Section 892-X-1-.16 - Voluntary Withdrawal (Alabama Administrative Code)

§ 892-X-1-.16. Voluntary Withdrawal

(1) A QPD may voluntarily withdraw from the SAFE program by giving written notice to the Treasurer at least thirty (30) calendar days before the effective date of withdrawal. Written notice shall be by resolution of the withdrawing depository's Board of Directors and shall designate the effective date of withdrawal.

(2) The contingent liability of the withdrawing QPD shall continue for twelve (12) months after the certification described in paragraph (4) below has been received.

(3) The withdrawing QPD is responsible for notifying all of its public depositors that it is withdrawing from the SAFE Program.

(4) The withdrawing depository shall provide to the Treasurer, when all public deposit accounts have been closed, a written certification adopted by the Board of Directors that the institution no longer holds any public deposits and will not receive or retain any public deposits until it again becomes a QPD.

(5) Penalties incurred because of early withdrawal shall be the responsibility of the withdrawing QPD.

(6) The Treasurer shall, upon request, release pledged collateral after the effective date of withdrawal and the certification described in paragraph (4) above has been received.

(New Rule: Filed March 28, 2001; effective May 2, 2001. Amended (only rule number changed): Filed January 23, 2004; effective February 27, 2004. Amended (Rule Number Only): Filed January 19, 2006; effective February 23, 2006. Amended: Filed August 20, 2008; effective September 24, 2008.)

Original Rule 892-X-1-.14 was renumber to 892-X-1-.15 as per certification filed January 23, 2004; effective February 27, 2004. Rule 892-X-1-.15 was renumbered to Rule 892- X-1-.16 as per certification filed January 19, 2006; effective February 23, 2006.

Author: Daria S. Story, SAFE Division, Office of State Treasurer

Statutory Authority: Code of Ala. 1975, §§ 41-14A-6, 41-14A-8, as amended.

Disclaimer: Lawrina makes great effort to keep legal information accurate and updated. However, we cannot guarantee that Section 892-X-1-.16 Voluntary Withdrawal is an exact copy of the official text as updates may have been made. Please check the accuracy of the information provided against the official resources.

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