1. U.S. Code
  2. title 12
  3. chapter 2
  4. subchapter XIV
  5. § 203

Collapse to view only § 203. Appointment of conservator

§ 201. Short title

This subchapter may be cited as the “Bank Conservation Act.”

(Mar. 9, 1933, ch. 1, title II, § 201, 48 Stat. 2.)

CITE AS: 12 USC 201

§ 202. Definitions

As used in this subchapter, the term “bank” means any national banking association or any other financial institution chartered or licensed under Federal law and subject to the supervision of the Comptroller of the Currency; the term “voluntary dissolution and liquidation” means a transaction pursuant to section 181 of this title that involves the assumption of the bank’s insured deposit liabilities and the sale of the bank, or of control of the bank, as a going concern; and the term “State” means any State, Territory, or possession of the United States, and the Canal Zone.

(Mar. 9, 1933, ch. 1, title II, § 202, 48 Stat. 2; Pub. L. 101–73, title VIII, § 801, Aug. 9, 1989, 103 Stat. 441; Pub. L. 109–351, title VII, § 725(b), Oct. 13, 2006, 120 Stat. 2001; Pub. L. 109–356, title I, § 123(b), Oct. 16, 2006, 120 Stat. 2028.)

CITE AS: 12 USC 202

§ 203. Appointment of conservator
(a) Appointment
(b) Judicial review
(1) In general
(2) Stay
(3) Actions and orders
Except as otherwise provided in this subsection, no court may take any action regarding the removal of a conservator, or restrain, or affect the exercise of powers or functions of a conservator. A court, upon application by the Comptroller, shall have jurisdiction to enforce an order of the Comptroller relating to—
(A) the conservatorship and the bank in conservatorship, or
(B) restraining or affecting the exercise of powers or functions of a conservator.
(c) Additional grounds for appointment
In addition to the foregoing provisions, the Comptroller may appoint a conservator for a bank if—
(1) the bank, by an affirmative vote of a majority of its board of directors or by an affirmative vote of a majority of its shareholders, consents to such appointment, or
(2) the Federal Deposit Insurance Corporation terminates the bank’s status as an insured bank.
The appointment of a conservator pursuant to this subsection shall not be subject to review.
(d) Exclusive authority
(e) Replacement of conservator
(Mar. 9, 1933, ch. 1, title II, § 203, 48 Stat. 2; Pub. L. 101–73, title VIII, § 802, Aug. 9, 1989, 103 Stat. 442; Pub. L. 102–242, title I, § 133(c), Dec. 19, 1991, 105 Stat. 2271.)

CITE AS: 12 USC 203

§ 204. Examinations

The Comptroller of the Currency (in consultation with the Board of Directors of the Federal Deposit Insurance Corporation when the Corporation is appointed conservator) is authorized to examine and supervise the bank in conservatorship as long as the bank continues to operate as a going concern. The Comptroller may use reports and other information provided by the Federal Deposit Insurance Corporation for this purpose.

(Mar. 9, 1933, ch. 1, title II, § 204, 48 Stat. 3; Pub. L. 101–73, title VIII, § 803, Aug. 9, 1989, 103 Stat. 443.)

CITE AS: 12 USC 204

§ 205. Termination of conservatorship
(a) General rule
At any time the Comptroller 1
1 So in original. Probably should be “Comptroller of the Currency”.
becomes satisfied that it may safely be done and that it would be in the public interest, the Comptroller (with the agreement of the Board of Directors of the Federal Deposit Insurance Corporation when the Corporation has been appointed conservator) may—
(1) terminate the conservatorship and permit the involved bank to resume the transaction of its business subject to such terms, conditions, and limitations as the Comptroller may prescribe; or
(2) terminate the conservatorship upon a sale, merger, consolidation, purchase and assumption, change in control, or voluntary dissolution and liquidation of the involved bank.
(b) Other grounds for termination
(c) Enforcement under Federal Deposit Insurance Act
(d) Action upon termination
(1) In general
(2) Deposit and distribution of proceeds
(A) Within 180 days of the sale, merger, consolidation, purchase and assumption, change in control, or voluntary dissolution and liquidation, the conservator shall deposit all net proceeds received from the transaction, less any outstanding expenses of the conservatorship, with the United States district court for the judicial district in which the home office of such bank is located and shall cause notice to be published for three consecutive months and notify by mail all known and remaining creditors and shareholders. Within 60 days thereafter, any depositor, creditor, or other claimant of the bank, or any shareholder of the bank may bring an action in interpleader in that court for distribution of the proceeds. The district court shall distribute such funds equitably. If no such action is instituted within one year after the date the funds are deposited with the district court, title to such net proceeds shall revert to the United States and the district court shall remit the funds to the Treasury of the United States.
(B) The conservator shall be deemed to have discharged all responsibility of the conservatorship upon the deposit of the proceeds with the district court and giving the required notifications.
(Mar. 9, 1933, ch. 1, title II, § 205, 48 Stat. 3; Pub. L. 101–73, title VIII, § 804, Aug. 9, 1989, 103 Stat. 443.)

CITE AS: 12 USC 205

§ 206. Conservator; powers and duties
(a) General powers
(b) Subject to rules of Comptroller
(c) Payment of depositors and creditors
(d) Compensation of conservator and employees
(e) Expenses

CITE AS: 12 USC 206

§§ 207, 208. Repealed. Pub. L. 101–73, title VIII, § 808, Aug. 9, 1989, 103 Stat. 446

CITE AS: 12 USC 207, 208

§ 209. Liability protection
(a) Federal agency and employees
(b) Other conservators
(c) Indemnification
(Mar. 9, 1933, ch. 1, title II, § 209, 48 Stat. 5; Sept. 3, 1954, ch. 1263, § 23, 68 Stat. 1234; Pub. L. 101–73, title VIII, § 806, Aug. 9, 1989, 103 Stat. 445.)

CITE AS: 12 USC 209

§ 210. Governmental powers unimpaired

Nothing in this subchapter shall be construed to impair in any manner any powers of the President, the Secretary of the Treasury, the Comptroller of the Currency, or the Board of Governors of the Federal Reserve System.

(Mar. 9, 1933, ch. 1, title II, § 210, 48 Stat. 5; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704.)

CITE AS: 12 USC 210

§ 211. Rules and regulations
(a) In general
(b) F.D.I.C. as conservator
(Mar. 9, 1933, ch. 1, title II, § 211, 48 Stat. 5; Pub. L. 101–73, title VIII, § 807, Aug. 9, 1989, 103 Stat. 446.)

CITE AS: 12 USC 211

§ 212. Right to amend; separability

The right to alter, amend, or repeal this Act is expressly reserved. If any provision of this Act, or the application there of to any person or circumstances, is held invalid, the remainder of the Act, and the application of such provision to other persons or circumstances, shall not be affected thereby.

(Mar. 9, 1933, ch. 1, title V, § 502, 48 Stat. 7.)

CITE AS: 12 USC 212

§ 213. Transferred

CITE AS: 12 USC 213