12 C.F.R. § 192.475

Current through November 30, 2024
Section 192.475 - Definition of liquidation
(a)In general. A liquidation is a sale of a savings association's assets and settlement of its liabilities with the intent to cease operations and close. Upon liquidation, a savings association must return its charter to the governmental agency that issued it. The government agency must cancel the savings association's charter.
(b)Other transactions. A merger, consolidation, or similar combination or transaction with another depository institution, is not a liquidation. If a savings association is involved in such a transaction, the surviving institution must assume the liquidation account.

12 C.F.R. §192.475

85 FR 42643 , 8/13/2020