§ 550.14 - Surrender of trust powers.

(a) Any Federal savings association which has been granted the right to exercise trust powers and which desires to surrender such rights shall file a certified copy of the resolution of its board of directors signifying such desire. Such resolution shall be filed in accordance with § 516.1(c) of this chapter.

(b) Upon receipt of such resolution, the Regional Director shall make an investigation and if it is satisfied that the Federal savings association has been discharged from all fiduciary duties which it has undertaken, it shall issue a certificate to such Federal savings association certifying that it is no longer authorized to exercise fiduciary powers.

(c) Upon issuance of such a certificate by the Regional Director, a Federal savings association:

(1) Shall no longer be subject to the provisions of these regulations,

(2) Shall be entitled to have returned to it any securities which it may have deposited with state authorities or a Federal Home Loan Bank under § 550.4 of this part, and

(3) Shall not exercise thereafter any of the powers granted by this part 550 without first applying for and obtaining new authorization to exercise such powers.