[Code of Federal Regulations]
[Title 12, Volume 6]
[Revised as of January 1, 2001]
From the U.S. Government Printing Office via GPO Access
[CITE: 12CFR747.207]

[Page 552-553]
 
                       TITLE 12--BANKS AND BANKING
 
            CHAPTER VII--NATIONAL CREDIT UNION ADMINISTRATION
 
PART 747--ADMINISTRATIVE ACTIONS, ADJUDICATIVE HEARINGS, RULES OF PRACTICE AND PROCEDURE, AND INVESTIGATIONS--Table of Contents
 
Subpart C--Local Rules and Procedures Applicable to Proceedings for the 
                Involuntary Termination of Insured Status
 
Sec. 747.207  Notice of termination of insured status.

    Prior to the effective date of the termination of the insured status 
of an insured credit union under section 206(b) of the Act (12 U.S.C. 
1786(b)) and at such time as the Board shall specify, the credit union 
shall mail to each member at his or her last address of record on the 
books of the credit union, and publish in not less than two issues of a 
local newspaper of general circulation, notices of the termination of 
its insured status, and the credit union shall furnish the NCUA Board 
with proof of publication of such notice. The notice shall be as 
follows:

                                 NOTICE

(Date)

    1. The status of the ______ as an insured credit union under the 
provisions of the Federal Credit Union Act, will terminate as of the 
close of business on the ____ day of ____;

[[Page 553]]

    2. Any deposits made by you after that date, either new deposits or 
additions to existing accounts, will not be insured by the National 
Credit Union Administration;
    3. Accounts in the credit union on the ____ day of ____, ____ up to 
a maximum of $100,000 for each member, will continue to be insured, as 
provided by the Federal Credit Union Act, for one (1) years after the 
close of business on the ____ day of ____, ____: Provided, however, That 
any withdrawals after the close of business on the day of ____, ____; 
will reduce the insurance coverage by the amount of such withdrawals.

(Name of Credit Union)

(Address)

[56 FR 37767, Aug. 8, 1991; 57 FR 523, Jan. 7, 1992]