articles of incorporation or association and a copy of the bank's license or authorization to engage in the business of receiving deposits.

(d) Form 84: Application for Federal deposit insurance by an existing noninsured State bank (other than mutual savings). The applicant bank is required to submit statements, representations, and information with respect to the several factors enumerated in section 6 of the Federal Deposit Insurance Act (12 U.S.C. 1816) and a copy of the resolution of its board of directors authorizing the bank's president or vice president and cashier or secretary to make the application. The application must be executed in quadruplicate, signed by such officers, and the bank's corporate seal affixed thereto. Three signed applications must be forwarded to the Regional Director of the Federal Deposit Insurance Corporation Region in which the bank is located and the other application may be retained by the bank. Applications filed on Form 84 must be accompanied by the requisite number of properly executed Forms 83 and a certified copy of the articles of incorporation or association, including any amendments thereto. If the bank has a branch or branches, its application on Form 84 must be accompanied by a properly executed Form 85 for each branch.

(e) Form 84-M: Application for Federal deposit insurance by an existing noninsured mutual savings bank. Form 84-M, which is substantially the same as Form 84, should be used by mutual savings banks and should be prepared and submitted in the same manner as Form 84. If the bank has a branch or branches, its application on Form 84-M must be accompanied by a properly executed Form 85-M for each branch.

(f) Form 83 and Form 83-M: Financial statement. Form 83 must be executed in triplicate and certified to be true and correct by each individual director (or trustee) and officer of the bank or proposed bank (who is solely responsible for its contents) for the benefit of the Board of Directors of the Corporation in determining, with respect to the applicant bank, the general character of its management in accordance with section 6 of the Federal Deposit Insurance Act (12 U.S.C. 1816). The requisite number of properly executed and signed Forms 83 must accompany

each application on Form 82, Form 82-M, Form 84, or Form 84-M.

(g) Form 85, Form 85a, and Form 85b: Application of insured State nonmember bank (except District bank and mutual savings bank) to establish or move its main office or branch. (1) Form 85 is an application to establish a branch. The applicant bank is required to submit statements, representations, and information with respect to the several factors enumerated in section 6 of the Federal Deposit Insurance Act (12 U.S.C. 1816) and a copy of the resolution of its board of directors authorizing the bank's president or vice president and cashier or secretary to make the appli cation. The application must be executed in quadruplicate, signed by the president or vice president, have the corporate seal of the bank affixed thereto, and be attested by the cashier or secretary. Three signed applications must be forwarded to the Regional Director of the Federal Deposit Insurance Corporation Region in which the applicant bank is located and the other application may be retained by the bank. The application must be accompanied by a certified copy of the bank's articles of incorporation or association, including any amendments thereto unless previously submitted to the Corporation and not subsequently amended.

(2) Form 85a is an application to move main office or branch. It is similar to Form 85 and should be prepared and submitted in the same manner as Form 85.

(3) Form 85b is an application to establish a branch pursuant to designation as depositary and financial agent of the U.S. Government. It is similar to Form 85 and should be prepared and submitted in the same manner as Form 85.

(h) Form 85-M and Form 85a-M: Application by insured nonmember mutual savings bank to establish a branch or move its main office or branch. (1) Form 85-M is substantially the same as Form 85 and should be prepared and submitted in the same manner as Form 85.

(2) Form 85a-M is substantially the same as Form 85a and should be prepared and submitted in the same manner as Form 85.

(i) Form 86: Application for merger, consolidation, asset acquisition, or assumption. The bank applying for prior written consent to merge with, consolidate with, acquire the assets of, or assume liability to pay deposits made in, another bank or institution, pursuant to

section 18 (c) of the Federal Deposit Insurance Act, as amended (12 U.S.C. 1828 (c)), and for the establishment of branches incident thereto pursuant to section 18(d) of the Act is required to submit statements, representations, and information with respect to the several factors enumerated in said section 18(c). Twelve copies of the application and all documents, schedules, and exhibits, including the agreement between the participating banks and the charter or articles of incorporation of the resulting or assuming bank, are to be executed by an authorized officer with the bank's corporate seal affixed and forwarded to the Regional Director of the Federal Deposit Insurance Corporation Region in which the applicant bank is located. The Corporation will furnish the applicant bank with a form of the notice (Form 116) for publication provided for in said section 18(c).

(j) Form 100: Application for consent to retirement of common or preferred stock, capital notes, or debentures. The applicant bank is required to submit statements with respect to the nature of the proposal, source of funds to effect the proposal, and other steps involved in the retirement. The application contains a statement of assets and liabilities and the disposition of certain assets adversely classified in the preceding report of examination made of the bank by examiners of the Corporation. Three applications certified to be true and correct and signed by the president or cashier of the bank must be forwarded to the Regional Director of the Federal Deposit Insurance Corporation Region in which the applicant bank is located.

(k) Form 102: Application. Form 102 should be used by all banks applying for the consent of the Corporation with respect to any application requiring such consent and for which no specific form is prescribed by this section or otherwise. The form contains a copy of the resolution of the bank's board of directors describing the proposal and authorizing the application, a statement of the action taken upon the proposal by the proper State banking authority where such action is required, and must be signed by the president or vice president and attested by the cashier or secretary. The application must be accompanied by a copy of the bank's articles of incorpora

tion or association including any amendments thereto unless previously submitted to the Corporation and not subsequently amended. The application must be executed in quadruplicate. Three signed applications must be submitted to the Regional Director of the Region wherein the bank is located and one copy may be retained by the bank.

(1) Form 64: Report of condition (from banks other than mutual savings). Form 64 is a report in the form of a standard statement of the assets and liabilities of the reporting bank together with additional detailed breakdown of selected items and information for assessment purposes. When special circumstances so require, additional detail with respect to specific asset or liability items may be required. Reports of condition must be prepared in accordance with the instructions contained in the booklet entitled "Instructions for the preparation of Report of Condition on Form 64," copies of which are furnished by the Corporation to all insured State nonmember banks (except District banks) and which may be obtained on request from the Division of Research.

(m) Form 64 (Savings): Report of condition (from mutual savings banks). Form 64 (Savings) is substantially the same as Form 64 and should be used by mutual savings banks.

(n) Form 73: Report of income and dividends (from banks other than mutual savings). Report of income and dividends, Form 73, is a report in the form of a standard profit and loss statement and a reconciliation of changes in total capital accounts during the year. When special circumstances so require, additional detail with respect to specific income or expense items, chargeoffs or recoveries, profits on assets sold, or changes in total capital account may be required. Reports of income and dividends must be prepared in accordance with the instructions contained in the booklet entitled "Instruction for the preparation of Report of Income and Dividends on Form 73," which is furnished by the Corporation to all insured State nonmember banks (except District banks) and which may be obtained request from of the Division

on

Research.

(0) Form 73 (Savings): Report of income and dividends (from mutual savings banks). Form 73 (Savings) is sub

stantially the same as Form 73 and should be used by mutual savings banks.

(p) Form 89: Summary of Deposits. Report of summary of deposits is a report of the number of deposit accounts and the amount of deposits in such accounts grouped by size of account and type of deposit. Summary of deposit reports must be prepared in accordance with instructions contained in the pamphlet entitled "Instructions for preparation of Form 89," which is furnished by the Corporation to all insured banks and which may be obtained on request from the Division of Research.

(q) Form 545: Certified statement (for banks other than mutual savings). A form 545 must be submitted on or before January 31 and July 31 of each year by every insured bank, except any newly insured banks which must submit their first certified statement on Form 645, and any mutual savings banks which must use Form 545 (Savings). Form 545 shows the deposit liabilities, less authorized deductions, reported in two reports of condition in each semiannual assessment period. The form will show the computation of the assessment base and the amount of the assessment due the Corporation. It must be prepared in duplicate, certified by the president of the bank or any other officer designated by its board of directors, and an original must be forwarded to the fiscal agent. The duplicate copy should be retained in the bank's file.1 The forms are mailed to all insured banks each six months in ample time to permit compliance with the law, but if not received on or before January 1 or July 1, they should be obtained from the fiscal agent. Any questions in respect to such forms should be directed to the fiscal agent.

(r) Form 545 (Savings): Certified statement (for mutual savings banks). This form is substantially the same as Form 545 and should be used by mutual savings banks.

(s) Form 645: First certified statement (for banks other than mutual savings). The first certified statement, Form 645, must be submitted on or before July 31 or January 31 following the semiannual period in which the bank began operation as an insured bank. The form shows the deposit liabilities, less authorized deductions, as provided by law, on the last date within such period for

which it was required to submit a report of condition or, if such bank became an insured bank after the last date in such period for which a report of condition was required, such bank shall make a report of condition as of the last day of such semiannual period, and shall file with the Corporation a certified statement showing, as its assessment base for such period, its assessment base for the date of such special report. The form will show the computation of the assessment base and the amount of the assessment due the Corporation. It must be prepared in duplicate, certified by the president of the bank or any other officer designated by its board of directors, and the original must be forwarded to the fiscal agent. The duplicate copy should be retained in the bank's file.1 The forms will be mailed by the fiscal agent to newly insured banks with appropriate instructions for their preparation.

(t) Form 645 (Savings): First certified statement (for mutual savings banks). This form is substantially the same as Form 645 and should be used by mutual savings banks.

(u) Form 845: Final certified statement-for use by an insured bank (except mutual savings banks) whose deposits are assumed by another insured bank. This statement, Form 845, shows the deposit liabilities, less authorized deductions, of the bank in the report or reports of condition prior to the assumption date. Form 845, accompanied by appropriate letter of explanation and instructions, will be mailed by the fiscal agent to each insured bank whose deposit liabilities are assumed by another insured bank. The form must be prepared in duplicate, certified by the presi

1 Section 7 (b)(6) of the Federal Deposit Insurance Act, which relates to assessment base deductions, provides, in part, as follows: "Each insured bank, as a condition to the right to make any such deduction in determining its assessment base, shall maintain such records as will readily permit verification of the correctness of its assessment base. No insured bank shall be required to retain such records for such purpose for a period in excess of five years from the date of the filing of any certified statement, except that when there is a dispute between the insured bank and the Corporation over the amount of any assessment the bank shall retain such records until final determination of the issue."

dent of the bank or any other officer designated by its board of directors, and the original must be forwarded to the fiscal agent. The duplicate copy should be retained in the bank's files. If the deposits of the liquidating bank are assumed by a newly insured bank, the liquidating bank is not required to file Form 845 or to pay any assessments upon the deposits so assumed after the semiannual period in which the assumption takes effect.

(v) Form 845 (Savings): Final certified statement (for mutual savings banks). This form is substantially the same as Form 845 and should be used by mutual savings banks.

(w) Form 845A: Final certified statement-for use of an insured bank (other than mutual savings banks) whose deposit liabilities are assumed by another insured operating bank. (To be used when the assuming bank executes the certified statement for the bank whose deposits were assumed.) Form 845A may be substituted for Form 845 described in paragraph (u) of this section if the assuming bank is executing the certified statement for the bank whose deposit liabilities were assumed. Form 845A is prepared in the same manner as Form 845 except the certification is executed by an official of the assuming bank.

(x) Form 845A (Savings): Final certified statement-for use of an insured mutual savings bank whose deposit liabilities are assumed by another insured operating bank. (To be used when the assuming bank executes the certified statement for the bank whose deposits were assumed.) Form 845A (Savings) may be substituted for Form 845 (Savings) described in paragraph (v) of this section if the assuming bank is executing the certified statement for the bank whose deposit liabilities were assumed. Form 845A (Savings) is prepared in the same manner as Form 845 (Savings) except the certification is executed by an official of the assuming bank.

(y) Amended and corrected certified statements. Forms for use in amending or correcting previously submitted certified statements are identical in number and form with Forms 545, 645, 845, 845A (for other than mutual savings banks), 545 (Savings), 645 (Savings), 845 (Savings), and 845A (Savings) described above, except the title of the forms contains the additional word "Amended" or

"Corrected." These forms may be obtained on request from the fiscal agent. [32 F.R. 10558, July 19, 1967, as amended at 36 F.R. 1248, Jan. 27, 1971]

PART 305-PAYMENT OF INSURED DEPOSITS

§ 305.1 Payment of insured deposits in closed banks.

1

When an insured bank closes under circumstances requiring the Corporation to make payment of the insured deposits therein, as prescribed by law," the Board of Directors appoints one or more Claim Agents with power and authority as provided by law who maintain a temporary office at the site of the closed bank for the purpose of receiving claims for insured deposits and making payment thereof as soon as possible in accordance with applicable law. Claimants for insured deposits are required to submit to such Claim Agents appropriate proofs of claim, in form and manner prescribed by law or by the Board of Directors to deliver up any pass book or other record issued by the bank evidencing the insured deposit, to assign their claims for insured deposits to the Corporation to the extent required by law, and to furnish proper identification. The claimant is required to make proof thereof to the satisfaction of the Claim Agent. Disputed claims which cannot be adjusted in the field are referred to the Chief of the Division of Liquidation for determination and when satisfactory disposition cannot be so made, may be referred to the Board of Directors for appropriate action. In cases where the Corporation is not satisfied as to the validity of a claim for an insured deposit, it may require the final determination of a court of competent jurisdiction before paying such claim. The Corporation is authorized to make payment of the insured deposits in cash or by making available to each depositor a transferred deposit in a "new bank," which is in

1 Defined in section 3 (m) of the Federal Deposit Insurance Act.

See section 11 of the Federal Deposit Insurance Act, particularly subsections (b), (f) and (g).

3 See section 10(b) of the Federal Deposit Insurance Act.

See section 11(h)-(1) of the Federal Deposit Insurance Act, 12 U.S.C. 1821 (h)-(1).

sured, in the same community or in another insured bank in an amount equal to the insured deposit of such depositor. Any such transferred deposit would be a demand deposit in the absence of an agreement between the depositor and transferee bank providing for a time or savings deposit. It is the policy of the Corporation to make such payment by issuing its check for the amount of the insured deposit. In making such payments, the Corporation exercises its statutory authority to withhold payment of such portion of the insured deposit of any depositor as may be required to provide for the payment of any liability of such depositor as a stockholder of the bank, or of any liability of such depositor to the closed bank or its receiver, which is not offset against a claim due from the bank, pending the determination and payment of such liability by the depositor or any other person liable therefor.

(Sec. 9, 64 Stat. 881; 12 U.S.C. 1819) [15 F.R. 8632, Dec. 6, 1950, as amended at 19 F.R. 1666, Mar. 27, 1954; 32 F.R. 9638, July 4, 1967]

PART 306 RECEIVERSHIPS AND LIQUIDATIONS

Sec.

306.1 Liquidation of

306.2

assets acquired through loans and purchases and deposits.

National bank receiverships. 306.3 State bank receiverships.

AUTHORITY: The provisions of this Part 306 issued under sec. 9, 64 Stat. 881; 12 U.S.C. 1819.

§ 306.1 Liquidation of assets acquired through loans and purchases and deposits.

Assets acquired by the Corporation pursuant to contracts of loan or purchase or deposits with insured banks or receivers of closed insured banks, in accordance with the provisions of the Federal Deposit Insurance Act, are liquidated by the Corporation through a liquidator appointed in the same manner as in the case of a national bank receivership (see § 306.2). The liquidator takes possession of the assets and usually maintains a liquidating office in the vicinity of the bank from which the assets were acquired. The liquidator receives collections of debts and claims due, effects sales of assets, compositions, and compromises of debts, and otherwise

enforces claims and obligations due and owing and arising out of the liquidation. Proposals for the sale of assets, compositions and compromises, and extensions or renewals of debts due or other contracts, are transmitted by the liquidator to the Chief of the Division of Liquidation and are in turn submitted to the Committee on Liquidations, Loans, and Purchases of Assets and to the Board of Directors of the Corporation for approval. Expenses of administration, proposals for leasing, engaging brokers or others, independent contractors, and advances to protect assets are likewise submitted by the liquidator for transmission with the recommendation of the Division of Liquidation to the Committee on Liquidations, Loans, and Purchases of Assets and to the Board of Directors of the Corporation for approval. In general, the liquidator is the local representative of the Corporation and proceeds in compliance with the manual of instructions of the Division of Liquidation to liquidate the assets so acquired. [15 F.R. 8632, Dec. 6, 1950, as amended at 19 F.R. 1666, Mar. 27, 1954]

§ 306.2 National bank receiverships.

Whenever the Comptroller of the Currency appoints a receiver (other than conservator) of a national or District bank, it must be the Corporation. Immediately upon appointment the Corporation takes possession of the records, assets, and affairs of the bank through one of its agents, usually a liquidator, appointed to represent the Corporation in that receivership. If possession is taken by an agent other than a liquidator, the liquidator, when appointed, is substituted for the agent. The Board of Directors of the Corporation appoints the agent to take possession, the liquidator, such assistant liquidators, and personnel, as may be necessary, as well as an attorney to furnish the Corporation as receiver with such legal assistance as may be required in the administration of the receivership. The liquidator as local representative of the Corporation proceeds, in compliance with the manual of instructions of the Division of Liquidation, and in conformity with the applicable provisions of the National Bank Act and the Federal Deposit Insurance Act, to liquidate the assets, receive claims of depositors (claiming in