{"identifier":"/us/usc/t12/s624","title":12,"num":"\u00a7\u202f624.","heading":"Appointment of receiver or conservator","text":"\u00a7\u202f624.\nAppointment of receiver or conservator\n(A)\nIn general.\u2014\nThe Board may appoint a conservator or receiver for a corporation organized under the provisions of this subchapter 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, and the conservator or receiver for such corporation shall exercise the same powers, functions, and duties, subject to the same limitations, as a conservator or receiver for a national bank.\n(B)\nEquivalent authority.\u2014\nThe Board shall have the same authority with respect to any conservator or receiver appointed for a corporation organized under the provisions of this subchapter under this section and any such corporation as the Comptroller of the Currency has with respect to a conservator or receiver of a national bank and the national bank for which a conservator or receiver has been appointed.\n(C)\nTitle 11 petitions.\u2014\nThe Board may direct the conservator or receiver of a corporation organized under the provisions of this subchapter to file a petition pursuant to title 11, in which case, title 11 shall apply to the corporation in lieu of otherwise applicable Federal or State insolvency law.","url":"https://projectusc.org/usc/t12/s624.html","content":[{"t":"sec","id":"/us/usc/t12/s624","children":[{"t":"num","text":"\u00a7\u202f624."},{"t":"heading","text":"Appointment of receiver or conservator"},{"t":"subpara","id":"/us/usc/t12/s624/A","children":[{"t":"num","text":"(A)"},{"t":"heading","text":"In general.\u2014"},{"t":"content","text":"The Board may appoint a conservator or receiver for a corporation organized under the provisions of this subchapter 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, and the conservator or receiver for such corporation shall exercise the same powers, functions, and duties, subject to the same limitations, as a conservator or receiver for a national bank.","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s624/B","children":[{"t":"num","text":"(B)"},{"t":"heading","text":"Equivalent authority.\u2014"},{"t":"content","text":"The Board shall have the same authority with respect to any conservator or receiver appointed for a corporation organized under the provisions of this subchapter under this section and any such corporation as the Comptroller of the Currency has with respect to a conservator or receiver of a national bank and the national bank for which a conservator or receiver has been appointed.","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s624/C","children":[{"t":"num","text":"(C)"},{"t":"heading","text":"Title 11 petitions.\u2014"},{"t":"content","text":"The Board may direct the conservator or receiver of a corporation organized under the provisions of this subchapter to file a petition pursuant to title 11, in which case, title 11 shall apply to the corporation in lieu of otherwise applicable Federal or State insolvency law.","tail":"\n"}],"tail":"\n"},{"t":"text","text":"\n"},{"t":"text","text":"\n"}]}]}