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(1) Sell for cash or on terms, ex rected, conferred, or imposed from time nange, or otherwise dispose of, in whole to time in specific cases by order of the - in part, any mortgage, deed of trust, Board, or by amendment of the rules nose in action, bond, note, contract, and regulations in this chapter. For the udgment or decree, share or certificate purposes of this section, assets and prop

share of stock or debt, owing to such erty, without limitation on the generality ssociation;

thereof and including any mortgage, (k) Sell for cash or on terms, ex deed of trust, chose in action, bond, note, mange or otherwise dispose of, in whole contract, judgment or decree, share or · in part, any or all of the assets and certificate of share of stock, or debt of roperty of the association, real, per the association, shall include any such onal, and mixed, tangible and intan asset or property of the receiver. Ible, of any nature;

[23 F.R. 9908, Dec. 23, 1958, as amended at (1) Surrender, abandon, and release 32 FR. 6770, May 3, 1967) ny choses in action, or other assets or

§ 549.4 Creditor claims. roperty of any nature, whether the ubject of pending Utigation or not, and (a) Upon being directed to do so by eject or repudiate any lease or contract the Board, the receiver shall promptly hich it considers burdensome;

pu sh, in a newspaper printed in the (m) Settle, compromise, or obtain the English language and of general circulaelease of, for cash or other considera tion in the city or county in which the lons, claims and demands against such home office of such Federal association ssociation or the receiver;

is located, a notice to all creditors of such (n) Settle, compromise, or release, for Federal association to present their cash or other considerations, claims and claims with proof thereof to such receiver lemands in favor of the association or on or before a date specified in such 90he receiver;

tice. The date specified in such notice (0) With the approval of the Board shall be at least 90 days after the date of and on terms and conditions approved the first publication of such notice (Sunpy the Board, borrow money in any

days and holidays included). Such notice amount and from any source and in any

shall be similarly published on dates manner, and execute, acknowledge and approximately 1 month and 2 months redeliver notes, certificates, and other evi spectively after the date of such first dence of indebtedness therefor and publication. Claims not filed within such secure the repayment thereof by the period shall be disallowed, except as they mortgage, pledge, assignment in trust or may thereafter be approved by the Board hypothecation of any or all of the prop for payment in whole or in part out of the erty, whether real, personal, or mixed, of assets of said Federal association remainsuch association, and such borrowing ing undistributed at the time of such may be for any purpose, including, approval. The receiver shall mall & simwithout any limitation on the generality ilar notice to any creditor, shown to be of the foregoing, facilitating liquidation, such on the books of the association, at carrying on the business of such asso

the last address of such creditor as the ciation, protecting or preserving the same shall appear on such books. assets in its possession, declaring and (b) Any claim proved to the satisfacpaying dividends to members and cred tion of the receiver shall be allowed by itors, providing for the expense of ad

the receiver except as provided in paraministration and liquidation, or aiding graph (a) of this section. The receiver in the reopening or reorganization of may disallow in whole or in part or reject such association;

in whole or in part any creditor claim or (p) Pay out of the assets of the re

claim of security, preference or priority ceivership all costs and expenses of the not proved to its satisfaction, and notice receivership and all costs of carrying out

of such disallowance or rejection to or exercising its rights, powers, privileges

gether with the reason therefor shall be and duties as receiver, all as determined served by the receiver upon the claimant. by it, except as otherwise provided in

The mailing of notice of such disallowthis section; and

ance or rejection to the last known ad(q) Do such things, and have such dress of any claimant appearing on the rights, powers, privileges, immunities, books or the proof of claim shall be and duties, whether or not otherwise deemed sufficient for the purposes granted in the rules and regulations in hereof. Unless such claimant shall within this chapter, as shall be authorized, di 30 days after the mailing of such notice

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(Sundays and holidays frecluded) ne cefter, at the last address of sich with the Board written request for pay- holder as the same scal appear on se ment regardless of such disallowance of books: Provided, horecer, Thet SCM rejection by the receiver, such disallow tice need not be malied to the bolded ance or rejection shall be final except & share account that has been runs aus the Board may otherwise determine dered and transderred to, or is in in its discretion.

process of being surrendered and (c) Upon the expiration of the time ferred to, the Federal Savings and fixed for the presentation of creditor Insurance Corporation. At the site: claims by the notice provided for in par the declaration of the first aida agraph (a) of this section, the receive dividend, the receiver shal credit isi shall cause to be filled with the Board & special reserve the proportionate sine full and complete list of such claims pre- of such liquidating dividend others sented. Such list shall indicate the payable to the holders of unclaimed stry character of each claim therein Hsted accounts shown on the bocica of the e and whether or not allowed by the re- sociation which appear to be created. ceiver. At such other date or dates as ing and valid, and similar credit ca may be ordered by the Board or deter from time to time be made for any mined by the receiver, a list of claims sequent liquidating dividends us tie see presented before such date shall be filled may be declared before the date spec. with the Board.

fied in the notice provided for in (d) Allowed creditor claims, and paragraph. The final liquidating esa creditor claims approved for payment by dend to shareholders whose claims the Board regardless of disallowance or ownership have been allowed mat -non allowance by the receiver, shall be clude any sums held in such accounts ? paid by the receiver, from time to time, any portion thereof, but such dividet to the extent that funds are available, in shall in no event be paid before the daz such manner and amount as may be specified in the notice provided into directed by the Board.

paragraph. (23 P.R. 9908, Dec. 23, 1958, as amended at (b) Any share ownership proved to 82 PR. 8778, May 8, 1967)

the satisfaction of the receiver shall be 8 549.5 Share interest claims.

allowed by the receiver. The receve

may disallow in whole or in part 1 (a) Upon being directed to do so by

claim of share interest not proved z the Board, the recelver shall promptly

its satisfaction, and notice of such e: publish, in a newspaper printed in the

allowance together with reason thereix English language and of general circula

shall be served by the receiver upon the tion in the city or county in which tho

claimant. The mailing of notice of such home office of such Federal association

disallowance to the last known addres 1s located, a notice to all shareholders of such Federal association to present their

of any claimant appearing on the booba sworn proofs of claim of ownership

or proof of claim shall be deemed sub

cient for the purposes hereof. Orls thereof to such receiver on or before & date specified in such notice. The date

such claimant shall file with the Board

written request for payment regardles specified in such notice shall be 3 years

of such disallowance or rejection by the after the date of the appointment of the receiver. Such notice shall urge that

receiver within 30 days after the main claims of ownership be presented

of such notice (Sundays and holidays inpromptly and shall be similarly pub

cluded), such disallowance or rejection lished on dates approximately 1 year and

shall be final except as the Board sha! 2 years respectively after the date of such

otherwise determine in its discretion. first publication. Claims of ownership

(c) Upon the expiration of the time not Aled within the period stated in the

fixed for the presentation of claims d notice shall be disallowed, except as they

share interest by the notice provided in may thereafter be approved by the

in paragraph (a) of this section, the Board for payment in whole or in part

receiver shall cause to be filled with the out of the assets of said Federal asso Board a full and complete list of such clation remaining undistributed at the claims presented. Such list shall Indi: time of such approval. The receiver shall cate the character of each claim therein mall a similar notice to any shareholder, listed and whether or not allowed by the shown to be such on the books of the as receiver. At such other date or dates sociation in the possession of the re as may be ordered by the Board or detero

ined by the receiver, a list of claims filed before the expiration of the time for resented before such date shall be filed Aling claims under the first sentence of ith the Board.

subparagraph (1) of paragraph (c) of (d) Upon the payment of insurance to this section, the filing thereof shall be ne holder of a share interest, the trans regarded as the timely filing of a claim er to the Federal Savings and Loan In under said subparagraph (1). The rerance Corporation of the insured ceiver shall mail a similar notice to any ccount, and the subrogation of the Fed creditor, holder of a savings deposit, or ral Savings and Loan Insurance Corpo holder of a savings account shown to be ation with respect to such insured such on the books of the association in ccount to the extent provided by law, the possession of the receiver, at the last hall be noted on the books of the address of such creditor or holder as the eceivership.

same shall appear on such books, but (e) Allowed claims of share interest such notice need not be mailed to the o which the Federal Savings and Loan holder of a savings deposit or savings nsurance Corporation has become sub account that has been surrendered and ogated; uninsured claims of share in transferred to, or is in the process of erest allowed by the receiver, and claims being surrendered and transferred to, the of share interest approved for payment Federal Savings and Loan Insurance by the Board regardless of disallowance Corporation. The filing pursuant to this or nonallowance by the receiver, shall paragraph (b) of a claim with respect be paid by the receiver in liquidating to a savings deposit or savings account ividends declared from time to time by shall constitute, for the purposes of this the Board, to the extent that funds are paragraph and paragraph (c) of this available, in such manner and amounts section, a claim for the right to receive as may be directed by the Board.

the treatment with respect to the with

drawal value of such savings deposit or (23 P.R. 9908, Doo. 23, 1968, as amondod at 32 FR. 6779, May 8, 1967)

savings account which is provided by

subparagraph (3) of paragraph (b) of 3 549.5-1 Deposit associations.

$ 545.1-2 and also & claim for the right (a) In the case of & Federal associa

of such savings deposit (as set forth in tion which is & deposit association within

said subparagraph (3)) or of such savthe meaning of that term as used in

ings account to share in the remaining $ 545.1-2, this section shall apply in lieu

assets of the association. of 33 549.4 and 549.5.

(2) Any claim filed pursuant to sub(b) (1) Upon being directed to do so

paragraph (1) of this paragraph (b) by the Board, the receiver shall promptly

proved to the satisfaction of the receiver publish, in a newspaper printed in the

shall be allowed by the receiver except

as English language and of general circula provided in said subparagraph (1). The tion in the city or county in which the

receiver may isallow in whole or in part home office of the association is located,

or reject in whole or in part any claim & notice to all creditor holders of say

so filed or any claim of security, preferings deposits, and holders of savings ac

ence, or priority not proved to its satiscounts of such association to present faction, and notice of such disallowance their claims with proof thereof to such

or rejection together with the reason receiver on or before a date specified in

therefor shall be served by the receiver such notice. The date specified in such upon the claimant. The malling of notice notice shall be at least 90 days after the of such disallowance or rejection to the date of the first publication of such no last address of any claimant appearing

tice (Sundays and holidays included). on the books of the association in the - Such notice shall be similarly published possession of the receiver or the proof of on dates approximately 1 month and 2

claim shall be deemed sufficient service months respectively after the date of

for the purposes hereof. Unless the such first publication. Claims not filed

claimant shall within 30 days after the within such period shall be disallowed, except as they may thereafter be ap

date of such service (Sundays and hollproved by the Board for payment in

days included) Alle with the Board writwhole or in part out of the assets of

ten request for payment regardless of the association remaining undistributed

such disallowance or rejection by the reat the time of such approval and except ceiver, such disallowance or rejection that, where the claim is with respect to a shall be final except as the Board may savings deposit or savings account and is otherwise determine in its discretion.

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(3) Upon the expiration of the time savings accounts shown on the books at fixed for the presentation of claims by the association in the possession of the the notice provided for in subparagraph receiver which appear to be outstanding (1) of this paragraph (b), the receiver and valid, and similar credits shall from shall cause to be filed with the Board time to time be made for any subsequent a full and complete list of such claims liquidating dividends as the same may presented. Such list shall indicate the be declared before the date specified in character of each claim therein listed the notice provided for in this subparaand whether or not allowed by the receip graph (1). The final liquidating dividend er. At such other date or dates as may to holders of claims whose claims have be ordered by the Board or determined been allowed or have been approved far by the receiver, a list of claims presented payment by the Board regardless of disbefore such date shall be filed with the allowance or nonallowance by the reBoard.

ceiver may include any amounts preTI. (4) Claims allowed under the forego ously undistributed, but such dividend ing provisions of this paragraph (b), and shall in no event be paid before the date claims approved for payment by the specified in the notice provided for it Board under the foregoing provisions of this subparagraph (1). Distributions this paragraph (b) regardless of disal made or made available on savings delowance or nonallowance by the receiver, posits or savings accounts under parz. shall be paid by the receiver, from time graph (b) of this section shall be treated to time, to the extent that funds are as if they had been made or made aval. available, in such manner and amount as able as liquidating dividends under this may be directed by the Board.

subparagraph (1), but this sentence shall (c) (1) Upon being directed to do so not authorize the recapture of any such by the Board, the receiver shall promptly, distribution. The provisions of subparabut not sooner than the expiration of the graph (2) of paragraph (b) of this sectime fixed for the presentation of claims tion shall be applicable also to claims by the notice provided for in subpara Aled pursuant to this subparagraph (1). graph (1) of paragraph (b) of this sec (2) Upon the expiration of the time tion, publish, in a newspaper printed fixed for the presentation of claims by in the English language and of general the notice provided for in subparagraph circulation in the city or county in which (1) of this paragraph (c), the receiver the home office of the association is lo shall cause to be filled with the Board a cated, a notice to all holders of savings full and complete list of the claims predeposits and all holders of savings ac sented with respect to savings deposits counts of the association, except those and savings accounts and not included savings deposits and savings accounts in any list previously filled with the Board with respect to which claims have pre by the receiver pursuant to subparagraph viously been filled with the receiver, to (3) of paragraph (b) of this section present their claims with proof thereof Such list shall indicate the character of to such receiver on or before a date spec each claim therein listed and whether or ified in such notice. The date specified in not allowed by the receiver. At such other such notice shall be 3 years after the date or dates as may be ordered by the date of the appointment of the receiver. Board or determined by the receiver, 8 Such notice shall urge that such claims list of claims presented before such date be presented promptly and shall be sim with respect to savings deposits and sarllarly published on dates approximately ings accounts shall be filled with the 1 year and 2 years respectively after the Board. date of such first publication. Claims not (3) Upon the payment of insurance filled within the period stated in the no to the holder of a savings deposit or sav, tice shall be disallowed, except as they ings account, the transfer to the Federal may thereafter be approved by the Board Savings and Loan Insurance Corporation for payment in whole or in part out of of the insured deposit or account and the the assets of the association remaining subrogation of the Federal Savings and undistributed at the time of such ap Loan Insurance Corporation with respect proval. At the time of the declaration of to such insured deposit or account to the the first liquidating dividend, the receiver extent provided by law shall be noted on shall credit to a special reserve the pro the books of the receivership. portionate shares of such liquidating (4) Allowed claims with respect to dividend otherwise payable to the holders savings deposits or savings accounts to of those unclaimed savings deposits or which the Federal Savings and Loan In.

urance Corporation has become subroated, uninsured claims with respect to avings deposits or savings accounts alwed by the receiver, and claims with espect to savings deposits or savings acounts approved for payment by the Board regardless of disallowance or nonllowance by the receiver shall be paid by he receiver in liquidating dividends de:lared from time to time by the Board, o the extent that funds are available, n such manner and amounts as may be lirected by the Board. 34 FR. 649, Jan. 16, 1969) | 549.6 Inventory; examinations and

audits, and costs thereof; accounting

practices. (a) Inventory. As soon as practicable after taking possession, the receiver shall make an inventory of the assets of such association as of the date of such taking possession, showing the value as carried on the books of the association, and the security therefor, if any, in whatever form the same shall exist, with a brief description of each such assets and such security. Such assets may be listed in such groups or classes as shall, to the satisfaction of the Board, afford full information as to their character and book value, and the receiver shall include a record of the creditor and share liabilities of the association. One copy of such inventory shall promptly be filled with the Secretary to the Board, one copy with the Federal Savings and Loan Insurance Corporation, and one copy shall be retained in the principal office for liquidation of the association, so long as such office is maintained.

(b) Examinations and audits, and costs thereof. Each Federal association for which & receiver has been appointed shall be examined and audited (with appraisals when deemed advisable by the Board) at least annually by the Office of Examinations and Supervision of the Board or as otherwise directed by the Board. The cost, as determined by the Board, of examinations, including office analysis thereof, audits, and any appraisals made in connection therewith, shall be paid from the assets of the association.

(c) Accounting practices; reports. The receiver may, from time to time, prescribe the accounting practices to be followed. The receiver shall make an annual report of its affairs as of June 30

of each year to the Board, on forms prescribed by the Board or the receiver, and such other reports as may be from time to time required by the Board or the receiver and shall accompany each recommendation for the declaration and payment of a liquidating dividend with a report showing the available assets. One copy of the reports required in this section shall be filed with the Secretary to the Board, one copy shall be retained by the Federal Savings and Loan Insurance Corporation, and one copy shall be retained in the principal office for the liquidation of the association, so long as such is maintained. [23 FR. 9908, Dec. 23, 1958, as amended at 32 F.R. 6771, May 3, 1967] $ 549.7 Final discharge and release of

receiver. (a) Final report. At such time as the receiver shall recommend a final distri. bution of the assets or at such time as the receiver shall be otherwise relieved of its duties, the receiver shall file with the Board a detailed report in form satisfactory to the Board.

(b) Final discharge. Unless otherwise directed by the Board, upon the final liquidation of the receivership, or the completion of the duties of the receiver or at such time as the receiver shall be otherwise relieved of its duties, an examination and audit of the association in receivership shall be conducted. The accounts of the receiver shall thereupon be approved or disapproved, and, if approved, the receiver shall thereupon be given a complete and final discharge and release. 8 549.8 Inspection of reports.

All inventories, statements and reports of the receiver shall be in at least as many copies as required by the regulations in this chapter or as shall be otherwise directed by the Board. One copy shall be filed with the Board and a duplicate shall be filed with the Federal Savings and Loan Insurance Corporation, and each of the inventories, statements, and reports shall constitute permanent records of each liquidation open for inspection at such times and on such conditions as may be from time to time directed by the Board or, in the absence of such directions, whenever the office of the Secretary to the Board shall be open for business.

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