This statement shall be accompanied by a certified copy of a resolution of the board of directors of the Federal credit union concerned authorizing the filing of the statement. If no statement is received within the period of time specified in the order, or if the proffered reasons why the Federal credit union should not be placed in involuntary liquidation are found to be insufficient by the Director, he may order that the Federal credit union be placed in involuntary liquidation and may appoint a liquidating agent. A copy of the order directing the involuntary liquidation and appointment of a liquidating agent and a statement of the findings on which the order is based shall be served on the Federal credit union concerned. Such service shall be either by mail addressed to the Federal credit union concerned at the last address of its office as shown by the records of the Bureau or by delivery to any officer or member of the board of directors of the Federal credit union. § 315.4 Immediate suspension or liqui dation. In any case where the Director shall find that a Federal credit union is insolvent or that the interests of its members require immediate action or that the issuance of the order to show cause provided for in §§ 315.2 and 315.3 will not serve any purpose, the Director may order the suspension or revocation of the charter and the involuntary liquidation of the Federal credit union and the appointment of a liquidating agent therefor without prior notice to the Federal credit union of such action and without prior issuance of the order to show cause provided for in § 315.2 or § 315.3. § 315.5 Involuntary liquidation and appointment of liquidating agent. On receipt of a copy of the order placing the Federal credit union in involuntary liquidation, the officers and directors of the Federal credit union concerned shall deliver to the liquidating agent possession and control of all books, records, assets, and property of every description of the Federal credit union, and the liquidating agent shall proceed to convert said assets to cash, collect all debts due to said Federal credit union and to wind up its affairs in accordance with the provisions of section 21 of the Act (12 U.S.C. 1766) and the instructions and procedures issued to said liquidating agent by the Regional Representative. § 315.6 Cancellation of charter. On the completion of the liquidation and certification by the liquidating agent that the distribution of the assets of the Federal credit union has been completed, the Director shall cancel the charter of the Federal credit union concerned. As used in the regulations in this part, the term "person" includes a natural person, guardian, trust or estate, partnership, corporation, or joint stock company. The terms "records" and "information" include all files, documents, reports, books, accounts, opinions, orders, and records, and all information obtained at any time by the Bureau or by any officer or employee of the Department of Health, Education, and Welfare, in the course of discharging the official duties of the Bureau. § 320.2 Inspection of final opinions, orders and rules. All final opinions or orders in the adjudication of cases and all rules issued by the Bureau in the administration of the Act, as amended (12 U.S.C. 1751 et seq.), not relating to matters of internal management, are available for public inspection at the offices of the Bureau of Federal Credit Unions, Washington 25, D.C., or at the appropriate Regional Office of the Bureau, except, those opinions and orders or parts thereof, which the Director may, for good cause, declare to be confidential, in which event such opinion or order or part thereof, will not be cited as a precedent. The provisions of §§ 320.4, 320.5, and 320.6 shall govern the disclosure of any opinion or order, or part thereof, declared confidential by the Director. § 320.3 Availability of official records and information. All records and information of the Bureau, except rules issued in the administration of the Act, as amended, and opinions and orders in the adjudication of cases, are hereby declared to be confidential and no disclosure of any such records or information shall be made directly or indirectly except as hereinafter authorized by the regulations in this part. § 320.4 Information which may be disclosed and to whom. Disclosure of any records or information of the Bureau declared to be confidential is hereby authorized only in the following cases and for the following purposes: (a) To any Department, Agency or instrumentality of the United States Government where the records or information are required by such Department, Agency or instrumentality in the course of discharging its official duties: Provided, That the Director finds that such disclosure is not contrary to the public interest or to any applicable Federal law, or to any rule, regulation, or directive of the Executive branch of the Federal Government. (b) To the proper Federal law enforcement and prosecuting authorities: Provided, That (1) such records or information relate to a violation of a Federal criminal law, and (2) such disclosure is not contrary to any Federal law or to any rule, regulation or directive of the Executive branch of the Federal Government. Neither the Bureau nor any employee of the Bureau may disclose any records or information to any State law enforcement or prosecuting authority unless specifically authorized to make such disclosure by the Director. The Director may authorize the Bureau or an employee of the Bureau to disclose records or information relating to the violation of a State criminal law to appropriate State law enforcement and prosecuting authorities, provided that such disclosure is not contrary to any Federal law or to any rule, regulation or directive of the Executive branch of the Federal Government if the Director determines that such disclosure (i) is not contrary to the public interest and (ii) will neither interfere with nor adversely affect either the performance of the functions, duties, or responsibilities of the Bureau or any investigation or prosecution which may be conducted or contemplated either by the Bureau or by any other Federal department, agency or instrumentality. (c) To any person properly and directly concerned upon a verified written application by such person showing sub stantial interest in the said record or information: Provided, That the Director finds that such disclosure is not contrary to the public interest or to any Federal law, rule, regulation or directive of the Executive branch of the Federal Government. (d) To any Federal credit union: Provided, That (1) such records or information pertain solely to the affairs of the said Federal credit union, and (2) the records or information are not classified "restricted" by the Bureau. § 320.5 Place to apply for disclosure. Applications for disclosure of records or information shall be addressed to the Bureau of Federal Credit Unions, Social Security Administration, Department of Health, Education, and Welfare, Washington 25, D.C. § 320.6 Authority for refusal to disclose. Any request or demand for records or information, the disclosure of which is forbidden by the regulations in this part, shall be declined upon authority of the regulations in this part. If any officer or employee of the Bureau or of the Social Security Administration or of the Department of Health, Education, and Welfare, is sought to be required, by subpoena or other compulsory process, to produce such record or give such information, he shall respectfully decline to present such record or to divulge such information, basing his refusal on the regulations in this part. Credit unions organized under the provisions of the District of Columbia Credit Unions Act (D.C. Code 26-501 to 26518), shall establish and maintain such reserves as may be required by the regulations in this part, or in special cases by the Director on his finding that the reserves of a credit union chartered by the District of Columbia are insufficient. § 350.2 Special reserve for delinquent loans. (a) Each credit union chartered by the District of Columbia shall establish a special reserve to be known as the Special Reserve for Delinquent Loans. (b) For purposes of this section, the provisions of § 302 3 of this chapter with respect to Federal credit unions shall be deemed to be applicable to credit unions chartered by the District of Columbia, except that wherever reference is made in said § 302.3 to the term, "the Regular Reserve," such term shall be deemed to refer to the regular reserve provided by section 26-512 of the District of Columbia Code. |