US Code

Public Law 119-73 (01/23/2026)

12 U.S.C. § 624

Appointment of receiver or conservator

(A)

In general .—

The Board may appoint a conservator or receiver for a corporation organized under the provisions of this subchapter to the same extent and in the same manner as the Comptroller of the Currency may appoint a conservator or receiver for a national bank, and the conservator or receiver for such corporation shall exercise the same powers, functions, and duties, subject to the same limitations, as a conservator or receiver for a national bank.
(B)

Equivalent authority .—

The Board shall have the same authority with respect to any conservator or receiver appointed for a corporation organized under the provisions of this subchapter under this section and any such corporation as the Comptroller of the Currency has with respect to a conservator or receiver of a national bank and the national bank for which a conservator or receiver has been appointed.
(C)

Title 11 petitions .—

The Board may direct the conservator or receiver of a corporation organized under the provisions of this subchapter to file a petition pursuant to title 11, in which case, title 11 shall apply to the corporation in lieu of otherwise applicable Federal or State insolvency law.

Dec. 23, 1913, ch. 6, § 25A(16)Dec. 24, 1919, ch. 1841 Stat. 378Aug. 23, 1935, ch. 61449 Stat. 704Pub. L. 102–242, title I, § 142(e)(2)105 Stat. 2281Pub. L. 106–554, § 1(a)(5) [title I, § 112(e)]114 Stat. 2763(, formerly § 25(a) (par.), as added , ; amended , title II, § 203(a), ; renumbered § 25A (par.), , , ; renumbered § 25A(16), and amended , , , 2763A–396.)

Editorial Notes

References in Text

This subchapter, referred to in text, was in the original “this section”, meaning section 25A of act , which is classified to this subchapter (§ 611 et seq.).

Codification

section 611 of this titleSection is comprised of par. (16) of section 25A of act , which comprises this subchapter. For complete classification of section 25A of this Act, see Codification note set out under .

Amendments

Pub. L. 106–554Provided, however2000— amended section catchline and text generally. Prior to amendment, text read as follows: “Whenever the Board of Governors of the Federal Reserve System shall become satisfied of the insolvency of any corporation organized under this subchapter, it may appoint a receiver who shall take possession of all of the property and assets of the corporation and exercise the same rights, privileges, powers, and authority with respect thereto as are now exercised by receivers of national banks appointed by the Comptroller of the Currency of the United States: , That the assets of the corporation subject to the laws of other countries or jurisdictions shall be dealt with in accordance with the terms of such laws.”