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LegalText 12 U.S.C. § 197a Resumption of business by closed bank on consent of depositors us united_states_code code_section 12 BANKS AND BANKING 2 NATIONAL BANKS 197a 12 U.S.C. § 197a current 119-100 2026-06-26 official https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip /us/usc/t12/s197a data/legal/raw/us/code/title-12/usc12.xml 52a61df7508f8b632435e50021b25f27b2c4d2c24be6defc6193ca344b15d2d1 e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa 23ee14d93cf2a32afdc308efb3301f391bc4710882eb669f4582173b57340b82 2026-07-04 official
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12 U.S.C. § 197a - Resumption of business by closed bank on consent of depositors

Text

In any case in which, in the opinion of the Comptroller of the Currency, it would be to the advantage of the depositors and unsecured creditors of any national banking association whose business has been closed, for such association to resume business upon the retention by the association, for a reasonable period to be prescribed by the Comptroller, of all or any part of its deposits, the Comptroller is authorized, in his discretion, to permit the association to resume business if depositors and unsecured creditors of the association representing at least 75 per centum of its total deposit and unsecured credit liabilities consent in writing to such retention of deposits. Nothing in this section shall be construed to affect in any manner any powers of the Comptroller under the provisions of law in force on June 16, 1933, with respect to the reorganization of national banking associations.

(June 16, 1933, ch. 89, § 29, 48 Stat. 193.)

Notes

Executive Documents

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.