LiquipaTioN 
Although the point is not covered by the law, it has been found 
most advisable for the liquidating agent or committee to secure the 
authority of the board of directors before disposing of the assets 
of the bank. 
The liquidating bank must file with its Federal Reserve Bank 
(form furnished by Reserve Bank) an application for surrender and 
cancellation of the Federal Reserve Bank stock that is held, and for 
the refund of all balances due to the liquidating bank. 
[49]