12 C.F.R. Subpart D—Terminating Fiduciary Activities
Title 12 - Banks and Banking
If the OTS appoints a conservator or receiver for you under part 558 of this chapter, 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 OTS instructions and the orders of the court having jurisdiction.
Title 12: Banks and Banking
PART 550—FIDUCIARY POWERS OF SAVINGS ASSOCIATIONS
Subpart D—Terminating Fiduciary Activities
Receivership or Liquidation
§ 550.520 What happens if I am placed in receivership or voluntary liquidation?
Surrender of Fiduciary Powers
§ 550.530 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 Regional Office at the address listed in §516.40(a) of this chapter.
[62 FR 66703, Dec. 30, 1997, as amended at 66 FR 13006, Mar. 2, 2001]
§ 550.540 When will the OTS terminate my fiduciary powers?
If, after appropriate investigation, the Regional Director is satisfied that you have been discharged from all fiduciary duties, the Regional Director will issue a written notice indicating that you are no longer authorized to exercise fiduciary powers.
§ 550.550 May I recover my deposit from State authorities?
Upon issuance of the OTS written notice under §550.540, you may recover any securities deposited with State authorities, or a Federal Home Loan Bank, under subpart C of this part.
Revocation of Fiduciary Powers
§ 550.560 When may the OTS revoke my fiduciary powers?
The OTS 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.
§ 550.570 What procedures govern the revocation?
The procedures for revocation of fiduciary powers are set forth in 12 U.S.C. 1464(n)(10). The OTS will conduct the hearing required under 12 U.S.C. 1464(n)(10)(B) under part 509 of this chapter.
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