Source: http://www.law.cornell.edu/cfr/text/12/710.2?quicktabs_7=1
Timestamp: 2014-12-22 12:19:46
Document Index: 31912440

Matched Legal Cases: ['art 710', '§ 710', 'art 710', '§ 1766', '§ 1786', '§ 1787', 'art 710']

12 CFR 710.2 - Responsibility for conducting voluntary liquidation. | LII / Legal Information Institute
CFR › Title 12 › Chapter VII › Subchapter A › Part 710 › Section 710.2 12 CFR 710.2 - Responsibility for conducting voluntary liquidation.
There is 1 rule appearing in the Federal Register for 12 CFR 710. View below or at eCFR (GPOAccess)
§ 710.2
Responsibility for conducting voluntary liquidation.
The board of directors shall be responsible for conserving the assets, for expediting the liquidation, and for equitable distribution of the assets to the members.
After voting to present the question of liquidation to the members, the board of directors may appoint a liquidating agent and delegate all or part of the board's responsibility to such agent and authorize reasonable compensation for the services provided.
The board of directors shall determine that the liquidating agent and all persons who handle or have access to funds of the Federal credit union are adequately covered by surety bond and that either such coverage remains in effect, or the discovery period is extended, for at least four months after final distribution of assets.
Within three days after the decision of the board of directors to submit the question of liquidation to the members, the Regional Director will be notified in writing, setting forth in detail the reasons for the proposed action. A balance sheet and income statement as of the previous month-end will be included with the notification. During the liquidation process, financial statements will be submitted to the Regional Director as requested.
Promptly after the decision to present the question of liquidation to the members, the board of directors or liquidating agency shall develop a written plan for the liquidation of the assets and payment of shares (liquidation plan). The plan should provide for the liquidation of assets and payment of creditors and shareholders within one year of the liquidation date. If the liquidation period is projected to exceed one year, an explanation must be provided in the liquidation plan. A copy of the liquidation plan will be mailed to the Regional Director within 30 days of the date the board of directors votes to present the question of liquidation to the members.
Title 12 published on 2014-01-01The following are only the Rules published in the Federal Register after the published date of Title 12.For a complete list of all Rules, Proposed Rules, and Notices view the Rulemaking tab.2014-06-26; vol. 79 # 123 - Thursday, June 26, 201479 FR 36196 - Voluntary Liquidation
typeregulations.gov FR Doc.2014-14885 RIN3133-AE30 NATIONAL CREDIT UNION ADMINISTRATION Final rule. This rule is effective July 28, 2014. 12 CFR Part 710 SummaryThe NCUA Board (Board) is issuing a final rule to amend its voluntary liquidation regulation to reduce administrative burdens on voluntarily liquidating federal credit unions (FCUs) and recognize technological advances by: Permitting liquidating FCUs to publish required creditor notices in either electronic media or newspapers of general circulation; increasing the asset-size threshold for requiring multiple creditor notices; requiring that preliminary partial distributions to members not exceed the National Credit Union Share Insurance Fund (NCUSIF) insurance limit for any member share account; specifying when liquidating FCUs must determine member share balances for the purposes of distributions; and permitting liquidating FCUs to distribute member share payouts either by wire or other electronic means or by mail or personal delivery.
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 CodeU.S. Code: Title 12 - BANKS AND BANKING§ 1766 - Powers of Board§ 1786 - Termination of insured credit union status; cease and desist orders; removal or suspension from office; procedure§ 1787 - Payment of insurance
Title 12 published on 2014-01-01The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 12 CFR 710 after this date.2014-06-26; vol. 79 # 123 - Thursday, June 26, 201479 FR 36196 - Voluntary Liquidation
2014-03-03; vol. 79 # 41 - Monday, March 3, 201479 FR 11714 - Voluntary Liquidation
typeregulations.gov FR Doc.2014-04231 RIN3133-AE30 NATIONAL CREDIT UNION ADMINISTRATION Notice of proposed rulemaking. Comments must be received on or before May 2, 2014. 12 CFR Part 710 SummaryThe NCUA Board (Board) proposes to amend its voluntary liquidation regulation to reduce administrative burdens on voluntarily liquidating federal credit unions (FCUs) and recognize technological advances by: Permitting liquidating FCUs to publish required creditor notices in either electronic media or newspapers of general circulation; increasing the asset-size threshold for requiring multiple creditor notices; requiring that preliminary partial distributions to members not exceed the insured limit for any member share account; specifying when liquidating FCUs must determine member share balances for the purposes of distributions; and permitting liquidating FCUs to distribute member share payouts either by wire or other electronic means or by mail or personal delivery.