Suspension of parallel Federal Deposit Insurance Act authority
section 1823(c)(4)(G)(i) of this titlesection 5612 of this titleEffective upon , the Corporation may not exercise its authority under to establish any widely available debt guarantee program for which would provide authority.
Omitted
Effect of default on an FDIC guarantee
section 1813 of this titlesection 5612 of this titlesection 1823(c)(4)(G)(i) of this titleIf an insured depository institution or depository institution holding company (as those terms are defined in ) participating in a program under , or any participant in a debt guarantee program established pursuant to defaults on any obligation guaranteed by the Corporation after , the Corporation shall—
appoint itself as receiver for the insured depository institution that defaults; and
with respect to any other participating company that is not an insured depository institution that defaults—
require—
section 5383 of this titlesection 5382 of this title consideration of whether a determination shall be made, as provided in to resolve the company under ; and
section 301 of title 11section 5382 of this title the company to file a petition for bankruptcy under if the Corporation is not appointed receiver pursuant to within 30 days of the date of default; or
section 303 of title 11 file a petition for involuntary bankruptcy on behalf of the company under .
Pub. L. 111–203, title XI, § 1106124 Stat. 2125(, , .)
Editorial Notes
Codification
section 1106 of Pub. L. 111–203section 1106 of Pub. L. 111–203section 1823 of this titleSection is comprised of . Subsec. (b) of amended .