§197a — Title 12 Banks and Banking | U.S. Code

Summary

If the Comptroller thinks it's better for a closed national bank's depositors and unsecured creditors to let the bank reopen by keeping some or all deposits for a reasonable time set by the Comptroller, he may allow reopening. He may do this only if depositors and unsecured creditors representing at least 75% of the bank's total deposit and unsecured credit liabilities agree in writing. Nothing here changes the Comptroller's other powers under laws in force on June 16, 1933, about reorganizing national banks.

Title 12, §197a

Banks and Banking — Source: USLM XML via OLRC

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.

Executive Documents

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.

§197a Resumption of business by closed bank on consent of depositors

Summary

Title 12, §197a

Notes & Related Subsidiaries

Executive Documents

Transfer of Functions

Transfer of Functions

Citations & Metadata