Page:United States Statutes at Large Volume 103 Part 1.djvu/327

 PUBLIC LAW 101-73—AUG. 9, 1989 103 STAT. 299 banks, trust companies, and corporations exercising such powers. "(9) SURRENDER OF CHARTER. —(A) Any Federal savings association may surrender its right to exercise the powers granted under this subsection, and have returned to it any securities which it may have deposited with the State authori- ties, by filing with the Director a certified copy of a resolution of its board of directors indicating its intention to surrender its right. "(B) Upon receipt of such resolution, the Director, if satisfied that such Federal savings association has been relieved in accordance with State law of all duties as trustee, executor, administrator, guardian or other fiduciary, may in the Direc- tor's discretion, issue to such association a certificate that such association is no longer authorized to exercise the powers granted by this subsection. "(C) Upon the issuance of such a certificate by the Director, such Federal savings association (i) shall no longer be subject to the provisions of this section or the regulations of the Director made pursuant thereto, (ii) shall be entitled to have returned to it any securities which it may have deposited with State authorities, and (iii) shall not exercise thereafter any of the powers granted by this section without first applying for and obtaining a new permit to exercise such powers pursuant to the provisions of this section. "(D) The Director may prescribe regulations necessary to enforce compliance with the provisions of this subsection. "(10) REVOCATION.— (A) In addition to the authority conferred by other law, if, in the opinion of the Director, a Federal savings association is unlawfully or unsoundly exercising, or has unlaw- fully or unsoundly exercised, or has failed for a period of 5 consecutive years to exercise, the powers granted by this subsec- tion or otherwise fails or has failed to comply with the require- ments of this subsection, the Director may issue and serve upon the association a notice of intent to revoke the authority of the association to exercise the powers granted by this subsection. The notice shall contain a statement of the facts constituting the alleged unlawful or unsound exercise of powers, or failure to exercise powers, or failure to comply, and shall fix a time and place at which a hearing will be held to determine whether an order revoking authority to exercise such powers should issue against the association. "(B) Such hearing shall be conducted in accordance with the provisions of subsection (d)(l)(B), and subject to judicial review as therein provided, and shall be fixed for a date not earlier than 30 days and not later than 60 days after service of such notice unless the Director sets an earlier or later date at the request of any Federal savings association so served. ' (C) Unless the Federal savings association so served shall appear at the hearing by a duly authorized representative, it shall be deemed to have consented to the issuance of the revocation order. In the event of such consent, or if upon the record made at any such hearing, the Director shall find that any allegation specified in the notice of charges has been estab- lished, the Director may issue and serve upon the association an order prohibiting it from accepting any new or additional trust accounts and revoking authority to exercise any and all powers

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