Special provisions applicable to Economic Opportunity (EO) Cooperative Loans.

CFR · 2024-01-01 · US · Title 7

(a) (i) Form RD 1951-15 executed by the proposed new member; (ii) Statement of the current amount of the indebtedness involved; (iii) A description and statement of the value of the security property; (iv) A memorandum to justify the transaction; (v) Form RD 440-2, “County Committee Certification or Recommendation;” (vi) Exhibit B of this subpart, “Agreement for New Member (With or Without Withdrawing Member),” (available in any Rural Development office), executed by the remaining members of the association, the proposed new member, and the withdrawing member; and (vii) Form RD 450-12, “Bill of Sale (Transfer by Withdrawing Member),” executed by the withdrawing member. (2) If the State Director determines after review of the above information that the proposed new member is eligible and the transfer is justified, the State Director may approve the transfer and assumption by executing Form RD 1951-15. (3) Upon completion of the above actions, the State Director may release the outgoing member from personal liability using Form RD 1965-8. (4) If Finance Office records must be changed due to changes in borrower name, address and/or case number, necessary documents, including Form RD 1951-15 and, if applicable, Form RD 1965-8, will be forwarded to the Finance Office immediately with a memorandum indicating that the purpose of the submission is only to establish liability for a new member and release an old member from liability. (b) (1) The State Director determines that the rema

official document · source cfr-2024 · id 7:§ 1951.231