US Code / 2018 US Code / Title 12. Banks and Banking / Chapter 53. Wall Street Reform and Consumer Protection / Subchapter II. Orderly Liquidation Authority / 12 U.S. Code §5387. Directors not liable for acquiescing in appointment of receiver

12 U.S. Code §5387. Directors not liable for acquiescing in appointment of receiver

Section Text

The members of the board of directors (or body performing similar functions) of a covered financial company shall not be liable to the shareholders or creditors thereof for acquiescing in or consenting in good faith to the appointment of the Corporation as receiver for the covered financial company under section 5383 of this title.

Editorial Notes

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.

Citation

12 U.S.C. § 5387 (2018)