§624. Receivers

Whenever the Board of Governors of the Federal Reserve System shall become satisfied of the insolvency of any corporation organized under this subchapter, it may appoint a receiver who shall take possession of all of the property and assets of the corporation and exercise the same rights, privileges, powers, and authority with respect thereto as are now exercised by receivers of national banks appointed by the Comptroller of the Currency of the United States: Provided, however, That the assets of the corporation subject to the laws of other countries or jurisdictions shall be dealt with in accordance with the terms of such laws.

(Dec. 23, 1913, ch. 6, §25A (par.), formerly §25(a), as added Dec. 24, 1919, ch. 18, 41 Stat. 378 ; amended Aug. 23, 1935, ch. 614, title II, §203(a), 49 Stat. 704 ; renumbered §25A, Dec. 19, 1991, Pub. L. 102–242, title I, §142(e)(2), 105 Stat. 2281 .)

References in Text

Any corporation organized under this subchapter, referred to in text, was in the original "any such corporation".

Codification

Section is comprised of a part of section 25A, formerly section 25(a), which was added to act Dec. 23, 1913, ch. 6, by act Dec. 24, 1919.

Change of Name

Section 203(a) of act Aug. 23, 1935, changed name of Federal Reserve Board to Board of Governors of the Federal Reserve System.

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.

Cross References

National banks, see section 191 et seq. of this title.