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REGISTER
VOLUME 10

1934 c

- bAmrEP

NUMBER 14

Washington, Friday, January 19, 1945
Regulations TITLE 6AGRICULTURAL CREDIT
Chapter IFarm Credit Administration P art 11N ational F arm L oan A ssociations liquidation of national farm loan ASSOCIATIONS

Part 11 of Chapter I, Title 6, Code of Federal Regulations is hereby amended by adding 11.64-50 to 11.64-51, inclu sive, and 11.385-50 to 11.385-53, in clusive, to read as follows:
11.64-50 Method of liquidation.
Any association may be liquidated by the retirement by a bank, with the approval of the Administration, of all the stock held by the association in the bank and the retirement of the corresponding shares of stock in the association. In the absence of special circumstances, ap proval will not be given to a liquidation by this method unless the association has less than 10 members and it appears to the satisfaction of the Administration that the association cannot or will not function and that its continuance will not serve a useful purpose.
11.64-51 Distribution of assets. The assets of the association shall be applied to the payment of thg obligations of the association, and any such assets remain ing shall be distributed to the stock holders of the association as of the ef fective date of liquidation, pro rata ac cording to their respective shareholdings.
Contingent liabilities incurred by the association on account of endorsed mort gages shall be determined and included as obligations. The amout of contingent liabilities shall be determined by agree ment between the association and the bank.

11.385-50 Liquidation of associa tions; action by bank. The board of directors of the bank shall take appro priate action to adopt a resolution re questing approval of the Administration to pay off at par and retire all stock held by the association in the bank. The resolution should specifically state that, in the judgment of the board, it is ad visable for the benefit and best interests
of the association members and those engaged in agriculture in the territory of such association that all stock held by the association in the bank and all corresponding shares of stock in the as sociation held by borrowers through it should be retired and the association liquidated. In the event an association is unable to pay its indebtedness in full, the resolution should further state, the consideration the bank has given to the enforcement of the liability of the stock holders for the payment of the associa tions debts and the conclusion reached.
11.385-51 Certification by officer of bank. The appropriate bank officer shall certify to the action taken at the meeting of the board of directors, and his certificate shall set out the resolu tion adopted by the board.
11.385-52 Completing liquidation.
Upon completion of the boards action, a certified copy of the resolution, ac companied by a detailed statement of facts concerning the conditions, opera tions, and prospects of the association, should be forwarded to the Administra tion. Upon approval or disapproval of the banks request by the Administra tion, notice of such decision will be sent to the bank. Upon receipt of approval notice, the bank shall take the necessary action to pay off at par and retire the stock held by the association in the bank, and when such action has been com pleted, the bank shall notify the Ad ministration. The Administration will advise the association of the retirement by the bank of its stock. Upon receipt of this information the association, by action of its board of directors, shall have recorded on its books the retire ment of the corresponding stock of the association held by the borrowers; de termine by agreement with the bank the amount of contingent liabilities incurred by the association on account of en dorsed mortgages, which amount shall be included as an obligation of the as sociation; apply all assets of the asso ciation to the extent necessary to the payment of the obligations of the asso ciation; distribute any remaining assets of the association to the stockholders of record as of the effective date of liqui dation pro rata according to their reContinued on next page
CONTENTS
REGULATIONS AND NOTICES
A lien P roperty C ustodian :

Pa8e
Leppla, Mary A., hearing of claim ___________________
754
Vesting orders:
Copyrights of certain German nationals 2 documents _ 751, 752
Lingen, Anna Werpupp------753
C ivil A eronautics A dm inistration :

Control airports, designation
727

C oast G uard :

Slop chest; waiver of navigation and inspection laws-------

732

C ustoms B ureau :

Mail matter received from foreign countries involving customs revenue, treat ment________________

728

F arm C redit A dm inistration :

National farm loan associations, liquidation----------------------

725

F ederal T rade C o m m issio n :

Agricultural Insecticide & Fun gicide Assn., et al., cease and desist o rd e r__________
F is h
and
727

W ildlife S ervice : .

Southeastern region national wildlife refuges, Blackwater National Wildlife Refuge,.
Md.; trapping-----------------

749

I nternal R evenue B ureau :

Employees and employers tax under Federal Insurance Contributions Ac t , post ponement of increase in rates__________________

729

I nterstate C ommerce C o m m issio n :

Reconsignment permits:
Carrots:
Philadelphia, Pa________
St. Louis, Mo___________
Cauliflower, Decatur, HI____
Oranges and tangerines, Hart ford, Conn___________
Potatoes, Monett, Mo---------Tomatoes, Kansas City, Mo.K an s________________
Tank cars, loaded; demurrage rules and charges-----------Wheat, export, from Buffalo, N. Y.; restrictions_______

751
751
751
750
751
751
748
748

N ational H ousing A gency :

Public war housing, disposition of federally owned projectsPermanent projects________
Continued on next page
725

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