purchase of share accounts or make repurchases of share accounts.

and

§ 548.5 Inventory; examinations audits, and costs thereof; accounting practices.

(a) Inventory. As soon as practicable after taking possession the conservator shall inventory the association's assets as of the date possession was taken. It shall include the value on the association's books of each asset, security therefor, a brief description of the asset and any security, and a record of the association's creditor and share liabilities. The Director must be satisfied that the method of listing assets provides such information. Two copies of the inventory shall promptly be filed with the Secretary to the Board, one copy with the Director, and one copy retained during the conservatorship in the association's principal office.

(b) Examinations and audits, and costs thereof. The Board may direct the association to be examined and/or audited (with appraisals if deemed advisable) by the Department of Examinations, FSLIC. The cost, as determined by the Board, including any office analysis shall be paid from the association's assets unless the Board orders otherwise.

(c) Accounting practices; reports. The conservator shall follow such accounting practices as the Director may prescribe and make such reports as the Board or the Director may require.

§ 548.6 Final discharge and release of conservator.

When relieved of all duties, the conservator shall file with the Board a report satisfactory to it. The Board may direct an audit in connection with that report and shall approve or disapprove the accounts of the conservator. If the accounts are approved, the conservator shall thereupon be completely and finally released.

§ 548.7 Inspection of reports.

Unless the Board or Director otherwise directs, the conservator's inventories, statements, and reports shall be in at least four copies. Two copies shall be filed with the Secretary to the

except that the notice required by § 548.1(c) shall state:

-Federal Savings and Loan Association [or Federal Savings Bank],

-, is in the hands of the Federal Savings and Loan Insurance Corporation [or Federal Deposit Insurance Corporation] as receiver appointed by the Federal Home Loan Bank Board.

Federal Savings and Loan Insurance Corporation [or Federal Deposit Insurance Corporation] as Receiver.

By

Title

Date

[47 FR 56993, Dec. 22, 1982]

8549.3 Powers and duties of receiver.

(a) The receiver, after posting notice under § 549.1, shall collect all obligations and money due the association. The receiver may, with respect to the association, exercise the powers which a conservator of a Federal association may, with or without approval of the Board or the Director and whether or not under the direction of the General Counsel of the Board, exercise under paragraphs (a) through (f), (k), (1), (n), and (o) of § 548.2. In interpreting those paragraphs for purposes of this section the word "receiver" shall be read for "conservator", "receivership" for "conservatorship", and any requirement that the Board or the Director approve terms and conditions of a transaction shall not apply.

(b) The receiver may also:

(1) Employ any attorney(s) designated by, or acceptable to, the Board's General Counsel to give legal advice and assistance for the receivership generally or in particular instances, and pay their retainers, compensation, and expenses, including litigation costs, as approved by the General Counsel, from the association's assets;

(2) Execute, acknowledge, and deliver any instrument necessary for any purpose, and any instrument executed under this paragraph shall be as valid and effectual as if it had been executed by the association's officers by authority of its board of directors;

(3) Deposit funds collected in any bank(s) insured by the Federal Deposit Insurance Corporation, in a Bank, or any other depository institutions approved for that purpose by the Board. All depository bank accounts of the re

mailed, the claimant files a written request for payment regardless of the disallowance, disallowance shall be final, except as the Board may otherwise determine.

(c) Upon expiration of the specified time for presenting claims, the receiver shall cause to be filed with the Board a complete list of claims presented, indicating the character of each claim and whether allowed by the receiver. At such other date(s) as the Board may order or the receiver may determine, a list of claims presented before that date shall be filed with the Board.

(d) Creditor claims which were allowed by the receiver or approved by the Board shall be paid by the receiver, from time to time, to the extent funds are available, in such manner and amounts as the Board may direct.

8549.5 Share interest claims.

(b)(1) When directed to do so by the Board, the receiver shall promptly publish a notice to the association's creditors and to holders of its demand accounts, savings deposits and savings accounts to present their claims, with proof thereof, to the receiver by a date specified in the notice (at least 90 days after publication). The notice shall be published again approximately 1 month and 2 months respectively after the date of first publication. Claims filed after the specified date shall be disallowed, except as the Board may thereafter approve them for whole or part payment from the association's assets remaining undistributed at the time of approval. However, if the claim is with respect to a demand account savings, deposit or savings account and is filed during the 3-year period specified under paragraph (c)(1) of this section, the filing shall be seasonable under that paragraph. The receiver shall mail a similar notice to any creditor, holder of a demand account, holder of a savings deposit, or holder of a savings account shown on the association's books at the last address of the creditor or holder appearing thereon, except the notice need not be mailed to any holder whose deposit or account has been, or is being, surrendered or transferred to the Corporation. A claim filed under this paragraph (b) asserts all rights of the claimant to the withdrawal value of the account and to share in the association's remaining assets.

SO

(2) The receiver shall approve any seasonably filed claim proved to its satisfaction. The receiver may wholly or partly disallow any claim of security, preference, or priority not proved and shall notify the claimant of the disallowance and the reason therefor. Mailing notice of the disallowance to the claimant's last address appearing on the association's books or the proof of claim shall be sufficient notice. Unless, within 30 days after the notice is mailed, the claimant files a written request for payment regardless of the disallowance, disallowance shall be final, except as the Board may otherwise determine.

(3) Upon expiration of the specified time for presenting claims, the receiver shall cause to be filed with the

Board a complete list of the claims presented, indicating the character of each claim and whether allowed by the receiver. At such other date(s) as the Board may order or the receiver may determine, a list of claims presented before that date shall be filed with the Board.

(4) Claims which were, under this subsection, allowed by the receiver or approved by the Board shall be paid by the receiver, from time to time, to the extent funds are available, in such manner and amounts as the Board may direct.

(5) Section 569c.11 shall govern the priorities of unsecured claims with respect to all FSLIC receiverships to which Part 549 is applicable.

(c)(1) When directed to do so by the Board, the receiver shall promptly, but not before the date specified in the notice under paragraph (b)(1) of this section, publish a notice to the holder of the association's savings accounts and demand accounts, savings deposits, except deposits and accounts with respect to which claims have previously been filed with the receiver, to present their claims, with proof thereof, to the receiver by a date specified in the notice. The notice shall specify a date 3 years after the date of the receiver's appointment and urge that claims be presented promptly. It shall be published again approximately 1 year and 2 years respectively after the date of the first publication. Claims filed after the specified date shall be disallowed, except as the Board may thereafter approve them for whole or part payment from the association's assets remaining undistributed at the time of approval. When the first liquidating dividend is declared, the receiver shall credit to a special reserve the proportionate shares of that dividend otherwise payable to the holder of unclaimed demand accounts, savings accounts and savings deposits appearing on the association's books to be outstanding and valid, and similar credits shall be made for any subsequent liquidating dividends declared before the date specified in the notice. The final liquidating dividend to holders of claims allowed or approved for payment by the Board may include any amounts previously undistributed, but

shall not be paid before the specified date. Distributions made or made available on demand accounts, savings accounts or savings deposits under paragraph (b) of this section shall be treated as if they had been made or made available as liquidating dividends under this paragraph (c)(1), but this sentence does not authorize recapture of any such dividend. Paragraph (b)(2) of this section applies also to claims filed under this paragraph (c)(1).

(2) Upon expiration of the 3-year period, the receiver shall cause to be filed with the Board a complete list of the claims presented with respect to demand accounts, savings deposits and savings accounts and not included in any list previously filed under paragraph (b)(3) of this section. The list shall indicate the character of each claim and whether allowed by the receiver. On such other date(s) as the Board may order or the receiver may ⇓ determine, a list of claims presented before that date shall be filed with the Board.

(3) When insurance is paid to the holder of a demand account, savings deposit or savings account, transfer of the insured account or deposit to the Corporation, and the Corporation's subrogation with respect to the deposit or account to the extent provided by law, shall be noted on the books of the receivership.

(4) Allowed claims with respect to demand accounts, savings deposits or savings accounts to which the corporation has become subrogated, uninsured claims allowed by the receiver, ed and claims approved for payment by the Board shall be paid by the receiver hein liquidating dividends declared from time to time by the Board, to the

extent funds are available, in such dmanner and amounts as the Board may direct.

[44 FR 39142, July 3, 1979, as amended at 47 FR 56993, Dec. 22, 1982; 53 FR 25132, July 5, 1988]

§ 549.6 Inventory; examinations

and