[Code of Federal Regulations]

[Title 12, Volume 6]

[Revised as of January 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 12CFR710.7]



[Page 521]

 

                       TITLE 12--BANKS AND BANKING

 

            CHAPTER VII--NATIONAL CREDIT UNION ADMINISTRATION

 

PART 710_VOLUNTARY LIQUIDATION--Table of Contents

 

Sec. 710.7  Retention of records.



    (a) The board of directors or liquidating agent shall appoint a 

custodian for the Federal credit union's records which are to be 

retained after the final distribution of assets.

    (b) All records of the liquidated Federal credit union necessary to 

establish that creditors were paid and that assets were equitably 

distributed to the members shall be retained by the custodian for a 

period of five years following the date of charter cancellation.