12 USC 1811 – Federal Deposit Insurance Corporation
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(a) Establishment of Corporation
There is hereby established a Federal Deposit Insurance Corporation (hereinafter referred to as the “Corporation”) which shall insure, as hereinafter provided, the deposits of all banks and savings associations which are entitled to the benefits of insurance under this chapter, and which shall have the powers hereinafter granted.
(b) Asset disposition division
(1) Establishment
The Corporation shall have a separate division of asset disposition.
(2) Management
The division of asset disposition shall have an administrator who shall be appointed by the Board of Directors.
(3) Responsibilities of division
The division of asset disposition shall carry out all of the responsibilities of the Corporation under this chapter relating to the liquidation of insured depository institutions and the disposition of assets of such institutions.
Terms Used In 12 USC 1811
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Board of Directors: means the Board of Directors of the Corporation. See 12 USC 1813
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- deposit: means &mdash. See 12 USC 1813