ments, must be mailed or hand delivered to the Receiver at the address(es) supplied in any decision or notice of threatened action by the FSLIC as Receiver.

(f) All submissions to the Bank Board must include a signed statement certifying that an additional copy has been sent or hand delivered to the FSLIC as Receiver, at the address(es) listed in paragraph (e) of this section, on or before the date the submission was filed with the Bank Board.

8577.3 Content of Request for Expedited Relief.

(a) A Request for Expedited Relief does not involve a determination on the merits of a claim. It is solely a request to the Bank Board to intercede by instructing the FSLIC as Receiver to do or to refrain from doing some act. Accordingly, to obtain the relief requested, the Request for Expedited Relief must contain the following:

(1) A clear and concise statement of the facts and issues on which Request is based;

(2) A clear and concise statement of any alleged factual and/or errors or omissions made by the FSLIC as Receiver;

(3) Citations to applicable statutes, regulations, or other legal authority; (4) All relevant documentation that supports the Request;

(5) An assessment of the likelihood of success on the merits of the underlying claim;

(6) A clear and concise statement of the probable imminent and irreparable harm likely to occur if expedited relief is not granted;

(7) A signed statement certifying that the FSLIC as Receiver has been mailed or hand delivered a copy of the Request on or before the day that the Request was filed with the Bank Board.

(b) The FSLIC as Receiver shall file its Response and all supporting documentation within five (5) work days from the date a Request for Expedited Relief is filed with the Bank Board. The time limitations discussed above with regard to delivery by U.S. mail are also applicable to the FSLIC as Receiver. The Receiver's Response shall contain legal and factual argu

ments in opposition to the Request for Expedited Relief. A copy of that Response and all supporting documentation must be sent or hand delivered to the party requesting expedited relief and the Receiver must certify that it has done so.

(c) The Request for Expedited Relief, the supporting documentation, and the Receiver's Response and supporting documentation, will form the basis for the administrative record on which the Bank Board will make its determination.

8 577.4 Decision.

(a) The party requesting expedited relief shall be known as the Petitioner.

(b) The burden of proving entitlement to expedited relief rests at all times with the Petitioner.

(c) Upon receipt, the Request for Expedited Relief will be reviewed to assure compliance with all procedural requirements. If the Request is procedurally deficient it may be dismissed and the parties will be so notified.

(d) If the Request is properly filed, is susceptible to resolution by the Bank Board, and no additional information is needed, a Decision on the Request will be issued by the Bank Board as soon as practicable. It will state the reasons for the determination and will constitute final agency action for purposes of securing judicial review.

(e) If additional information is required for resolution of the Request, notification in writing will be made by the Bank Board of the need for such information. The Bank Board will order that the information be submitted by a date certain. If no further information is needed for resolution of the Request, a Decision will be issued by the Bank Board as soon as practicable.

(f) Unauthorized supplemental pleadings will not be considered by the Bank Board in the absence of good cause shown. To show good cause for an otherwise unauthorized supplemental pleading, a party must demonstrate the existence of new and material evidence that was not readily available at the time of the initial filing despite the party's due diligence.

(g) If appropriate, the Bank Board may, upon motion of a party or its own motion, issue an Order instructing the FSLIC as Receiver to stay temporarily its threatened action or decision pending resolution of the Request for Expedited Relief ("Order"). Such Order will be granted where necessary to maintain the status quo for the time required for the Bank Board to consider the Request for Expedited Relief. The issuance of such an Order does not, however, prohibit the FSLIC as Receiver from making any preparations legally required in advance of its threatened action (e.g., reposting foreclosure). Any such stay will remain in full force and effect for a period of time sufficient to enable the party requesting relief to be provided with the Bank Board's Decision and an oppor

tunity to seek judicial review of that Decision. Such time will be at least five (5) work days from the date of the Decision where delivery of the Bank Board's Decision is by express (overnight) delivery service and eight (8) work days if by certified or regular U.S. mail.

§ 577.5 Requests for extension of time or waiver of other procedural requirements.

Failure to comply with any of the procedural requirements set forth herein may result in denial of the Request for Expedited Relief. However, reasonable requests for extensions of time or waiver of other procedural requirements may be granted upon a showing of good cause.

Sec.

PART 583-DEFINITIONS

583.1 Bank.

583.2 Board.

583.3 Corporation.

583.4 State.

583.5 Supervisory agent. 583.6 Insured institution.

583.7 Uninsured institution.

583.8 Person.

583.9 Company.

583.10 Parent company.

583.11 Savings and loan holding company. 583.12 Multiple savings and loan company. 583.13 Diversified savings and loan holding

company.

583.14 Subsidiary. 583.15 Affiliate. 583.16 Debt security.

583.17 Outstanding debt.

583.18 Net worth.

583.19 Consolidated net worth.

583.20 Consolidated net earnings.

583.21 Consolidated net income available for interest.

583.22 Consolidated debt service require

ments.

583.23 Registrant.

583.24 Officer.

583.25 Director.

583.26 Control.

583.27 Qualified thrift lender status.

AUTHORITY: Sec. 2, 48 Stat. 128, as amended (12 U.S.C. 1462); sec. 5, 48 Stat. 132, as amended (12 U.S.C. 1464); secs. 401-403, 405-407, 48 Stat. 1255-1257, 1259-1260, as amended (12 U.S.C. 1724-1726, 1728-1730); sec. 408, 82 Stat. 5, as amended (12 U.S.C. 1730a); Reorg. Plan No. 3 of 1947, 12 FR 4981, 3 CFR, 1943-1948 Comp., p. 1071.

SOURCE: 33 FR 3322, Feb. 22, 1968, unless otherwise noted.

§ 583.3 Corporation.

The term "Corporation” means the Federal Savings and Loan Insurance Corporation.

§ 583.4 State.

The term "State" includes the District of Columbia and the Commonwealth of Puerto Rico.

§ 583.5 Supervisory agent.

The term "Supervisory Agent" means: (a) The President of the Bank of the Federal Home Loan Bank district in which the subsidiary insured institution of the registrant or applicant has its principal office, or in which the principal savings and loan or savings bank business of the registrant or applicant is located (as indicated in the designation, if any, filed pursuant to § 584.1 of this subchapter), or (b) any other person who is specifically authorized by the Principle Supervisory Agent or the Board to act on the Corporation's behalf in the administration of this subchapter.

[53 FR 1004, Jan. 15, 1988]

§ 583.6 Insured institution.

The term "insured institution" means a Federal association, or interim Federal association, a building and loan, savings and loan, or homestead association or cooperative bank, or an interim state savings and loan association, the accounts of which are insured by the Corporation; any Federal association the deposits of which are insured by the Federal Deposit Insurance Corporation; a savings bank which is deemed by the Corporation to be an insured institution under section 408(n) of the National Housing Act (12 U.S.C. 1730a(n)); and an institution that retains insurance accounts by the Corporation pursuant to § 563.29-1 of this chapter.

[53 FR 321, Jan. 6, 1988]

The term "company" means any corporation, partnership, trust, jointstock company, or similar organization, but does not include: (a) The Corporation, (b) any Bank, or (c) any company the majority of the shares of which is owned by (1) the United States or any State, (2) an officer of the United States or any State in his official capacity, or (3) an instrumentality of the United States or any State.

§ 583.10 Parent company.

The term "parent company" means any company which directly or indirectly controls any other company or companies.

§ 583.11 Savings and loan holding

company.

The term "savings and loan holding company” means any company which directly or indirectly controls an insured institution or controls any other company which is a savings and loan holding company, but does not include:

(a) Any company by virtue of its ownership or control of voting shares of an insured institution or a savings and loan holding company acquired in connection with the underwriting of securities if such shares are held only for such period of time (not exceeding 120 days unless extended by the Corporation) as will permit the sale thereof on a reasonable basis; and

(b) Any trust (other than a pension, profit-sharing, shareholders', voting or

business trust) which controls an insured institution or a savings and loan holding company if such trust by its terms must terminate within 25 years or not later than 21 years and 10 months after the death of individuals living on the effective date of the trust, and is: (1) In existence on June 26, 1967, or (2) a testamentary trust created on or after June 26, 1967.

§ 583.12 Multiple savings and loan holding

company.

The term "multiple savings and loan holding company" means any savings and loan holding company which directly or indirectly controls two or more insured institutions.

§ 583.13 Diversified savings and loan holding company.

The term "diversified savings and loan holding company" means any savings and loan holding company whose subsidiary insured institution and related activities listed below represented, on either an actual or a pro forma basis, less than 50 percent of its consolidated net worth at the close of its preceding fiscal year and of its consolidated net earnings for such fiscal year (or, during a 1-year period beginning Feb. 15, 1968, at such time as the holding company so qualifies):

(a) Furnishing or performing management services for a subsidiary insured institution;

(b) Conducting an insurance agency or an escrow business;

(c) Holding or managing or liquidating assets owned by or acquired from a subsidiary insured institution;

(d) Holding or managing properties used or occupied by a subsidiary insured institution;

(e) Acting as trustee under deed of trust; or

(f) Furnishing or performing such other services or engaging in such other activities as the Corporation may approve or may prescribe by regulation as being a proper incident to the operations of insured institutions and not detrimental to the interests of savings account holders therein.

except as otherwise required by the Corporation.

§ 583.20 Consolidated net earnings.

The term "consolidated net earnings" with respect to any company and its subsidiaries means the aggregate of the net earnings of such company, including all subsidiaries, after eliminating all intercompany items and portions of earnings properly attributable to minority interests, if any, all computed in accordance with generally accepted accounting principles, except as otherwise required by the Corporation.

§ 583.21

Consolidated net income available for interest.

The term "consolidated net income available for interest" used with respect to a diversified savings and loan holding company for any given period means the consolidated net earnings of such company and its subsidiaries, excluding the subsidiary insured institution, computed in accordance with generally accepted accounting principles, except as otherwise required by the Corporation, deducting therefrom nonoperating income, and adding back amounts deducted during the period for (a) interest expense, (b) debt discount and expense, and (c) nonoperating expenses.

§ 583.22 Consolidated debt service requirements.

The term "consolidated debt service requirements" used with respect to a diversified savings and loan holding company for any given period means the aggregate of the maximum amounts to be accrued or paid during such period by such company and its subsidiaries, other than the insured institution, for: (a) Interest on all indebtedness, (b) amortization of debt discount and expense, and (c) any amounts payable or paid on principal on all indebtedness. The term "amounts payable or paid on principal" includes (1) required payments to a sinking fund or other analogous fund for the retirement of debt, (2) amounts payable on account of principal on any debt which matures serially, (3) demand debt, and (4) amounts