Source: http://www.law.cornell.edu/cfr/text/12/330.11
Timestamp: 2013-05-23 15:40:34
Document Index: 332344075

Matched Legal Cases: ['art 330', '§ 330', '§ 330', '§ 330', '§ 330', '§ 330', '§ 330', '§ 1813', '§ 1819', '§ 1820', '§ 1821', '§ 1822', 'art 330']

12 CFR 330.11 - Accounts of a corporation, partnership or unincorporated association. | Title 12 - Banks and Banking | Code of Federal Regulations | LII / Legal Information Institute
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12 CFR 330.11 - Accounts of a corporation, partnership or unincorporated association.
§ 330.11
(a) Corporate accounts.
(1) The deposit accounts of a corporation engaged in any “independent activity” (as defined in § 330.1(g)) shall be added together and insured up to the SMDIA in the aggregate. If a corporation has divisions or units which are not separately incorporated, the deposit accounts of those divisions or units shall be added to any other deposit accounts of the corporation. If a corporation maintains deposit accounts in a representative or fiduciary capacity, such accounts shall not be treated as the deposit accounts of the corporation but shall be treated as fiduciary accounts and insured in accordance with the provisions of § 330.7.
(2) Notwithstanding any other provision of this part, any trust or other business arrangement which has filed or is required to file a registration statement with the Securities and Exchange Commission pursuant to section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8) or that would be required so to register but for the fact it is not created under the laws of the United States or a state or but for sections 2(b), 3(c)(1), or 6(a)(1) of that act shall be deemed to be a corporation for purposes of determining deposit insurance coverage. An exception to this paragraph (a)(2) shall exist for any trust or other business arrangement established by a state or that is a state agency or state public instrumentality as part of a qualified tuition savings program under section 529 of the Internal Revenue Code (26 U.S.C. 529 ). A deposit account of such a trust or business arrangement shall not be deemed to be the deposit of a corporation provided that: The funds in the account may be traced to one or more particular investors or participants; and the existence of the trust relationships is disclosed in accordance with the requirements of § 330.5. If these conditions are satisfied, each participant's funds shall be insured as a deposit account of the participant.
(b) Partnership accounts.
The deposit accounts of a partnership engaged in any “independent activity” (as defined in § 330.1(g)) shall be added together and insured up to the SMDIA in the aggregate. Such insurance coverage shall be separate from any insurance provided for individually owned (single ownership) accounts maintained by the individual partners. A partnership shall be deemed to exist, for purposes of this paragraph, any time there is an association of two or more persons or entities formed to carry on, as co-owners, an unincorporated business for profit.
(c) Unincorporated association accounts.
The deposit accounts of an unincorporated association engaged in any independent activity shall be added together and insured up to the SMDIA in the aggregate, separately from the accounts of the person(s) or entity(ies) comprising the unincorporated association. An unincorporated association shall be deemed to exist, for purposes of this paragraph, whenever there is an association of two or more persons formed for some religious, educational, charitable, social or other noncommercial purpose.
(d) Non-qualifying entities.
The deposit accounts of an entity which is not engaged in an “independent activity” (as defined in § 330.1(g)) shall be deemed to be owned by the person or persons owning the corporation or comprising the partnership or unincorporated association, and, for deposit insurance purposes, the interest of each person in such a deposit account shall be added to any other deposit accounts individually owned by that person and insured up to the SMDIA in the aggregate.
Title 12 published on 2012-01-01no entries appear in the Federal Register after this date. This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.United States CodeUSC : Title 12 - BANKS AND BANKING§ 1813 - Definitions§ 1819 - Corporate powers§ 1820 - Administration of Corporation§ 1821 - Insurance Funds§ 1822 - Corporation as receiver
Title 12 published on 2012-01-01The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 12 CFR 330 after this date.2013-02-19; vol. 78 # 33 - Tuesday, February 19, 201378 FR 11604 - Deposit Insurance Regulations; Definition of Insured Deposit
typeregulations.gov FR Doc.2013-03578 RIN3064-AE00 FEDERAL DEPOSIT INSURANCE CORPORATION Written comments on the proposed rule must be received by the FDIC not later than April 22, 2013. 12 CFR Part 330 SummaryThe FDIC is proposing to amend its deposit insurance regulations, with respect to deposits payable in branches of United States insured depository institutions (“United States bank” or “bank”) outside of the United States. The proposed rule would clarify that deposits in these foreign branches of United States banks are not FDIC-insured deposits. This would be the case whether or not they are dually payable both at the branch outside the United States and at an office within the United States. As discussed further below, a recent proposal by the United Kingdom&apos;s Financial Services Authority (“U.K. FSA”) makes it very likely that large United States banks will be changing their United Kingdom foreign branch deposit agreements to make them payable both in the United Kingdom and the United States. This action has the potential to increase significantly the exposure of the Deposit Insurance Fund (“DIF”) and operational complexities were such deposits to be treated as insured. The purpose of this proposed rule is to preserve confidence in the FDIC deposit insurance system, ensure that the FDIC can effectively carry out its critical deposit insurance functions, and protect the DIF against the uncertain liability that it would otherwise face as a global deposit insurer. Should a United States bank make its foreign deposits dually payable, those deposits would be considered “deposit liabilities” under the Federal Deposit Insurance Act&apos;s (“FDI Act”) depositor preference regime, and would therefore be on an equal footing with domestic deposits in the event of the bank&apos;s liquidation.