A national banking association may not convert to a State bank or State savings association during any period in which the national banking association is subject to a cease and desist order (or other formal enforcement order) issued by, or a memorandum of understanding entered into with, the Comptroller of the Currency with respect to a significant supervisory matter.
Aug. 17, 1950, ch. 729, § 10Pub. L. 111–203, title VI, § 612(a)124 Stat. 1612(, as added , , .)
Statutory Notes and Related Subsidiaries
Effective Date
section 4 of Pub. L. 111–203section 5301 of this titleSection effective 1 day after , except as otherwise provided, see , set out as a note under .