12 CFR 710.1
§ 710.1 Definitions.
United States · 12 CFR — Banks and Banking · Status: effective
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- Citation
- 12 CFR 710.1, § 710.1 Definitions, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/48582
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Full text
For the purpose of this part, the following definitions apply:
(a) Voluntary liquidation means the dissolution of a solvent Federal credit union with the assets being sold or collected, liabilities paid, and shares distributed under the direction of the board of directors or its duly appointed liquidating agent.
(b) Liquidation date means the date the members vote to approve liquidation.
(c) Liquidating agent means the person or persons, including any legally recognized entity, appointed by the board of directors to liquidate the Federal credit union.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.