(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
409 of the Federal Deposit Insurance Corporation Improvement Act of
1991 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), 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, United States Code,
in which case, title 11, United States Code, shall apply to the bank
in lieu of otherwise applicable Federal or State insolvency law.
[12 USC 339a.
As added by act of Dec. 21, 2000 (114 Stat. 2763A-392).]
