12 C.F.R. § 611.1230 FCA review and approval.
Title 12 - Banks and Banking
(a) FCA review period. We will review a termination application and either give preliminary approval or disapprove the application no later than 60 days after we receive the application. (b) Reservation of right to disapprove termination. In addition to any other reason for disapproval, we may disapprove a termination if we determine that the termination would have a material adverse effect on the ability of the remaining System institutions to fulfill their statutory purpose. (c) Conditions of final FCA approval. We will give final approval to your termination application only if: (1) Your stockholders vote in favor of termination in the termination vote and in any reconsideration vote; (2) You give us executed copies of all contracts, agreements, and other documents submitted under §611.1222; (3) You have paid or made adequate provision for payment of debts, including responsibility for any contingent liabilities, and for retirement of equities; (4) A Federal or State chartering authority has granted a new charter to the successor institution; (5) You deposit into escrow an amount equal to 110 percent of the estimated exit fee plus 110 percent of the estimated amount you must pay to retire equities of dissenting stockholders and Farm Credit institutions, as described in §611.1255(c); and (6) You have fulfilled any other condition of termination we have imposed. (d) Effective date of termination. If we grant final approval, we will revoke your charter, and the termination will be effective on the last to occur of: (1) Fulfillment of all conditions listed in paragraph (c) of this section; (2) Your proposed termination date; (3) Ninety (90) days after we receive the notice described in §611.1240(e); and (4) Fifteen (15) days after any reconsideration vote.
Title 12: Banks and Banking
PART 611—ORGANIZATION
Subpart P—Termination of System Institution Status
§ 611.1230 FCA review and approval.
