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(q) Form 555. Certified StatementPart Two, Tabulation of Assessment Base. Form 555 is used for the daily tabulation of total deposit liabilities, deductions claimed, and deposits for assessment base in connection with the preparation of Part One of the various Certifled Statements. The form is prescribed by the board of directors of the Corporation and must be retained by the bank as a permanent record. A supply of these forms, ample for its needs for one year, is mailed annually to each insured bank. Additional supplies of the form may be obtained from the Fiscal Agent upon request on order blank, Form FA-29, or by letter when accompanied by remittance at the rate of fifty cents per package of 25 sheets.

(r) Form 556. Certified Statement— Part Two, Suggested Form for Schedule Supporting Tabulation of Assessment Base. Form 556 is designed for the convenient accumulation of data relating to deposit liabilities or deductions claimed as shown on Tabulation of Assessment Base (Form 555). Use of this form is optional and may be obtained upon request on order blank, Form FA-29, or by letter when accompanied

by remittance at the rate of fifty cents per package of 25 sheets.

(s) Form 645. First Certified Statement-Part One, Based on Deposits for the First Thirty-One Days of Operation as an Insured Bank. Form 645 must be executed in quadruplicate by each bank admitted to membership, except banks admitted in June or December. Form 645 contains a summary of the aggregate daily totals of deposit liabilities less authorized deductions by which the submitting bank reports the amount of deposits used in computing its assessment base and the amount of its assessment due the Corporation. Three copies, signed and certified under oath as true by the officer authorized to so certify, must be forwarded to the Fiscal Agent on or before the forty-fifth day after the first day of operation as an insured bank. The fourth copy must be retained in the bank's file. These forms are mailed to newly insured banks with appropriate instructions for the preparation.*

(t) Form 645A. Second Certified Statement-Part One. Form 645A must be submitted by all banks becoming insured, except those admitted to insurance during the months of June or December. Form 645A contains a summary of the aggregate daily totals of deposit liabilities less authorized deductions by which the submitting bank reports the amount of deposits used in computing its assessment base and the amount of its assessment due the Corporation. The form must be executed in quadruplicate. Three copies, signed and certified under oath as true by the officer authorized to so certify, must be forwarded to the Fiscal Agent on or before the next succeeding January 15th or July 15th, after the bank became an insured bank. The fourth copy must be retained in the bank's file. They are mailed to the insured banks with an accompanying letter of instructions."

(u) Form 645B. Second Certifled Statement-Part One. Form 645B must be submitted by each bank admitted to membership in the months of June and December. Form 645B contains a summary of the aggregate daily totals of deposit liabilities less authorized deductions by which the submitting bank reports the amount of deposits used in computing its assessment base and the amount of its assessment due the Corporation. The form must be executed in quadruplicate.

3 Copies of such instructions may be obtained on request from the Fiscal Agent.

Three copies, signed and certified under oath as true by the officer authorized to so certify, must be forwarded to the Fiscal Agent on or before February 15th or August 15th after becoming an insured bank. The fourth copy must be retained in the bank's file. They are mailed to the insured banks with an accompanying letter of instructions.

(v) Form 545. Certified StatementPart One. A Form 545 must be submitted on or before January 15th and July 15th, based on deposits for the preceding six months ending on December 31st or June 30th, by each insured bank, except newly insured banks which must submit their first and second certified statements on other specified forms. Form 545 contains a summary of the aggregate daily totals of deposit liabilities less authorized deductions by which the submitting bank reports the amount of deposits used in computing its assessment base and the amount of its assessment due the Corporation. The form must be executed in quadruplicate. Three copies, signed and certified under oath as true by the officer authorized to so certify, must be forwarded to the Fiscal Agent, and the fourth copy retained in the bank's file. The forms are mailed to all insured banks each six months, in ample time to permit compliance with the law, but if not received on or before January 1st or July 1st they should be obtained from the Fiscal Agent. Instructions for the preparation of said forms are furnished all insured banks.4

(w) Form 845. Final Certified Statement-Part One, For an Insured Bank Whose Deposit Liabilities are Assumed by Another Insured Bank. Form 845 contains a summary of the aggregate daily totals of deposit liabilities less authorized deductions by which the submitting bank reports the amount of deposits used in computing its assessment base and the amount of its assessment due the Corporation. Form 845, accompanied by an appropriate letter of explanation and instructions, is mailed to each insured bank whose deposit liabilities are assumed by another insured bank. The form must be executed in quadruplicate. Three copies, signed and certified under oath as true by the officer authorized to so certify, must be forwarded to the Fiscal Agent and the fourth copy retained in the bank's file.

*Copies of such instructions may be obtained on request from the Fiscal Agent.

(x) Form 845A. Final Certified Statement-Part One, For an Insured Bank Whose Deposit Liabilities are Assumed by Another Insured Bank (for use when the assuming bank is executing the Certified Statement for the bank whose deposit liabilities were assumed). Form 845A contains a summary of the aggregate daily totals of deposit liabilities less authorized deductions by which the submitting bank reports the amount of deposits used in computing its assessment base and the amount of its assessment due the Corporation. Form 845A, accompanied by an appropriate letter of explanation and instructions, is mailed to the insured bank which is assuming the liabilities of another insured bank. The form must be executed in quadruplicate. Three copies, signed and certified under oath as true by the officer authorized to so certify, must be forwarded to the Fiscal Agent, and the fourth copy retained for the bank's file.

(y) Form 555.5 Recapitulation of the Monthly Totals of Certified StatementPart Two. A Form 555 (Recapitulation) must be submitted with the Certified Statement, Part One, required of each insured bank, except the first certified statement required of newly insured banks and the second certified statement required of banks becoming insured in June or December. Form 555 (Recapitulation) is a monthly recapitulation of the daily deposit liabilities, deductions claimed, and deposits for assessment base tabulated on Form 555, Certified Statement-Part Two, Tabulation of Assessment Base, and is used in connection with the preparation of Part One of the various certified statements. The form must be executed in duplicate, the original to be forwarded to the Fiscal Agent and the duplicate retained in the bank's file.

(z) Amended and Corrected Certified Statements. Forms for the amendment or correction of previously submitted certified statements are identical in number and form to the Forms 645, 645A, 645B, 545, 845, and 845A described above except that in the title of the form they carry the additional word "Amended" or "Corrected". These forms may be obtained on request from the Fiscal Agent.

This form bears an identifying symbol, distinguishing it from Form 555 described in paragraph (q) of this section.

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PART 309-PAYMENT OF INSURED
DEPOSITS

§ 309.1 Payment of insured deposits
in closed banks. When an insured bank
closes under circumstances requiring the
Corporation to make payment of the in-
sured deposits therein, as prescribed by
law,' the board of directors appoints one
or more Claim Agents with power and
authority as provided by law 2 who main-
tain a temporary office at the site of the
closed bank for the purpose of receiving
claims for insured deposits and making
payment thereof as soon as possible in
accordance with applicable law. Claim-
ants for insured deposits are required to
submit to such Claim Agents appropri-
ate proofs of claim, in form and manner
prescribed by law or by the board of
directors, to deliver up any pass book or
other record issued by the bank evidenc-
ing the insured deposit, to assign their
claims for insured deposits to the Cor-
poration to the extent required by law,
and to furnish proper identification.
The claimant is required to make proof
thereof to the satisfaction of the Claim
Agent. Disputed claims which cannot
be adjusted in the field are referred to
the Chief of the Division of Liquidation
for determination and when satisfactory
disposition cannot be so made, may be
referred to the board of directors for
appropriate action. In cases where the
Corporation is not satisfied as to the
validity of a claim for an insured deposit,
it may require the final determination
of a court of competent jurisdiction be-
fore paying such claim. The Corpora-
tion is authorized to make payment of
the insured deposits by making avail-
able to each depositor a transferred de-
posit in a new bank in the same
community or in another insured bank
in an amount equal to the insured de-
posit of such depositor and subject to
withdrawal on demand, which is the
equivalent of cash, or in such other
manner as the board of directors may
prescribe. The Corporation's more re-
cent practice has been to make such

1 See subsection (1) of section 12B of the Federal Reserve Act, as amended (12 U.S.C. 264 (1)), particularly paragraphs (2), (6), and (7); for definition of the term "insured deposit" see subsection (c) (13) thereof.

"See subsectior (k) (2) of section 12B of the Federal Reserve Act, as amended (12 U.S.C. 264 (k) (2)).

payment by issuing its check for the amount of the insured deposit. In making such payments, the Corporation exercises its statutory authority to withhold payment of such portion of the insured deposit of any depositor as may be required to provide for the payment of any liability of such depositor as a stockholder of the bank, or of any liability of such depositor to the closed bank or its receiver, which is not offset against a claim due from the bank, pending the determination and payment of such liability by the depositor or any other person liable therefor. (48 Stat. 168, as amended; 12 U.S.C. and Sup., 264) [Res., Aug. 30, 1946, effective Sept. 11, 1946, 11 F.R. 177A-439]

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§ 310.1 Liquidation of assets acquired through loans and purchases. Assets acquired by the Corporation pursuant to contracts of loan or purchase from insured banks or receivers of closed insured banks, in accordance with the provisions of section 12B (n) (3) and (n) (4) of the Federal Reserve Act, as amended (sec. 12B (n) (3), (4), 48 Stat. 176, as amended; 12 U.S.C. 264 (n) (3), (4), are liquidated by the Corporation through a liquidator appointed in the same manner as in the case of a national bank receivership (see § 310.2). The liquidator takes possession of the assets and usually maintains a liquidating office in the vicinity of the bank from which the assets were acquired. The liquidator receives collections of debts and claims due, effects sales of assets, compositions and compromises of debts, and otherwise enforces claims and obligations due and owing and arising out of the liquidation. Proposals for the sale of assets, compositions and compromises, and extensions or renewals of debts due or other contracts, are transmitted by the liquidator to the Chief of the Division of

Liquidation and are in turn submitted to the Committee on Liquidations, Loans, and Purchase of Assets and to the board of directors of the Corporation for approval. Expenses of administration, attorneys' fees, proposals for leasing, engaging brokers or others, independent contractors, and advances to protect assets are likewise submitted by the liquidator for transmission with the recommendation of the Division of Liquidation to the Committee on Liquidations, Loans, and Purchase of Assets and to the board of directors of the Corporation for approval. In general, the liquidator is the local representative of the Corporation and proceeds in compliance with the manual of instructions of the Division of Liquidation to liquidate the assets so acquired.

§ 310.2 National bank receiverships. Whenever any insured national bank or insured District bank shall have been closed by action of its board of directors, or of the Comptroller of the Currency, on account of inability to meet the demands of its depositors,' or whenever the insured status of a national member bank is terminated by action of the board of directors of the Corporation, or it ceases to be a member of the Federal Reserve System,' and is unable to meet the demands of its depositors, the Comptroller of the Currency appoints the Corporation as receiver for such bank. Immediately upon appointment the Corporation takes possession of the records, assets, and affairs of the bank through one of its agents, usually a liquidator, appointed to represent the Corporation in that receivership. If possession is taken by an agent other than a liquidator, the liquidator, when appointed, is substituted for the agent. The board of directors of the Corporation appoints the agent to take possession, the liquidator, such assistant liquidators, and personnel, as may be necessary, as well as an attorney to furnish the Corporation as receiver with such legal assistance as may be required in the administration of the receivership. The liquidator as local representative of the Corporation proceeds, in compliance with the manual of instructions of the Division of Liquidation, and in conformity with the appli

*Sec. 12B (1) (3) of the Federal Reserve Act, as amended (12 U.S.C. 264 (1) (3)).

* Section 12B (i) (2) of the Federal Reserve Act, as amended (12 U.S.C. 264 (1) (2)).

cable provisions of the National Bank Act and section 12B of the Federal Reserve Act, as amended, to liquidate the assets, receive claims of depositors (claiming in excess of $5,000 per depositor) and other creditors, pay the expenses of administration, distribute the proceeds of such liquidation, and otherwise wind up the affairs of the bank subject to the control of the board of directors of the Corporation and under the supervision of the Chief of the Division of Liquidation. After notice by advertisement pursuant to law, depositors having claims in excess of $5,000 per depositor, and other creditors, are permitted to fille claims with the liquidator, who transmits such claims to the Division of Liquidation for allowance, classification, and deductions by way of setoffs or counterclaims. Such claims are filed on blanks prescribed from time to time by the Corporation and when allowed are evidenced by receiver's certificates issued by the Division of Liquidation on such forms as are from time to time prescribed by the Corporation. The liquidator receives collections of debts and claims due to the receivership, effects sales of assets, compositions and compromises of debts, and otherwise enforces claims and obligations, owing to the receivership. All proceeds of the liquidation are segregated and are kept separate and apart from the general and other funds of the Corporation. Proposals for the sale of assets, compositions, and compromises are transmitted by the liquidator to the Division of Liquidation, which in turn submits them to the Committee on Liquidations, Loans, and Purchase of Assets and to the board of directors of the Corporation as well as to the Comptroller of the Currency for approval; and upon such approval the liquidator, through local counsel, presents the proposals to a court of competent jurisdiction for authorization as provided by 12 U. S. C. 192. Expenses of administration are similarly submitted by the Division of Liquidation for approval by the board of directors and the Comptroller of the Currency. Attorney fees are submitted by the Legal Division

Claims for insured deposits up to $5,000 for each depositor are filled with a Claim Agent appointed by the board of directors of the Corporation who represents the Corporation in its capacity as insurer of deposits. (See sec. 302.2 (d) and Part 309 of this chapter.)

to the Special Committee for determination by the board of directors and the Comptroller of the Currency. Proposals for leasing, engaging brokers or others, independent contractors, extensions or renewals of debts due the receivership, or other contracts, and advances to protect assets, are submitted by the liquidator for transmission and recommendation by the Division of Liquidation to the Committee on Liquidations, Loans, and Purchase of Assets and to the board of directors for authorization. When sufficient funds have been realized from the liquidation to justify payment of a dividend to creditors, the Division of Liquidation submits a recommendation to the Comptroller of the Currency, who orders a ratable dividend to be paid. Dividend checks are drawn by the Division of Liquidation on receivership funds and transmitted to the liquidator for delivery to the claimants who are required to present their re- . ceiver's certificates for endorsement thereon and to execute receipts for such dividends. If such claims are paid in full with interest, receivership certificates must be surrendered. If surplus assets remain after payment of dividends to creditors equal to the principal of their respective claims plus interest thereon a meeting of the shareholders is called pursuant to the provisions of 12 U. S. C. 196, for the purpose of determining whether a shareholders' agent shall be elected or the receivership continued. If the shareholders elect to have a shareholders' agent appointed then the assets are assigned and delivered to the shareholders' agent upon compliance with the requirements of 12 U. S. C. 196.

1

§ 310.3 State bank receiverships. When the Corporation accepts appointment as receiver of an insured State bank the board of directors appoints an agent or liquidator to take possession, on behalf of the Corporation, of the assets, books, and records, and to administer the affairs, of the closed bank. The liquidator as the local representative of the Corporation proceeds, in accordance with the provisions of the applicable law of the state in which the bank is located, and in conformity with the manual of instructions of the Division of Liquidation, to administer the receiver

'Pursuant to the provisions of section 12B (1) (5) of the Federal Reserve Act, as amended (12 U.S.C. 264 (Z) (5)).

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§ 311.1 Steps to be taken and records to be furnished the Corporation by an insured nonmember bank in liquidation. (a) Whenever a nonmember bank goes into liquidation and its insured status has not been terminated by the board 2 and its deposit liabilities are not assumed by another insured bank, it shall terminate its status as an insured bank in accordance with the provisions of paragraph (1) of subsection (i) of section 12B of the Federal Reserve Act, as amended (48 Stat. 171, as amended; 12 U.S.C. 264 (i) (1)).3 To effect such ter

2 Board means board of directors of the Federal Deposit Insurance Corporation.

s Section 12B (1) (1) of the Federal Reserve Act, as amended (12 U.S.C. 264 (1) (1)), provides, in part, as follows: "Any insured bank (except a national member bank or State member bank) may, upon not less than ninety days' written notice to the Corporation, and to the Reconstruction Finance Corporation if it owns or holds as pledgee any preferred stock, capital notes, or debentures of such bank, terminate its status as an insured bank. • After the termination of the insured status of any bank • the insured deposits of each depositor in the bank on the date of such termination, less all subsequent withdrawals from any deposits of such depositor, shall continue for a period of two years to be insured, and the bank shall continue to pay to the Corporation assessments as in the case of an insured bank during such pe[Italics supplied.]

*"*

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