12-U.S.C.-197A
§197A – Resumption of Business By Closed Bank On Consent of Depositors
Pathway
Title 12 > Chapter 2 > Subchapter XIII > Section 197a
Details
- Reference: Section 197a
- Legend: §197A – Resumption of Business By Closed Bank On Consent of Depositors
- USCode Year: 2013
Provision Content
In any case in which, in the opinion of the Comptroller of the Currency, it would be to the advantage of the depositors and unsecured creditors of any national banking association whose business has been closed, for such association to resume business upon the retention by the association, for a reasonable period to be prescribed by the Comptroller, of all or any part of its deposits, the Comptroller is authorized, in his discretion, to permit the association to resume business if depositors and unsecured creditors of the association representing at least 75 per centum of its total deposit and unsecured credit liabilities consent in writing to such retention of deposits. Nothing in this section shall be construed to affect in any manner any powers of the Comptroller under the provisions of law in force on June 16, 1933, with respect to the reorganization of national banking associations.
(June 16, 1933, ch. 89, §29, 48 Stat. 193.)
Exception as to Transfer of Functions
Functions vested by any provision of law in Comptroller 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.
U.S. Encyclopedia of Law Coverage
12-U.S.C.-183 in the Legal Encyclopedia: Banking Law
In this entry about 12-U.S.C.-183, find legal reference material, bibliographies and premiere content related to banking law in the American Encyclopedia of Law, presenting a comprehensive view of the United States banking law-specific issues, written by authorities in the field.
12-U.S.C.-144 in the Legal Encyclopedia: Credit Institutions
In this entry about 12-U.S.C.-144, find legal reference material, bibliographies and premiere content related to credit institutions in the American Encyclopedia of Law, presenting a comprehensive view of the United States credit institutions-specific issues, written by authorities in the field.
12-U.S.C.-196 in the Legal Encyclopedia: Banks
In this entry about 12-U.S.C.-196, find legal reference material, bibliographies and premiere content related to banks in the American Encyclopedia of Law, presenting a comprehensive view of the United States banks-specific issues, written by authorities in the field.
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