Notice of liquidation to creditors.

CFR · 2024-01-01 · US · Title 12

(a) When approval for liquidation is obtained from the members, the board of directors or the liquidating agent shall cause notice to be given to creditors to present their claims. (1) Federal credit unions with assets equal to or greater than $50 million as of the month end prior to the liquidation date shall publish the notice once a week in each of three successive (2) Federal credit unions with assets equal to or greater than $1 million but less than $50 million as of the month end prior to the liquidation date shall publish the notice described in paragraph (a)(1) of this section at least once. The notice shall be published within seven days of the liquidation date. (3) Federal credit unions with assets less than $1 million as of the month end prior to the liquidation date shall not be required to publish the notice. (b) Within 10 days of the liquidation date, a copy of the notice of liquidation shall be mailed to all creditors reflected on the records of the Federal credit union. (c) Creditors shall be provided 30 days from the liquidation date to submit their claims.

official document · source cfr-2024 · id 12:§ 710.5