12 U.S. Code § 214d - Prohibition on conversion

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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.

Source

(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 July 21, 2010, except as otherwise provided, see section 4 ofPub. L. 111–203, set out as a note under section 5301 of this title.

 

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