for level III of the Executive Schedule.
Source: Supplied U.S. Code snapshot — release unconfirmed · 5 U.S.C. § 5373
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Federal law — U.S. Code and appendices · legal_authorities
Page 70
TITLE 12—BANKS AND BANKING
§ 205
1 So in original. Probably should be ‘‘Comptroller of the Cur-
rency’’.
1 So in original. Probably should be ‘‘Comptroller of the Cur-
rency’’.
troller of the Currency shall cause to be made such ex-
aminations of the affairs of such bank as shall be nec-
essary to inform him as to the financial condition of
such bank, and the examiner shall make a report there-
on to the Comptroller of the Currency at the earliest
practicable date.’’
Executive Documents
EXCEPTION AS TO TRANSFER OF FUNCTIONS
Functions vested by any provision of law in Comp-
troller of the Currency, referred to in this section, not
included in transfer of functions to Secretary of the
Treasury, see note set out under section 1 of this title.
§ 205. Termination of conservatorship
(a) General rule
At any time the Comptroller 1 becomes satis-
fied that it may safely be done and that it would
be in the public interest, the Comptroller (with
the agreement of the Board of Directors of the
Federal Deposit Insurance Corporation when the
Corporation has been appointed conservator)
may—
(1) terminate the conservatorship and per-
mit the involved bank to resume the trans-
action of its business subject to such terms,
conditions, and limitations as the Comptroller
may prescribe; or
(2) terminate the conservatorship upon a
sale, merger, consolidation, purchase and as-
sumption, change in control, or voluntary dis-
solution and liquidation of the involved bank.
(b) Other grounds for termination
The Comptroller also may terminate the con-
servatorship upon the appointment of a receiver
pursuant to section 191 of this title.
(c) Enforcement under Federal Deposit Insur-
ance Act
Such terms, conditions, and limitations as
may be prescribed under subsection
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 206
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