§ 624.
(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.
([Dec. 23, 1913, ch. 6, § 25A(16)], formerly § 25(a) (par.), 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 (par.), [Pub. L. 102–242, title I, § 142(e)(2)], Dec. 19, 1991, [105 Stat. 2281]; renumbered § 25A(16), and amended [Pub. L. 106–554, § 1(a)(5) [title I, § 112(e)]], Dec. 21, 2000, [114 Stat. 2763], 2763A–396.)