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(3) The bank shall continue to file certified statements and pay assessments thereon for the period its deposits are insured, as provided by the Federal Reserve Act, as amended: 5 Provided, That after the bank shall have paid in full its deposit liabilities and the assessment to the Corporation required to be paid for the semiannual period in which its deposit liabilities are paid in full, and after it shall, under applicable law, have ceased to have authority to transact a banking business and to have existence, except for the purpose of, and to the extent permitted by law for, winding up its affairs, it shall not be required to fille further certified statements nor to pay further assessments.
(4) When the deposit liabilities of the bank shall have been paid in full, the bank shall furnish to the Corporation an
5 See footnote 3 to § 311.1 (a).
affidavit executed by two of its officers, which affidavit shall state the fact that the deposit liabilities have been paid in full and give the date of the final payment thereof.6
(5) Where the bank has unclaimed deposits the affidavit to be furnished pursuant to subparagraph (4) of this paragraph, shall further state the amount of such unclaimed deposits and the disposition made of the funds to be held to meet such claims. For assessment purposes, the following will be considered as payment of such unclaimed deposits, viz:
(i) The transfer of cash funds in an amount sufficient to pay such unclaimed and unpaid deposits to the public official authorized under the law to receive the same; or
(ii) If no provision is made by law for the transfer of funds to a public official, the transfer of cash funds or compensatory assets to an insured bank in an amount sufficient to pay the unclaimed and unpaid deposits in consideration of such insured bank assuming the payment thereof: Provided, That, prior to such transfer, the liquidating bank shall have given notice, as hereinafter provided, to the owners of the unclaimed deposits of the intended transfer and a reasonable time shall have elapsed after the giving of such notice to enable the depositors to obtain their deposits. Such notice shall be mailed to each depositor and shall be published in a local newspaper of general circulation. The notice shall advise such depositors of the liquidation of the bank, shall request them to call for and accept payment of their deposits, and shall state the disposition to be made of their deposits upon their failure to promptly claim the same.
If such unclaimed and unpaid deposits are disposed of as provided in subdivision (i) of this subparagraph, a certified copy of the public official's receipt issued for such funds shall be furnished to the Corporation. If such unclaimed and unpaid deposits are disposed of as provided in subdivision (ii) of this subparagraph, an affidavit of the publication and of the mailing of the notice to depositors, to
• The issuance of a draft or officer's check does not constitute the discharge of a deposit liability nor relieve the bank of assessment until such draft or other evidence of payment has been duly presented for payment and has been paid.
gether with a copy of such notice, and a certified copy of the contract of assumption shall be furnished to the Corporation.
(6) The liquidating bank shall advise the Corporation of the date on which the authority or right of the bank to do a banking business shall have terminated and the method or means whereby such termination shall have been effected, that is, whether such termination has been effected by the surrender of its charter, by the cancellation of its authority or license to do a banking business by the supervisory authority, or otherwise."
§ 311.2 Steps to be taken and records to be furnished the Corporation by a member bank in liquidation (both State and national). (a) Whenever a bank which is a member of the Federal Reserve System goes into liquidation and its insured status has not been terminated by the board and its deposit liabilities are not assumed by another insured bank, it shall notify its depositors of the date of the termination of its insured status.9 Such notice shall be in the form prescribed in § 311.1 and shall be given at the time and in the manner therein provided.
(b) The bank shall furnish to the Corporation the records and informa
As the governing law of the various jurisdictions is not uniform in this respect, it is suggested that the applicable statute be consulted and that this Corporation be advised of the manner in which the termination or cancellation of such authority has been effected.
8 See footnote 2 to § 311.1 (a).
• Section 12B (1) (2) of the Federal Reserve Act, as amended, provides, in part, as follows: "Whenever a member bank shall cease to be a member of the Federal Reserve System, its status as an insured bank shall, without notice or other action by the board of directors, terminate on the date the bank shall cease to be a member of the Federal Reserve System, with like effect as if its insured status had been terminated on said date by the board of directors after proceedings under paragraph (1) of this subsection." Section 10, subsection (c) of regulation H of the Board of Governors of the Federal Reserve System provides, in part, as follows (see 12 CFR, Cum. Supp., 208.10, footnote 18): "A bank's withdrawal from membership in the Federal Reserve System is effective on the date on which the Federal Reserve bank stock held by it is duly canceled."
tion mentioned in, and comply with the requirements of, § 311.1 (b).
§311.3 Steps to be taken and records to be furnished the Corporation where deposits are assumed by another insured bank.10 (a) Whenever the deposit liabilities of an insured bank are assumed by another insured bank, the bank whose deposits are assumed, or the assuming bank as its agent, shall give notice to its depositors of such assumption. Such notice shall be (1) mailed to each depositor at his last address of record as shown upon the books of the bank, (2) published in not less than two issues of a local newspaper of general circulation, and (3) in form substantially as follows:
Section 12B (i) (4) of the Federal Reserve Act, as amended, provides, in part, as follows: "Whenever the liabilities of an insured bank for deposits shall have been assumed by another insured bank or banks, the insured status of the bank whose liabilities are so assumed shall terminate on the date of receipt by the Corporation of satisfactory evidence of such assumption with like effect as if its insured status had been terminated on said date by the board of directors after proceedings under paragraph (1) of this subsection: Provided, That if the bank whose Liabilities are so assumed gives to its depositors notice of such assumption within 30 days after such assumption takes effect by publication or by any reasonable means, in accordance with regulations to be prescribed by the board of directors, the insurance of its deposits shall terminate at the end of 6 months from the date such assumption takes effect, and such bank shall thereupon be relieved of all future obligations to the Corporation, including the obligation to pay future assessments."
(b) The liquidating bank shall continue to file certified statements and pay assessments thereon for the period its deposits are insured, as provided by the Federal Reserve Act, as amended: Provided, That if the liquidating bank, or the assuming bank as its agent, has given the requisite notice to the depositors of the assumption of the deposit liabilities within thirty days after such assumption takes effect, then the liquidating bank shall file a final certified statement, which statement shall be executed to reflect its average daily deposit liabilities for the semiannual period in which its deposit liabilities are assumed and shall pay to the Corporation the normal assessment thereon.12
(c) The Corporation will consider receipt of the following as satisfactory evidence of such assumption:
(1) A certified copy of the resolution (i) duly authorizing the bank's officers to enter into a contract for the sale of the bank's assets to another insured bank upon the consideration of the assumption by it of the deposit liabilities, and (ii) duly placing the bank in liquidation; and
(2) A certified copy of the assumption agreement, provided it contains an express undertaking by an insured bank to pay the deposit liabilities of the bank going into liquidation.
(d) The bank shall furnish to the Corporation the information called for in § 311.1(b) (6).
11 If this notice is given by the assuming bank as agent for the liquidating bank, it may add its own name designating itself as agent.
12 See $327.3 of this chapter.
§ 312.1 Termination of insured status by the Corporation. Under the authority of subsection (i) of section 12B of the Federal Reserve Act, as amended (48 Stat. 168, as amended; 12 U.S.C. and Sup., 264), the board of directors of the Corporation may terminate the insured status of an insured bank. The procedure for terminating the insured status of a bank as therein prescribed will be followed and the hearing required thereunder will be conducted in accordance with the rules and practice set forth in this part.
§ 312.2 Appearance and practice before the Corporation-(a) Power of attorney and notice of appearance. The Corporation maintains no register of attorneys or agents who may practice before it nor is an application for admission to practice required. Any person desiring to appear before or transact business with the Corporation in a representative capacity may be required to file with the Secretary of the Corporation a power of attorney showing his authority to act in such capacity, and he may be required to show
to the satisfaction of the board of directors that he has the requisite qualifications. Attorneys and representatives of parties to proceedings shall file a written notice of appearance with the Secretary or with the trial examiner.
(b) Suspension and disbarment. Any person appearing before the board of directors or before a trial examiner in a representative capacity, or desiring so to act, may for cause, sufficient in the judgment of the board of directors, be suspended or disbarred from so doing, provided that charges shall be preferred by the board of directors against such representative and he shall be afforded an opportunity to be heard thereon.
(c) Summary suspension. Contemptuous conduct at an argument before the board of directors or at a hearing before a trial examiner shall be ground for exclusion therefrom and suspension for the duration of the argument or hearing.
§ 312.3 Notice of hearing. Whenever a hearing is ordered by the board of directors in any proceedings a Notice of Hearing shall be given by the Secretary or other designated officer of the Corporation to the bank involved and the appropriate supervisory authority. Such notice shall designate the time and place of the hearing, the nature thereof, the trial examiner and shall specify the charges against the bank and shall be delivered by personal service, by registered mail to last known address, or other appropriate means, at least 30 days in advance of the hearing.
§ 312.4 Conduct of hearings. Any hearing shall be held before a person designated by the board of directors as the trial examiner and, unless otherwise provided in the notice of hearing, shall be conducted as hereinafter provided.
(a) Authority of trial examiner. The trial examiner at the hearing shall have authority to administer oaths and affirmations, take or cause depositions to be taken, examine witnesses and receive evidence and rule upon the admissibility of evidence and other matters that normally and properly arise in the course of the hearing, but shall have no power to decide any motion to dismiss the proceedings or other motion which results in a final determination of the merits of the proceedings. Except as authorized by law, the trial examiner shall not consult any person or party on any fact in issue unless upon notice and opportunity
for all parties to participate, nor be responsible to or subject to the supervision or direction of any officer, employee, or agent engaged in the performance of investigative or supervisory functions. The trial examiner may hold conferences before or during the hearing for the settlement or simplification of issues by consent of the bank and counsel for the Corporation.
(b) Attendance at hearings. A hearing shall be private and shall be attended only by the bank and its representatives or counsel, representatives of the Corporation, witnesses, and other persons having an official interest in the proceedings; provided, however, that on the written request of the bank or counsel for the Corporation, or on its own motion, the board of directors when not prohibited by law, may permit other persons to attend or may order the hearing to be public.
(c) Transcript of testimony. Hearings shall be reported and transcripts will be available at cost to the bank and, if the board of directors has ordered the hearing to be public, to the public. At the close of the hearing a complete transcript of the testimony taken, together with any exhibits and any briefs or memoranda of law filed theretofore on behalf of the bank or counsel for the Corporation, shall be filed with the Secretary. Requested corrections to a transcript of record shall be considered only if offered within 10 days after the date the transcript is filed with the Secretary (or within 10 days after the bank's receipt of a copy of such transcript, if ordered by the bank before conclusion of the hearing). Requested corrections shall be filed with the Secretary and shall be served upon the other party to the proceedings as provided in
312.14. The trial examiner shall have authority to act upon motions to correct the record.
(d) Order of procedure. The counsel for the Corporation shall open and close.
(e) Continuances and changes or extensions of time and changes of place of hearing. Except as otherwise expressly provided by law, the board of directors may by the notice of hearing, or subsequent order, provide time limits different from those specified in these rules, may in its own motion or for cause shown extend any time limits prescribed by these les or the notice of hearing, and may continue or adjourn any hearing. The trial examiner may continue or adjourn
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a hearing to such time and place as may be ordered by him.
(f) Call for further evidence, oral argument and briefs, reopening of hearings. The trial examiner may call for the production of further evidence upon any issue, may permit oral arguments and submission of briefs at the hearing, and, upon appropriate notice, may reopen any hearing at any time prior to the certification of his recommended decision to the board of directors, or the board of directors may reopen any hearing at any time prior to its order disposing of the proceeding.
(g) Depositions. The board of directors or trial examiner may order evidence to be taken by deposition in any proceeding at any stage thereof. Such depositions may be taken by the trial examiner or before any person designated by the board of directors or trial examiner and having power to administer oaths. Unless notice be waived, no deposition shall be taken except after at least 5 days' notice to the bank and counsel for the Corporation.
Any party desiring to take the deposition of a witness shall make application in writing, setting out the reasons why such deposition should be taken, stating the time when, the place where, and the name and post-office address of the person before whom, it is desired the deposition be taken, the name and post-office address of the witness, and the subject matter or matters concerning which the witness is expected to testify. If good cause is shown, the board or trial examiner will make and serve upon the bank, or its counsel, and counsel for the Corporation, an order wherein the board of directors or trial examiner shall name the witness whose deposition is to be taken and specify the time when, the place where, and the person before whom, the witness is to testify, but such time and place, and the person before whom the deposition is to be taken so specified in the order, may or may not be the same as those named in the application. The testimony of the witness shall be reduced to writing by the person before whom the deposition is taken, or under his direction, after which the deposition shall be subscribed by the witness and certified as a true and complete transcript of the testimony by the person before whom the deposition was taken and by him forwarded as specified in the order with three additional copies thereof