§ 192.485. Required liquidation account provision in new Federal charter.
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/us/cfr/t12/s§ 192.485·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If a savings association converts to Federal stock form, it must include the following provision in its new charter: “Liquidation Account. Under appropriate Federal banking agency regulations, the association must establish and maintain a liquidation account for the benefit of its savings account holders as of ______. If the association undergoes a complete liquidation, it must comply with appropriate Federal banking agency regulations with respect to the amount and priorities on liquidation of each of the savings account holder's interests in the liquidation account.
A savings account holder's interest in the liquidation account does not entitle the savings account holder to any voting rights.”