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e-CFR data is current as of August 11, 2020

Title 12Chapter IPart 150 → Subpart D


Title 12: Banks and Banking
PART 150—FIDUCIARY POWERS OF FEDERAL SAVINGS ASSOCIATIONS


Subpart D—Terminating Fiduciary Activities Receivership or Liquidation


Contents
§150.520   What happens if I am placed in receivership or voluntary liquidation?

Surrender of Fiduciary Powers

§150.530   How do I surrender fiduciary powers?
§150.540   When will the OCC terminate my fiduciary powers?
§150.550   May I recover my deposit from state authorities?

Revocation of Fiduciary Powers

§150.560   When may the OCC revoke my fiduciary powers?
§150.570   What procedures govern the revocation?

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§150.520   What happens if I am placed in receivership or voluntary liquidation?

If the OCC appoints a conservator or receiver, or if you place yourself in voluntary liquidation, the receiver, conservator, or liquidating agent must promptly close or transfer all fiduciary accounts to a substitute fiduciary, in accordance with OCC instructions and the orders of the court having jurisdiction.

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Surrender of Fiduciary Powers

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§150.530   How do I surrender fiduciary powers?

If you want to surrender your fiduciary powers, you must file a certified copy of a resolution of your board of directors evidencing that intent. You must file the resolution with the appropriate OCC licensing office.

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§150.540   When will the OCC terminate my fiduciary powers?

If, after appropriate investigation, the OCC is satisfied that you have been discharged from all fiduciary duties, the appropriate OCC licensing office will issue a written notice indicating that you are no longer authorized to exercise fiduciary powers.

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§150.550   May I recover my deposit from state authorities?

Upon issuance of the OCC written notice under §150.540, you may recover any securities deposited with state authorities, or a Federal Home Loan Bank, under subpart C of this part.

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Revocation of Fiduciary Powers

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§150.560   When may the OCC revoke my fiduciary powers?

The OCC may revoke your fiduciary powers if it determines that you have done any of the following:

(a) Exercised those fiduciary powers unlawfully or unsoundly.

(b) Failed to exercise those fiduciary powers for five consecutive years.

(c) Otherwise failed to follow the requirements of this part.

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§150.570   What procedures govern the revocation?

The procedures for revocation of fiduciary powers are set forth in 12 U.S.C. 1464(n)(10). The OCC will conduct the hearing required under 12 U.S.C. 1464(n)(10)(B) under part 109 of this chapter.

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