United States Code (Last Updated: May 24, 2014) |
Title 12. BANKS AND BANKING |
Chapter 2. NATIONAL BANKS |
SubChapter XV. CONVERSION OF NATIONAL BANKS INTO STATE BANKS |
§ 214d. Prohibition on conversion
Latest version.
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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