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FEDERAL DEPOSIT INSURANCE CORPORATION 1

Subchapter A-Procedure and Rules of Practice

PART 301-INTRODUCTORY AND AUTHORITY

§ 301.1 Scope. The rules contained in this subchapter are promulgated pursuant to the provisions of the Administrative Procedure Act (60 Stat. 237), the Federal Deposit Insurance Act (Act of Sept. 21, 1950, Pub. Law 797, 81st Cong.), and other applicable laws. In accordance with the provisions of section 3 (a) (2) of the Administrative Procedure Act (sec. 3 (a) (2), 60 Stat. 238) they state the general course and method by which the Corporation's functions with respect to deposit insurance are channeled and determined, including the nature and requirements of formal or informal procedures available as well as forms and instructions as to the scope and contents of papers and reports. This subchapter also includes appropriate provisions with respect to rule making, adjudications, and hearings, as prescribed by law.

Proceedings by the Corporation within the meaning of this subchapter include:

(a) The formulation and promulgation of rules and regulations, including amendments thereto or the repeal thereof;

(b) The disposition of applications, requests, and submittals; (c) Formal hearings and adjudications.

(Sec. 9, Pub. Law 797, 81st Cong.)

Sec.

PART 302-FORMULATION AND PROMULGATION OF
RULES AND REGULATIONS

302.1 Notice.

302.2 Public participation.

302.3 Formulation of rules.

302.4 Petitions.

302.5 Effective date.

302.6 Exceptions.

302.7 Amendment and repeal.

AUTHORITY: §§ 302.1 to 302.7 issued under sec. 9, Pub. Law 797, 81st Cong.

§ 302.1 Notice. General notice of proposed rule making, including amendments thereto or repeal thereof, will be published in the FEDERAL REGISTER, except as specified in § 302.6, or otherwise excepted by law.

Rules and Regulations published in Federal Register of December 6, 1950 (15 F.R. 8628) with effective date of January 6, 1951, as revision of Chapter III, Title 12, Code of Federal Regulations.

Such notice will include either the terms or substance of the proposed rule or a description of the subjects and issues involved, reference to the authority under which the rule is proposed, and a statement of the time, place, and nature of the public proceedings for making the rule. § 302.2 Public participation. Interested persons will be afforded an opportunity to participate in the making of any rule, except as specified in § 302.6, or otherwise excepted by law, through the submission of written data, views, or arguments, unless the board of directors shall specifically provide an opportunity for the oral presentation thereof. § 302.3 Formulation of rules. After consideration of all relevant matter presented, the Committee on Administration will submit its recommendations to the board of directors and, in collaboration with appropriate Divisions, will prepare drafts of any proposed rules or amendments. The board of directors will take such action thereon as it deems appropriate and in any rule adopted will incorporate therein a concise general statement of its basis and purpose.

§ 302.4 Petitions. Any interested person may petition the Corporation for the issuance, amendment, or repeal of any rule by submitting such petition in writing together with a complete and concise statement of the petitioner's interest in the subject matter and the reasons why the petition should be granted. Such petition should be submitted to the Secretary.

§ 302.5 Effective date. Any rule issued by the Corporation will be published or served not less than thirty (30) days prior to the effective date thereof except as specified in § 302.6 or otherwise excepted by law.

§ 302.6 Exceptions. Whenever the Corporation finds that notice of, and public participation in, rule making is impracticable, unnecessary, or contrary to the public interest, or there is good cause why the effective date of any rule should not be deferred for thirty (30) days, the provisions of §§ 302.1, 302.2, and 302.5 shall not apply; and any such rule when published will incorporate the finding and a brief statement of the reasons therefor.

$302.7 Amendment and repeal. The right to alter, amend, or repeal the whole or any part of any rule except as otherwise provided by law, is expressly reserved.

Sec.

PART 303-APPLICATIONS, REQUESTS, AND SUBMITTALS

303.1 Application by nonmember bank for deposit insurance. 303.2 Application by State nonmember insured bank to establish a

branch.

303.3 Application by State nonmember insured bank to move main office or branch.

303.4 Application by insured State nonmember bank to reduce or retire capital.

303.5 Application for conversion, merger, consolidation, assumption and sale of asset transactions.

303.6 Application by State nonmember insured bank to extend its corporate or charter powers.

303.7 Application to continue or resume insured status.

303.8 Applications for use of other official sign or for exemption from advertising requirements.

303.9 Other applications.

303.10 Procedure on applications.

303.11 Notice of disposition of application.

AUTHORITY: §§ 303.1 to 303.11 issued under sec. 9, Pub. Law 797, 81st Cong. Interpret or apply secs. 5, 6, 8, 18, 19, Pub. Law, 797, 81st Cong.

§ 303.1 Application by nonmember bank for deposit insurance. Application for deposit insurance by an existing or proposed State nonmember bank should be filed with the Supervising Examiner of the Federal Deposit Insurance District in which the bank or proposed bank is or will be located. Any such application (a) by an existing bank must be accompanied by separate applications for the consent of the Corporation to the continued operation of each branch which it proposes to continue to operate; (b) by a proposed bank must be accompanied by a separate application for the consent of the Corporation to establish and operate each proposed branch. The appropriate forms of application and instructions for completing the same may be obtained upon request from the Supervising Examiner of the District in which the application originates. (See Part 304 of this subchapter for list of forms and instructions.)

§ 303.2 Application by State nonmember insured bank to establish a branch. Application by a State nonmember insured bank (except a District bank) to establish and operate a new branch should be filed with the Supervising Examiner of the Federal Deposit Insurance District in which the bank is located. The appropriate form of application and instructions for completing the same may be obtained upon request from the Supervising Examiner of the District in which the application originates. (See Part 304 of this subchapter for list of forms and instructions.)

§ 303.3 Application by State nonmember insured bank to move main office or branch. Application for the consent of the Corporation to move the main office or branch of a State nonmember insured bank (except a

1 A nonmember bank is a bank which is not a member of the Federal Reserve System. For information concerning applications for deposit insurance by national nonmember banks, inquiries should be addressed to the Chief of the Division of Examination. Washington 25, D. C.

"The term 'branch' includes any branch bank, branch office, branch agency, additional office, or any branch place of business located in any State of the United States or in any Territory of the United States, Puerto Rico, or the Virgin Islands at which deposits are received or checks paid or money lent." (Sec. 8 (0) (Pub. Law 797, 81st Cong.) )

District bank) should be filed with the Supervising Examiner of the Federal Deposit Insurance District in which the bank is located. The appropriate form of application and instructions for completing the same may be obtained upon request from the Supervising Examiner of the District in which the application originates. (See Part 304 of this subchapter for list of forms and instructions.)

§ 303.4 Application by insured State nonmember bank to reduce or retire capital. Application for the consent of the Corporation to the reduction in the amount, or retirement of any part, of the common or preferred capital stock, or retirement of any part of the capital notes or debentures, of an insured State nonmember bank (except a District bank) should be filed with the Supervising Examiner of the Federal Deposit Insurance District in which the bank is located. The appropriate form of application and instructions for completing the same may be obtained upon request from the Supervising Examiner of the District in which the application originates. (See Part 304 of this subchapter for list of forms and instructions.)

§ 303.5 Application for conversion, merger, consolidation, assumption and sale of asset transactions—(a) With noninsured bank or institution. Application by an insured bank for the consent of the Corporation to merge or consolidate with a noninsured bank or institution, or to convert into a noninsured institution, or to assume liability to pay any deposits made in, or similar liabilities of, any noninsured bank or institution, or to transfer assets to any noninsured bank or institution in consideration of the assumption of liability for any portion of the deposits made in such insured bank, together with copies of all agreements or proposed agreements relating thereto, should be filed with the Supervising Examiner of the Federal Deposit Insurance District in which the insured bank is located. The appropriate form of application and instructions for completing the form as well as instructions concerning notice to depositors, may be obtained upon request from the office of said Supervising Examiner.

(b) Conversion with diminution of capital or surplus. Application for the consent of the Corporation to convert into an insured State nonmember bank (except a District bank)-when the conversion will result in the converted bank having less capital stock or surplus than the converted bank at the time of the shareholders' meeting approving such conversion-together with copies of the charter and/or articles of association of the converted bank, should be filed with the Supervising Examiner of the Federal Deposit Insurance District in which the insured bank is located. The appropriate form of application and instructions for completing the form may be obtained upon request from the office of said Supervising Examiner.

(c) Merger, consolidation or assumption with diminution of capital or surplus. Application for the consent of the Corporation to merge or

consolidate under the charter of a State bank, or assume the liability to pay any deposits made in another insured bank-when the resulting or assuming bank is to be an insured State nonmember bank (except a District bank) and where the capital stock or surplus of the resulting or assuming bank will be less than the aggregate capital stock or aggregate surplus, respectively, of all the merging or consolidating banks or of all the parties to the assumption of liabilities, at the time of the shareholders' meetings which authorized the merger or consolidation or at the time of such assumption-together with copies of all agreements or proposed agreements, charters and articles of association relating thereto, should be filed with the Supervising Examiner of the Federal Deposit Insurance District in which the resulting or assuming bank is located. The appropriate form of application and instructions for completing the same may be obtained upon request from the office of said Supervising Examiner.

§ 303.6 Application by State nonmember insured bank to extend its corporate or charter powers. Application for the consent of the Corporation to the extension of the corporate or charter powers of a State nonmember insured bank (except a District bank) should be filed with the Supervising Examiner of the Federal Deposit Insurance District in which the bank is located. The appropriate form of application and instructions for completing the same may be obtained upon request from the Supervising Examiner of the District in which the application originates. (See Part 304 of this subchapter for list of forms and instructions.)

§ 303.7 Application to continue or resume insured status. Application under § 327.3 (c) of this chapter by a bank whose insured status has been terminated, to be permitted to continue or to resume its status as an insured bank, should be filed with the Supervising Examiner of the Federal Deposit Insurance District in which the bank is located. Such application should be (a) in writing; (b) signed by the president, or cashier, or other managing officer of the bank; (c) accompanied by a certified copy of the resolution of its board of directors authorizing the submission of such application; and should contain (d) a statement that the bank's insured status has been terminated, the date thereof, and the basis therefor, that the insurance of its deposits has not ceased, and that it applies for permission to continue or resume its status as an insured bank; and (e) the reasons why the continuance or resumption of such status should be permitted by the Corporation.

§ 303.8 Application for use of other official sign or for exemption from advertising requirements. Any application made by an insured bank under any of the provisions of Part 328 of this chapter should be filed with the Division of Examination of the Corporation at its principal office. Such application should (a) be in writing; (b) be signed by the president, or cashier, or other managing officer of the bank; and (c)

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