§ 933.26 - Procedure for withdrawal.

(a) Notice of withdrawal. Any member that is eligible under applicable law to withdraw from Bank membership may do so after providing the Board and its Bank at least six months written notice of the member's intention to withdraw from membership.

(b) Cancellation of notice of withdrawal. A member may cancel its notice of withdrawal by providing both the Board and its Bank written notice of cancellation any time before the effective date of the withdrawal.

(c) Treatment of outstanding advances and Bank stock. The liquidation of any outstanding indebtedness owed to the Bank in which membership has been terminated and redemption of stock of such Bank shall be carried out in accordance with § 933.29 of this part.

(d) Dividends on Bank stock. An institution that has withdrawn from Bank membership pursuant to this section is entitled to receive dividends on outstanding stock of the Bank in which membership has been terminated in accordance with section 6(g) of the Act, 12 U.S.C. 1426(g), and § 934.17 of this chapter.

(The information collection requirements contained in this section have been approved where applicable by the Office of Management and Budget under control number 3069-0004)