PUBLIC LAW 106-554—APPENDIX E 114 STAT. 2763A-393 State member bank which operates, or operates as, a multilateral clearing organization pursuant to section 409 of the Federal Deposit Insurance Corporation Improvement Act of 1991 to the same extent and in the same manner as the Comptroller of the Currency may appoint a conservator or receiver for a national bank. "(2) POWERS.— The conservator or receiver for an uninsured State member bank referred to in paragraph (1) shall exercise the same powers, functions, and duties, subject to the same limitations, as a conservator or receiver for a national bank. "(b) BOARD AUTHORITY. —The Board shall have the same authority with respect to any conservator or receiver appointed under subsection (a), and the uninsured State member bank for which the conservator or receiver has been appointed, as the Comptroller of the Currency has with respect to a conservator or receiver for a national bank and the national bank for which the conservator or receiver has been appointed. "(c) BANKRUPTCY PROCEEDINGS.— The Board (in the case of an uninsured State member hank which operates, or operates as, such a multilateral clearing organization) may direct a conservator or receiver appointed for the bank to file a petition pursuant to title 11, United States Code, in which case, title 11, United States Code, shall apply to the bank in lieu of otherwise applicable Federal or State insolvency law.". (c) TECHNICAL AND CONFORMING AMENDMENTS TO TITLE 11, ^ UNITED STATES CODE. —
(1) BANKRUPTCY CODE DEBTORS.— Section 109(b)(2) of title 11, United States Code, is amended by striking "; or" and inserting the following: ", except that 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 may be a debtor if a petition is filed at the direction of the Board of Governors of the Federal Reserve System; or". (2) CHAPTER 7 DEBTORS. — Section 109(d) of title 11, United States Code, is amended to read as follows: "(d) Only a railroad, a person that may be a debtor under chapter 7 of this title (except a stockbroker or a commodity broker), and 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 may be a debtor under chapter 11 of this title.". (3) DEFINITION OF FINANCIAL INSTITUTION.— Section 101(22) of title 11, United States Code, is amended to read as follows: "(22) the term 'financial institution'— " (A) means— "(i) a Federal reserve bank or an entity (domestic or foreign) that is a commercial or savings bank, industrial savings bank, savings and loan association, trust company, or receiver or conservator for such entity and, when any such Federal reserve bank, receiver, conservator, or entity is acting as agent or custodian for a customer in connection with a securities contract.
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