Page:United States Statutes at Large Volume 60 Part 1.djvu/773

 PUBLIC LAWS-CH. 711-JULY 31,1946 Notice to creditors. "(4) Subject to the control and supervision of the Governor and under such rules and regulations as the Governor may prescribe, the liquidating agent of a Federal credit union in involuntary liquidation shall (i) cause notice to be given to creditors and members to present their claims and make legal proof thereof, which notice shall be pub- lished once a week in each of three successive weeks in a newspaper of general circulation in each county in which the Federal credit union in liquidation maintained an office or branch for the transaction of " No publication" business on the date it ceased unrestricted operations: Provided,That whenever the aggregate book value of the assets and property of a Federal credit union in involuntary liquidation is less than $1,000, unless the Governor shall find that its books and records do not contain a true and accurate record of its liabilities, he shall declare such Fed- eral credit union in liquidation to be a 'no publication' liquidation, and publication of notice to creditors and members shall not be required in Dividend on claims. such case; (ii) from time to time, make a ratable dividend on all such claims as may have been proved to his satisfaction or adjudicated in a court of competent jurisdiction and, after the assets of such organ- ization have been liquidated, shall make further dividends on all claims previously proved or adjudicated; and the liquidating agent may accept in lieu of a formal proof of claim on behalf of any creditor or member the statement of any amount due to such creditor or member Barring of claims. as shown on the books and records of the credit union: Provided,That all claims not filed before payment of the final dividend shall be barred and claims rejected or disallowed by the liquidating agent shall be likewise barred unless suit be instituted thereon within three months Determination of after notice of rejection or disallowance; (iii) in a 'no publication' amounts due to cred- itors, etc. liquidation, determine from all sources available to him, and within the limits of available funds of the Federal credit union, the amounts due to creditors and members, and after sixty days shall have elapsed from the date of his appointment, shall distribute the funds of the Federal credit union to creditors and members ratably and as their interests may appear. Cancellation of "(5) Upon certification by the liquidating agent in the case of an involuntary liquidation, and upon such proof as shall be satisfactory to the Governor in the case of a voluntary liquidation, that distribu- tion has been made and that liquidation has been completed, as provided herein, the Governor shall cancel the charter of such Continuanceof Fed- Federal credit union: Provided, That the corporate existence of the eral credit union. Federal credit union shall continue for a period of three years from the date of such cancellation of its charter, during which period the liquidating agent, or his duly appointed successor, or such persons as the Governor shall designate, may act on behalf of the Federal credit union for the purpose of paying, satisfying, and discharging any existing liabilities or obligations, collecting and distributing its assets, and doing all other acts required to adjust and wind up its business and aff a rs, and it may sue and be sued in its corporate name. Destruction of rec- "(b) After the expiration of five years from the date of cancella- tion of the charter of a Federal credit union the Governor may, in his discretion, destroy any or all books and records of such Federal credit union in his possession or under his control." Approved July 31, 1946. 746 [60 STAT.

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