
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 12USC339a]

 
                       TITLE 12--BANKS AND BANKING
 
                    CHAPTER 3--FEDERAL RESERVE SYSTEM
 
            SUBCHAPTER VIII--STATE BANKS AS MEMBERS OF SYSTEM
 
Sec. 339a. Resolution of clearing banks


(a) Conservatorship or receivership

                           (1) Appointment

        The Board may appoint a conservator or receiver to take 
    possession and control of any uninsured State member bank which 
    operates, or operates as, a multilateral clearing organization 
    pursuant to section 4422 of this title 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.

                             (2) Powers

        The conservator or receiver for an uninsured State member bank 
    referred to in paragraph (1) shall exercise the same powers, 
    functions, and duties, subject to the same limitations, as a 
    conservator or receiver for a national bank.

(b) Board authority

    The Board shall have the same authority with respect to any 
conservator or receiver appointed under subsection (a) of this section, 
and the uninsured State member bank for which the conservator or 
receiver has been appointed, as the Comptroller of the Currency has with 
respect to a conservator or receiver for a national bank and the 
national bank for which the conservator or receiver has been appointed.

(c) Bankruptcy proceedings

    The Board (in the case of an uninsured State member bank which 
operates, or operates as, such a multilateral clearing organization) may 
direct a conservator or receiver appointed for the bank to file a 
petition pursuant to title 11, in which case, title 11 shall apply to 
the bank in lieu of otherwise applicable Federal or State insolvency 
law.

(Dec. 13, 1913, ch. 6, Sec. 9B, as added Pub. L. 106-554, Sec. 1(a)(5) 
[title I, Sec. 112(b)], Dec. 21, 2000, 114 Stat. 2763, 2763A-392.)
