[USC02] 12 USC 214d: Prohibition on conversion
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12 USC 214d: Prohibition on conversion Text contains those laws in effect on November 26, 2020
From Title 12-BANKS AND BANKINGCHAPTER 2-NATIONAL BANKSSUBCHAPTER XV-CONVERSION OF NATIONAL BANKS INTO STATE BANKS

§214d. Prohibition on conversion

A national banking association may not convert to a State bank or State savings association during any period in which the national banking association is subject to a cease and desist order (or other formal enforcement order) issued by, or a memorandum of understanding entered into with, the Comptroller of the Currency with respect to a significant supervisory matter.

(Aug. 17, 1950, ch. 729, §10, as added Pub. L. 111–203, title VI, §612(a), July 21, 2010, 124 Stat. 1612 .)

Effective Date

Section effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as a note under section 5301 of this title.