12 USC 214d: Prohibition on conversion
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12 USC 214d: Prohibition on conversion Text contains those laws in effect on November 20, 2024
From Title 12-BANKS AND BANKINGCHAPTER 2-NATIONAL BANKSSUBCHAPTER XV-CONVERSION OF NATIONAL BANKS INTO STATE BANKS
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§214d. Prohibition on conversion

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 .)


Statutory Notes and Related Subsidiaries

Effective Date

Section effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as a note under section 5301 of this title.