12 U.S.C. § 1786a — Omitted

Page 919 TITLE 12—BANKS AND BANKING § 1787 EFFECTIVE DATE OF 2010 AMENDMENT Amendment by Pub. L. 111–203 effective on the trans- fer date, see section 351 of Pub. L. 111–203, set out as a note under section 906 of Title 2, The Congress. EFFECTIVE DATE OF 2004 AMENDMENT Pub. L. 108–458, title VI, § 6303(d), Dec. 17, 2004, 118 Stat. 3754, provided that: ‘‘Notwithstanding any other effective date established pursuant to this Act [see Ta- bles for classification], subsection (a) shall become ef- fective on the date of enactment of this Act [Dec. 17, 2004], and the amendments made by subsections (b) and (c) [amending this section and section 1820 of this title] shall become effective at the end of the 12-month pe- riod beginning on the date of enactment of this Act [Dec. 17, 2004], whether or not final regulations are issued in accordance with the amendments made by this section [amending this section and section 1820 of this title] as of that date of enactment.’’ EFFECTIVE DATE OF 1992 AMENDMENT Pub. L. 102–550, title XV, § 1501(c), Oct. 28, 1992, 106 Stat. 4045, provided that: ‘‘The amendments made by this section [amending this section and section 1821 of this title] shall take effect on December 20, 1992.’’ EFFECTIVE DATE OF 1989 AMENDMENT Pub. L. 101–73, title IX, § 903(e), Aug. 9, 1989, 103 Stat. 457, provided that: ‘‘The amendments made by this sec- tion [amending this section and section 1818 of this title] shall apply with respect to violations committed and activities engaged in after the date of the enact- ment of this Act [Aug. 9, 1989].’’ EFFECTIVE DATE OF 1978 AMENDMENT Amendment by sections 107(a)(4), (c)(4), (d)(4), and 111(d)(1)–(3) of Pub. L. 95–630 effective upon expiration of 120 days after Nov. 10, 1978, see section 2101 of Pub. L. 95–630, set out as an Effective Date note under sec- tion 375b of this title. Amendment by section 107(e)(4) of Pub. L. 95–630 ap- plicable to violations occurring or continuing after Nov. 10, 1978, see section 109 of Pub. L. 95–630, set out as a note under section 93 of this title. Amendment by section 502(b) of Pub. L. 95–630 effec- tive on expiration of 120 days after Nov. 10, 1978, and transitional provisions, see section 509 of Pub. L. 95–630, set out as a note under section 1752 of this title. EFFECTIVE DATE OF REGULATIONS PRESCRIBED UNDER 1986 AMENDMENT The regulations required to be prescribed under amendment by Pub. L. 99–570 effective at end of 3- month period beginning on October 27, 1986, see section 1364(e) of Pub. L. 99–570, set out as a note under section 1464 of this title. EXTENSION OF EMERGENCY ACQUISITION AND NET WORTH GUARANTEE PROVISIONS OF PUB. L. 97–320 No amendment made by section 141(a) of Pub. L. 97–320, set out as a note under section 1464 of this title, as in effect before Aug. 10, 1987, to any other provision of law to be deemed to have taken effect before such date and any such provision of law to be in effect as if no such amendment had been made before such date, see section 509(c) of Pub. L. 100–86, set out as a note under section 1464 of this title. No amendment made by section 141(a) of Pub. L. 97–320, set out as a note under section 1464 of this title, as in effect on the day before Oct. 8, 1986, to any other provision of law to be deemed to have taken effect be- fore such date and any such provision of law to be in ef- fect as if no such amendment had taken effect before such date, see section 1(c) of Pub. L. 99–452, set out as a note under section 1464 of this title. Section 141(a) of Pub. L. 97–320, set out as a note under section 1464 of this title, as in effect on the day after Aug. 27, 1986, applicable as if included in Pub. L. 97–320 on Oct. 15, 1982, with no amendment made by such section to any other provision of law to be deemed to have taken effect before Aug. 27, 1986, and any such provision of law to be in effect as if no such amendment had taken effect before Aug. 27, 1986, see section 1(c) of Pub. L. 99–400, set out as a note under section 1464 of this title. § 1786a. Omitted Editorial Notes CODIFICATION Section, act June 26, 1934, ch. 750, title II, § 206A, as added Pub. L. 105–164, § 3(b), Mar. 20, 1998, 112 Stat. 35; amended Pub. L. 109–351, title VII, § 726(20), Oct. 13, 2006, 120 Stat. 2003, which related to regulation and examina- tion of credit union organizations and service providers by the National Credit Union Administration Board, ceased to be effective as of Dec. 31, 2001, pursuant to subsec. (f) of the section. § 1787. Payment of insurance (a) Liquidation by Board; bond; appointment of agent; fees to be fixed by Board (1)(A) Upon its finding that a Federal credit union insured under this subchapter is bankrupt or insolvent, the Board shall close such credit union for liquidation and appoint itself liqui- dating agent therefor. (B) Not later than 10 days after the date on which the Board closes a credit union for liq- uidation pursuant to paragraph (1), or accepts appointment as liquidating agent pursuant to subsection (b), such insured credit union may apply to the United States district court for the judicial district in which the principal office of such insured credit union is located or the United States District Court for the District of Columbia, for an order requiring the Board to show cause why it should not be prohibited from continuing such liquidation. Except as other- wise provided in this subparagraph, no court may take any action for or toward the removal of any liquidating agent or, except at the in- stance of the Board, restrain or affect the exer- cise of powers or functions of a liquidating agent. (2) Notwithstanding any other provision of law, the Board as liquidating agent of a closed Federal credit union insured under this sub- chapter shall not be required to furnish bond and shall have the right to appoint an agent or agents to assist it in its duties as such liqui- dating agent. All fees, compensation, and ex- penses of liquidation and administration thereof shall be fixed by the Board and may be paid by them out of funds coming into its possession as such liquidating agent. (3) LIQUIDATION TO FACILITATE PROMPT CORREC- TIVE ACTION.—The Board may close any credit union for liquidation, and appoint itself or an- other (including, in the case of a State-char- tered insured credit union, the State official having jurisdiction over the credit union) as liq- uidating agent of that credit union, if— (A) the Board determines that— (i) the credit union is significantly under- capitalized, as defined in section 1790d of this title, and has no reasonable prospect of becoming adequately capitalized, as defined in section 1790d of this title; or