12 U.S.C. § 624 : US Code - Section 624: Appointment of receiver or conservator

Search 12 U.S.C. § 624 : US Code - Section 624: Appointment of receiver or conservator

(A) In general. - 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.
(B) Equivalent authority. - 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.
(C) Title 11 petitions. - 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.