Notice to insured members.

any termination of the status institution as an insured instisuch institution shall submit to rporation, within 60 days from e of such termination, satisfacidence of the giving of notice of ation of insurance of accounts nsured members, as provided by gether with a copy of the notice

In the event of the failure of ich institution to submit such ce within the 60-day period or in ent the Corporation determines rm of notice given by such insti

is unsatisfactory, the Corporanay give such notice to the inmembers of the institution of ermination of its status as in ininstitution as the Corporation mines appropriate.

§ 565.10

8565.6 Cessation of existence; mergers and consolidations.

Subject to the provisions of § 563.16 of this subchapter, the termination of by merger or consolidation shall termithe existence of an insured institution nate, as of the effective date of such merger or consolidation, the insured status of such insured institution and all rights of its insured members to insurance by this Corporation and its liability for insurance premiums, except premiums still unpaid (including current annual premium) shall cease as of such date.

§ 565.7 Cessation of existence; other cases.

In connection with any other case of stitution, by lapse of charter, dissolucessation of existence of an insured inwise than by reason of a default, the tion, voluntary liquidation, or otherinsured status of the insured institution, all rights of its insured members to insurance by this Corporation and its liability for insurance premiums, except premiums still unpaid (includcease, as of the date of the distribuing current annual premium) shall tion of its final liquidation dividend.

§ 565.8 Surrender of insurance certificate. Upon termination of insurance of any insured institution under this part, the certificate of insurance shall be surrendered to the Corporation for cancellation.

§ 565.9 FDIC-insured Federal associations.

Federal associations the deposits of which are insured by the Federal Deposit Insurance Corporation are not deemed to be insured institutions for the purposes of this part.

(Secs. 2, 5, 48 Stat. 128, 132, as amended (12 U.S.C. 1462, 1464); secs. 401, 402, 403, 405, 406, 407, 48 Stat. 1255, 1256, 1257, 1259, 1260, as amended (12 U.S.C. 1724, 1725, 1726, 1728, 1729, 1730); sec. 408, 82 Stat. 5, as amended (12 U.S.C. 1730a), Reorg. Plan No. 3 of 1947, 3 CFR, 1943-1948 Comp., p

1071)

[47 FR 56995, Dec. 22, 19821

§ 565.10 Liquidation acesunt.

In addition to any other provision N this chapter, ary nared

organized in the mutual form, that voluntarily or involuntarily terminates its insured status in accordance with this part, or otherwise terminates its eligibility for insured status, shall establish and maintain a liquidation account for the benefit of all members or depositors existing on the effective date of such termination, as provided in § 563b.3 of this subchapter, as if such termination constituted a conversion to the stock form. The foregoing requirement shall apply to any successor in interest of such insured institution. This section shall expire on April 26, 1985.

(Secs. 2 and 5, 48 Stat. 128 and 132, as amended (12 U.S.C. 1462 and 1464); secs. 402, 403 and 407, 48 Stat. 1256, 1257, and 1260, as amended (12 U.S.C. 1725, 1726 and 1730); Reorg. Plan No. 3 of 1947; 12 FR 4891, 3 CFR 1943-1948 Comp., p. 1071) [49 FR 19003, May 4, 1984]

PART 566-[RESERVED]

PART 567-AMENDMENT OF RULES

AND REGULATIONS

AUTHORITY: Secs. 402-407, 48 Stat. 1256, as amended, 1257, as amended, 1258, as amended, 1260, as amended; 12 U.S.C. 1725-1727, 1730, Reorg. Plan No. 3 of 1947, 3 CFR, 1943-1948 Comp.

§ 567.1 Amendment of rules and regulations.

The rules and regulations in this subchapter, subject to any specific provision contained in this subchapter, may be amended in whole or in part at any time in accordance with the provisions set forth in Subchapter A of this chapter.

[23 FR 9918, Dec. 23, 1958]

PART 568-SERVICE OF PROCESS UPON CORPORATION

AUTHORITY: Sec. 402, 48 Stat. 1256, as amended; 12 U.S.C. 1725, Reorg. Plan No. 3 of 1947, 3 CFR, 1943-1948 Comp.

§ 568.1 Agents for service of process.

Persons desiring to serve process upon the Federal Savings and Loan Insurance Corporation in any jurisdiction may obtain the name and address

§ 569.1

Definitions.

As used in this part:

(a) Security holder. The term "security holder" means any person having the right to vote in the affairs of an insured institution by virtue of:

(1) Ownership of any security of the institution or

(2) Any indebtedness to the institution.

For purposes of this part, the term "security holder" shall include any account holder having the right to vote in the affairs of a mutual insured institution.

(b) Person. The term "person" includes, in addition to natural persons, corporations, partnerships, pension funds, profit-sharing funds, trusts, and any other group of associated persons of whatever nature.

(c) Proxy. The term "proxy" includes every form of authorization by which a person is, or may be deemed to be, designated to act for the security holder in the exercise of his voting rights in the affairs of an insured institution. Such an authorization may

Porm of failure to dissent or

cit; solicitation. The terms -ind "solicitation" refer to: (1) est for a proxy whether or panied by or included in a Ciroxy; (2) any request to exeexecute, or revoke a proxy;

e furnishing of a form of other communication to secuers under circumstances reaAlculated to result in the prowithholding, or revocation y. The terms do not apply, to the furnishing of a form to a security holder upon the of such security holder or to ormance by any person of al acts on behalf of a person a proxy.

973, Oct. 14, 1971, as amended at 58, May 17, 1985]

orm of proxies.

form of proxy solicited on or cember 1, 1971, by any person form to the following require

Me proxy shall be revocable at he person giving it. The power ke may not be conditioned on nt or occurrence or be othermited; except that, in the case oxy relating to capital stock if oxy is coupled with an interest, uch fact on its face, and is valid he laws of the State in which it exercised, such proxy may be revocable to the extent permitBuch State law. The proxy may not be part of her document or instrument Is an account card).

The proxy shall be clearly laRevocable Proxy" in boldface Et least as large as 18 point).

Holders of proxies.

To proxy of an insured mutual Ention with a term greater than months or solicited at the exof the association may designate der anyone other than the board ectors [trustees] as a whole, or a ittee appointed by a majority of Doard.

No proxy may designate as a r any corporation or partnership ding any person acting on behalf

of any corporation or partnership), or any person other than a living, natural person. However, a proxy may designate:

(1) The holder of a specified title or office, if a natural person; or

(2) A committee composed solely of natural persons, including a committee composed of the board of directors or a committee appointed by a majority of such board of an insured association.

(c) With respect to any proxy outstanding on October 15, 1971, no designation of a living, natural person shall be ineffective under this section solely for the reason that a corporation or partnership (including any person acting on behalf of any corporation or partnership), or any person other than a living, natural person, is named as an alternate or substitute holder.

[36 FR 19973, Oct. 14, 1971, as amended at 48 FR 44194, Sept. 28, 1983; 52 FR 7124, Mar. 9, 1987]

§ 569.4 Proxy soliciting material.

No solicitation of a proxy shall be made by means of any statement, form of proxy, notice of meeting, or other communication, written or oral, which:

(a) Solicits any undated or postdated proxy;

(b) Solicits any proxy that provides that it shall be deemed to be dated as of any date subsequent to the date on which it is signed by the security holder; or

(c) (1) Contains any statement that is false or misleading with respect to any material fact, or

(2) Omits to state any material fact: (i) Necessary in order to make the statements therein not false or misleading or (ii) necessary to correct any statement in any earlier communication with respect to the solicitation of a proxy for the same meeting or subject matter that has subsequently become false or misleading.

vator, receiver, or other legal custodian was appointed, or at the time such institution was closed, or exists thereafter during the appointment of the conservator, receiver, or other legal custodian or while the institution is closed; and

(c) That one or more of the holders of checking or savings accounts in such institution is unable to obtain a withdrawal of his account, in whole or in part;

the Board shall have exclusive power and jurisdiction to appoint the Corporation as sole Receiver for such institution. As used in this part, the term "default" means an adjudication or other official determination of a court of competent jurisdiction or other public authority pursuant to which a conservator, receiver, or other legal custodian is appointed for an insured institution for the purpose of liquidation.

[33 FR 14366, Sept. 24, 1968, as amended at 40 FR 46095, Oct. 6, 1975; 47 FR 56995, Dec. 22, 1982]

§ 569a.2 Appointment of Receiver.

If the Board makes the determinations specified in § 569a.1, the Board or will by order appoint the Federal Savings and Loan Insurance Corporation Le as sole Receiver for such insured institution for the purpose of liquidation, sof and such appointment may be ex parte and without notice.

§ 569a.3 Notice of appointment.

In the event that the Board appoints a Receiver for an insured institution pursuant to § 569a.2, the Secretary to the Board shall mail a certified copy 20 of the order of appointment by certified mail to the address of the institution as it shall appear on the records of the Board, to any supervisory or regulatory authority to which such institution was theretofore subject, to © any previous conservator, receiver, or other legal custodian of any such insured institution, and to any court or other authority to which such previous conservator, receiver, or custodian is subject. Notice of such appointment shall be filed forthwith for publication in the FEDERAL REGISTER.

session by Receiver. Doration shall take possestly of the insured instituLich it has been appointed

service of a certified copy rd's order of appointment nsured institution or upon vator, receiver, or custodian stitution. "Service" as used ceding sentence is accomleaving a certified copy of at the principal office of the institution or by handing a opy of said order to the conCeceiver, or custodian of such stitution or to the officer or of the insured institution or servator, receiver, or custo

shall be in the principal The institution and appears to rge of such office. The Re11 thereafter promptly notify

by certified mail the court public authority having juriser such conservator, receiver, lian and any supervisory or y authority to which the intitution was theretofore sub

; possession of the insured inImmediately upon taking on of any insured institution, poration as Receiver shall h take possession of and title

records, and assets of every on of such institution and of s of such institution. The Coras Receiver, by operation of without any conveyance or strument, act or deed, shall to (a) all the rights, titles, and privileges of the insured Con, its members, holders of ig or savings accounts and nonwable accounts, its officers and s or any of them, and (b) the the books, records, and assets y description of any conservaeiver, or other legal custodian a institution appointed under aw. Such members, holders of ng or savings accounts and nonawable accounts, officers or di, or any of them, or any such vator, receiver, or other legal ian shall not thereafter have or se any such rights, powers, or ges or act in connection with set or property of any nature of stitution in receivership.

(b) File with the Secretary to the Board a statement that it has taken

possession of such institution and of the time of such taking of possession; and such statement shall be conclusive evidence of such taking of possession and of the time of such taking of possession; and

(c) Notify, by certified mail or telegraph, all banks, trust companies, and

all other individuals, partnerships, corporations and associations, known to the Receiver to be holding or in possession of any assets of such insured institution that the Federal Savings and Loan Insurance Corporation as Receiver has succeeded to all the rights, titles, powers, and privileges of such institution, and to the titles of any conservator, receiver, or other legal custodian of such institution appointed under State law.

§ 5698.6 Powers and duties as Receiver.

The Receiver shall promptly have an inventory and an audit made, either by an independent Certified Public Accountant or as otherwise directed by the Board, of the assets of such institution as of the date of such taking possession, showing the value as carried on the books of the institution, and the security therefor, if any, in whatever form the same shall exist, with a brief description of each such asset and such security. Such assets may be listed in such groups or classes as shall afford full information as to