[Code of Federal Regulations]
[Title 31, Volume 2]
[Revised as of July 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 31CFR203.4]

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                  TITLE 31--MONEY AND FINANCE: TREASURY
 
         CHAPTER II--FISCAL SERVICE, DEPARTMENT OF THE TREASURY
 
PART 203--PAYMENT OF FEDERAL TAXES AND THE TREASURY TAX AND LOAN PROGRAM--Table of Contents
 
                     Subpart A--General Information
 
Sec. 203.4  Designation of financial institutions as Treasury Tax and Loan depositaries.

    (a) Parties to the agreement. To be designated as a TT&L depositary, 
a financial institution shall enter into a depositary agreement with 
Treasury's fiscal agent, the FRB. By entering into this agreement, the 
financial institution agrees to be bound by this part, and procedural 
instructions issued pursuant to this part.
    (b)(1) Application procedures. An eligible financial institution 
seeking designation as a depositary and, thereby, the authority to 
maintain a TT&L account and/or a note balance shall file with the FRB, 
Financial Management Service Form 458, ``Financial Institution Agreement 
and Application for Designation as a TT&L Depositary,'' and Financial 
Management Service Form 459, ``Resolution Authorizing the Financial 
Institution Agreement and Application for Designation as a TT&L 
Depositary,'' certified by its board of directors. Financial Management 
Service Forms 458 and 459 are available upon request from the FRB of the 
district.
    (2) Depositaries processing tax payments in the FTD system are 
required to elect either the remittance or the note option.
    (c) Designation. Each financial institution satisfying the 
eligibility requirements and the application procedures will receive 
from the FRB notification of its specific designation as a TT&L 
depositary. A financial institution is not authorized to maintain a TT&L 
account or note balance until it has been designated as a TT&L 
depositary by the FRB.

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