§ 550.3 - Consolidation or merger of two or more Federal savings associations.

Where two or more Federal savings associations consolidate or merge, and any one of such Federal savings associations has, prior to such consolidation or merger, received a permit from the Office to exercise trust powers which permit is in force at the time of the consolidation or merger, the rights existing under such permit pass to the resulting Federal savings association, and the resulting Federal savings association may exercise such trust powers in the same manner and to the same extent as the Federal savings association to which such permit was originally issued; and no new application to continue to exercise such powers is necessary. However, when the name or charter number of the resulting Federal savings association differs from that of the Federal savings association to which the right to exercise trust powers was originally granted, the Office Regional Director will issue a certificate to that Federal savings association showing its right to exercise the trust powers theretofore granted to any of the Federal savings associations participating in the consolidation or merger.