§ 1271.11. Trustee powers.
81 words·~1 min read·
/us/cfr/t12/s§ 1271.11·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A Bank may act, and make reasonable charges for doing so, as trustee of any trust affecting the business of any member or any institution or group applying for membership, if:
(a)Such trust is created or arises for the benefit of the institution or its depositors, investors, or borrowers, or for the promotion of sound and economical home financing; and
(b)In the case of applicants, the Bank ceases to act as trustee if the application is withdrawn or rejected.