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.

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