Page:United States Statutes at Large Volume 48 Part 1.djvu/29

 73d CONGRESS. SESS. I. CH.1. MA RCH 9, 1933 . 3 creditors thereof, the Comptroller of the Currency may appoint a Ap pointment co nserva tor fo r such bank and re quire of him such b ond an d secu rity Bond, etc, required as the Comptroller of the Currency deems proper. The con- To take over all servator, under th e directi on of the Comptrol ler, shal l take po ssession b ooks, ass ets, etc. of the books, records, and assets of every description of such bank, and take such action as may be necessary to conserve the assets of such bank pending further disposition of its business as provided by law. Such conservator shall have all the rights, powers, and ti nwrs and oblige- privileges now possessed by or hereafter given receivers of insolvent national banks and shall be subject to the obligations and penalties, not inconsistent with the provisions of this title, to which receivers are now or may hereafter become subject. During the time that such Rights under. conservator remains in possession of such bank, the rights of all parties with respec t ther eto sh all, s ubject to the other provi sions of this t itle, be the same as if a r eceiver h ad been a ppointed therefor. All expenses of any such conservatorship shall be paid out of the va orship. of conser- assets of such bank and shall be a lien thereon which shall be prior to any other lien provided by this Act or otherwise. The conservator sal ary. shall receive as salary an amount no greater than that paid to employees of the Federal Government for similar services. Bank examination ; SEC. 204. The Comptroller of the Currency shall cause to be made reports. such examinations of the affairs of such bank as shall be necessary to inform him as to the financial condition of such bank, and the examine r shal l make a rep ort th ereon to the Comptr oller of the Cur- rency at the earli est pract icable da te. SEC. 205 . If the Comptroller of the Currency becomes satisfied that Termination of con- SEC. and re- it may safely be done and that it would be in the public interest, he sumption of bank busi- n ess n ess may, in his discretion, terminate the conservatorship and permit such bank to resume the transaction of its business subject to such terms, conditions, restrictions and limitations as he may prescribe. SEC. 206. While such bank is in the hands of the conservator sums for depositors' withdrawals or pay- appointed by the Comptroller of the Currency, the Comptroller may m es fo c crestorn et require the conservator to set aside and make available for with- drawal by depositors and payment to other creditors, on a ratable basis, such amounts as in the opinion of the Comptroller may safely be used for this purpose ; and the Comptroller may, in his discre- tion,permit the conservator to receive deposits, but deposits received while the bank is in the hands of the conservator shall not be subject certain limitations not applicable to. to any limitation as to payment or withdrawal, and such deposits shall b e segr egated and s hall n ot be used to liqui date a ny ind ebted- segregation ; restric- tion on use, etc. ness of such bank existing at the time that a conservator was appointed for it, or any subsequent indebtedness incurred for the purpose of li quidat ing an y inde btedne ss of s uch ba nk exi sting at the time such conservator was appointed. Such deposits received while in To cash. kept on han d the bank is in the hands of the conservator shall be kept on hand in cash, invested in the direct obligations of the United States, or deposited with a Federal reserve bank. The Federal reserve banks be k prate accounts to are hereby author ized to open and mai ntain separate depos it accoun ts for such purpos e, or for th e purpo se of receiv ing de posits from State officials in charge of State banks under similar circumstances. SEC. 207 . In any reorganization of any national banking associa- Bank re7r ani zation. p. 2. tion under a plan of a kind which, under existing law, requires the Requi reme nts, etc. consent, as the case may be, (a) of depositors and other creditors or (b) of stockholders or (c) of both depositors and other creditors and stockholders, such reorganization shall become effective only (1) App,oval of comp- when the Comptroller of the Currency shall be satisfied that the plan troller• of reorganization is fair and equitable as to all depositors, other cred-