[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: 31CFR354.7]

[Page 348]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
         CHAPTER II--FISCAL SERVICE, DEPARTMENT OF THE TREASURY
 
PART 354--REGULATIONS GOVERNING BOOK-ENTRY SECURITIES OF THE STUDENT LOAN MARKETING ASSOCIATION (SALLIE MAE)--Table of Contents
 
Sec. 354.7  Withdrawal of eligible Book-entry Sallie Mae Securities for conversion to definitive form.

    (a) Eligible Book-entry Sallie Mae Securities may be withdrawn from 
the Book-entry System by requesting delivery of like Definitive Sallie 
Mae Securities.
    (b) A Federal Reserve Bank shall, upon receipt of appropriate 
instructions to withdraw Eligible Book-entry Sallie Mae Securities from 
book-entry in the Book-entry System, convert such securities into 
Definitive Sallie Mae Securities and deliver them in accordance with 
such instructions. No such conversion shall affect existing interests in 
such Sallie Mae Securities.
    (c) All requests for withdrawal of Eligible Book-entry Sallie Mae 
Securities must be made prior to the maturity or date of call of such 
securities.
    (d) Sallie Mae Securities which are to be delivered upon withdrawal 
may be issued in either registered or bearer form, to the extent 
permitted by the applicable Securities Documentation.