Page:United States Statutes at Large Volume 114 Part 5.djvu/434

 114 STAT. 2763A-394 PUBLIC LAW 106-554—APPENDIX E as defined in section 741 of this title, the customer; or "(ii) in connection with a securities contract, as defined in section 741 of this title, an investment company registered under the Investment Company Act of 1940; and "(B) includes any person described in subparagraph (A) which operates, or operates as, a multilateral clearing organization pursuant to section 409 of the Federal Deposit Insurance Corporation Improvement Act of 1991;". (4) DEFINITION OF UNINSURED STATE MEMBER BANK. — Section 101 of title 11, United States Code, is amended by inserting after paragraph (54) the following new paragraph— "(54A) the term 'uninsured State member bank' means a State member bank (as defined in section 3 of the Federal Deposit Insurance Act) the deposits of which are not insured by the Federal Deposit Insurance Corporation; and". (5) SUBCHAPTER V OF CHAPTER 7. — (A) IN GENERAL.— Section 103 of title 11, United States Code, is amended— (i) by redesignating subsections (e) through (i) as subsections (f) through (j), respectively; and (ii) by inserting after subsection (d) the following new subsection: " (e) SCOPE OF APPLICATION.— Subchapter V of chapter 7 of this title shall apply only in a case under such chapter concerning the liquidation of an uninsured State member bank, or a corporation organized under section 25A of the Federal Reserve Act, which operates, or operates as, a multilateral clearing organization pursuant to section 409 of the Federal Deposit Insurance Corporation Improvement Act of 1991.". (B) CLEARING BANK LIQUIDATION.— Chapter 7 of title 11, United States Code, is amended by adding at the end the following new subchapter: " SUBCHAPTER V—CLEARING BANK LIQUIDATION "§ 781. DelRnitions "For purposes of this subchapter, the following definitions shall apply: "(1) BOARD. — The term 'Board' means the Board of Governors of the Federal Reserve System, "(2) DEPOSITORY INSTITUTION.—The term 'depository institution' has the same meaning as in section 3 of the Federal Deposit Insurance Act. "(3) CLEARING BANK.— The term 'clearing bank' means an uninsured State member bank, or a corporation organized under section 25A of the Federal Reserve Act, which operates, or operates as, a multilateral clearing organization pursuant to section 409 of the Federal Deposit Insurance Corporation Improvement Act of 1991. "§ 782. Selection of trustee "(a) IN GENERAL. — "(1) APPOINTMENT. — Notwithstanding any other provision of this title, the conservator or receiver who files the petition

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