Examples of Federal association in a sentence
A Federal association may provide a bylaw on age limitation for officers.
Federal association" means a savings and loan association, savings bank or other financial institution organized pursuant to the Act of Congress entitled "Home Owners' Loan Act of 1933", as amended, or any subsequent Act of Congress relating thereto.[PL 1983, c.
Section 53638 stipulates that negotiable CD’s may not exceed the shareholder’s equity of the bank, and that the amount of CD’s purchased from a State or Federal association may not exceed the total of the net worth of that association unless the purchase amount is less than$500,000 and the deposits are insured or secured as required by law.
On the effective date of a merger or consolidation in which the resulting in- stitution is a Federal association, all assets and property of the disappearing institutions shall immediately, with- out any further act, become the prop- erty of the resulting institution to the same extent as they were the property of the disappearing institutions, and the resulting institution shall be a con- tinuation of the entity which absorbed the disappearing institutions.
Ap- proval of a merger automatically can- cels the Federal charter of a Federal association that is a disappearing insti- tution as of the effective date of merg- er, and the association shall, on that date, surrender its charter to the OCC.