Each semiannual assessment under the provisions of subsection (b) of section 18 of the Federal Home Loan Bank Act, as amended, to meet the estimated expenses of the Federal Home Loan Bank Board (referred to in this subchapter as "Board") shall be made on the following basis: Each Federal Home Loan Bank will be assessed such amount as may be necessary to meet the Board's expenses, such assessment to be upon the several Banks in the same proportion as the total gross operating income of the respective Banks for the 6 months' period next preceding, hereinafter prescribed, bears to the total gross operating income of all the Banks for the same period of time. For the assessment for the first half of a calendar year, total gross operating income shall be determined from information contained in the reports of the respective Banks for each month during the period from June 1 through November 30, and for the assessment for the last half of a calendar year such determination shall be made from information contained in the reports of the respective Banks for each month during the period from December 1 through May 31.

(Sec. 17, 47 Stat. 736, as amended; 12 U. S. C. 1437, Reorg. Plan No. 3 of 1947, 12 F. R. 4981, 3 CFR, 1947 Supp. Interprets or applies sec. 18, 47 Stat. 737; 12 U. S. C. 1438) [23 F. R. 9878, Dec. 23, 1958]

PART 501-OPERATIONS

Sec.

501.10 501.11

Officers as agents.

President as agent.

AUTHORITY: §§ 501.10 and 501.11 issued under sec. 17, 47 Stat. 736, as amended; 12 U. S. C. 1437, Reorg. Plan No. 3 of 1947, 12 F. R. 4981, 3 CFR, 1947 Supp. Interpret or apply secs. 402, 403, 48 Stat. 1256, as amended, 1257, as amended; 12 U. S. C. 1725, 1726.

SOURCE: 501.10 and 501.11 appear at 23 F. R. 9878, Dec. 23, 1958.

§ 501.10 Officers as agents.

For the following purposes, officers and employees of a Federal Home Loan Bank, when designated by the Board, shall be the agents of the Board and the Federal Savings and Loan Insurance Corporation and the counsel of the Bank shall render to said agents such legal services as may be necessary to enable them properly to carry out such duties:

(a) It shall be the specific duty of said agents to give consideration to applications pertaining to organization of Federal savings and loan associations, conversions, and insurance of accounts by the Federal Savings and Loan Insurance Corporation, together with such supplemental information as may be available to them, and promptly to make comments and recommendations upon such applications. Said agents shall transmit such applications to the Board, together with their comments and recommendations thereon. Such comments and recommendations shall be signed by the agents favoring same, and any agent dis

agreeing therewith shall make a separate report which shall be forwarded at the same time. An agent shall forward to applicants advices of actions taken by the Board and the Federal Savings and Loan Insurance Corporation upon applications, and instructions and other communications from the Board and the Federal Savings and Loan Insurance Corporation.

§ 501.11 President as agent.

For the following purposes, the President of each Federal Home Loan Bank shall be the agent of the Board and the Federal Savings and Loan Insurance Corporation and the counsel of the Bank shall render to said agent such legal services as may be necessary to enable him properly to carry out such duties: Provided, however, That when designated by the Board, some officer or employee of the Bank other than, or in addition to, the President, may act as agent of the Board and the Federal Savings and Loan Insurance Corporation. Said agent shall represent the Board and the Federal Savings and Loan Insurance Corporation in supervising Federal savings and loan associations and other institutions in the Bank's district which are insured by the Federal Savings and Loan Insurance Corporation. When, in his opinion, such action should be taken, he shall advise and endeavor to assist Federal savings and loan associations and other insured institutions in his Bank district to conduct their operations in conformity with the statutes and the rules and regulations governing them. He shall confer and negotiate, pursuant to instructions from the Board and the Federal Savings and Loan Insurance Corporation, with applicants and with officers, directors, members or creditors of applicant institutions, individually or in group meetings, and otherwise as the Board and the Federal Savings and Loan Insurance Corporation may request in writing. He shall see that all Federal savings and loan associations and other insured institutions in his Bank district submit to him for his consideration such matters as applications for Board approval of amendments to charters or bylaws, petitions for Board permission to establish branch offices, applications for Board approval of the purchase of assets or of consolidations, dissolutions, or mergers, and such other

similar matters as are required to be approved by the Board or the Federal Savings and Loan Insurance Corporation under the statutes and rules and regulations. When these matters come to the attention of said agent he shall, after giving them due consideration, submit them, together with such supplemental information as may be available to him, to the Board with his recommendations thereon. After the issuance by the Board of a charter for a Federal savings and loan association, said agent shall follow up the corporate actions taken by the association in the completion of its organization, and shall require the association to comply with the laws, the rules and regulations made thereunder, and such other requirements as may be applicable thereto. Upon receiving from the District Examiner two copies of a report of a supervisory examination of a Federal savings and loan association or other insured institution, together with the District Examiner's analysis thereof, said agent shall make a careful study of such report and analysis, and shall transmit to the institution examined its copy of the report of the examination, and, if necessary, a supervisory letter on stationery provided by the Board and the Federal Savings and Loan Insurance Corporation for such purposes. agent shall forward promptly to the Board copies of all transmittal and other supervisory letters, and reports of supervisory conferences or meetings with officers or directors of Federal savings and loan associations and other insured institutions. The Board will consider the documents so forwarded and will advise the said agent concerning such matters as may appear to be appropriate. Any instructions or recommendations from the Board to the said agent with respect to his duties as agent of the Board and the Federal Savings and Loan Insurance Corporation shall be acted upon promptly.

Said

AUTHORITY: §§ 505.10 to 505.14 issued under sec. 17, 47 Stat. 736, as amended; 12 U. S. C. 1437, Reorg. Plan No. 3 of 1947, 12 F. R. 4981, 3 CFR, 1947 Supp.

SOURCE: §§ 505.10 to 505.14 appear at 23 F. R. 9878, Dec. 23, 1958.

§ 505.10

Records in control of the Federal Home Loan Bank Board.

All requests to inspect official records shall be in writing and delivered to the Office of the Secretary, Federal Home Loan Bank Board, Federal Home Loan Bank Board Building, 101 Indiana Avenue NW., Washington 25, D.C., with a statement of the name or names of the party or parties making such request and the concern of said party or parties in the matter. All records of the Board are in its custody and control for purposes relating to the powers, duties and authorities of the Board, under the provisions of the Federal Home Loan Bank Act, as amended, the Home Owners' Loan Act of 1933, as amended, and Reorganization Plan No. 3 of 1947, 3 CFR, 1947 Supp., Chapter IV. No officer or employee has any control over such records and no discretion with regard to permitting the use of them for any other purpose. All such officers and employees are hereby prohibited from giving out any official information obtained by any one of them on behalf of the Board, or any of such records, to any private person or to any local officer or to any court, including the production of such records or copies thereof made pursuant to their official duties, whether in answer to a subpoena duces tecum or otherwise. Whenever any such subpoena shall have been served upon any of them, they will appear in court in answer thereto, and respectfully decline to produce the records called for, on the ground of being prohibited therefrom by the rules and regulations in this part.

powers, duties and authorities of the Board under the provisions of the Federal Home Loan Bank Act, as amended, the Home Owners' Loan Act of 1933, as amended, and Reorganization Plan No. 3 of 1947. They have no control over them and no discretion with regard to permitting the use of them for any purpose. All such agents are hereby prohibited from giving out any official information obtained by any one of them on behalf of the Board, or any of such records, to any private person or to any local officer or to any court, including the production of such records or copies thereof made pursuant to their official duties, whether in answer to a subpoena duces tecum or otherwise. Whenever any such subpoena shall have been served upon any of them, they will appear in court in answer thereto, and respectfully decline to produce the records called for, on the ground of being prohibited therefrom by the rules and regulations in this part.

§ 505.12 Confidential character.

The giving out of any such records or information, or documents relative thereto, by any of the persons referred to in §§ 505.10 and 505.11 is held to be contrary to public policy by reason of its privileged and confidential character involving delicate and sensitive matters relating to the condition and affairs of financial institutions and not to be permitted. In all cases where any such documents or records, or copies thereof, are desired by, or on behalf of, any private party, or parties to a suit, whether in a court of the United States any other, such information or copies shall be furnished only upon the written authorization or approval of the Board, or such person or persons as may be authorized by it to grant such authorization or approval.

or

§ 505.13 Availability of opinions, orders, rules and regulations for public inspection.

Notwithstanding any provision of $$ 505.10, 505.11 and 505.12, all final opinions or orders in the adjudication of cases, and all rules and regulations for the Federal Home Loan Bank System now or hereafter in force and effect except such final opinions and orders as are required for good cause to be held confidential and not cited as precedents, shall be made available for public inspection at the Office of the