Title 12 — Banks and BankingRelease 119-73not60
§197a Resumption of Business by Closed Bank on Consent of Depositors
Title 12 › Chapter 2— NATIONAL BANKS › Subchapter XIII— RECEIVERSHIP › § 197a
Summary
The Comptroller may allow a closed national bank to reopen if depositors and unsecured creditors holding at least 75 percent of its deposit and unsecured liabilities agree in writing to let the bank retain some or all of those funds for a reasonable time; this does not affect reorganization powers from June 16, 1933.
Full Legal Text
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.
Legislative History
Notes & Related Subsidiaries
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.
Reference
Citations & Metadata
Citation
12 U.S.C. § 197a
Title 12 — Banks and Banking
Last Updated
Apr 3, 2026
Release point: 119-73not60