§ 1266.15. Liquidation of advances upon termination of membership.
94 words·~1 min read·
/us/cfr/t12/s§ 1266.15·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If an institution's membership in a Bank is terminated, the Bank shall determine an orderly schedule for liquidating any indebtedness of such member to the Bank; this section shall not require a Bank to call any such indebtedness prior to maturity of the advance. The Bank shall deem any such liquidation a prepayment of the member's indebtedness, and the member shall be subject to any fees applicable to such prepayment. [58 FR 29469, May 20, 1993. Redesignated at 65 FR 8256, Feb. 18, 2000 and further redesignated at 65 FR 44430, July 18, 2000]