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{{10-28-90 p.C-727}}
   [10,156A] In the Matter of Standard Chartered Bank, Seattle, Washington, Docket No. FDIC-90-268p (12-28-90)

   Termination of insurance of Bank not engaged in the business of receiving deposits, other than trust funds.

In the Matter of

STANDARD CHARTERED BANK
SEATTLE, WASHINGTON
(Insured State Chartered Branch of
Foreign Bank)
ORDER OF TERMINATION OF
INSURANCE

FDIC-90-268p

   Pursuant to section 8(p) of the Federal Deposit Insurance Act, 12 U.S.C. §1818(p), the Federal Deposit Insurance Corporation ("FDIC") hereby finds that Standard Chartered Bank, Seattle,Washington ("Insured Institution"), is not engaged in the business of receiving deposits, other than trust funds, and issues the following ORDER:

ORDER OF TERMINATION OF
INSURANCE

   IT IS HEREBY ORDERED, that the status of the Insured Institution as an insured state chartered branch of a foreign bank, has been, and hereby is, terminated at the expiration of June 30, 1991.
   IT IS FURTHER ORDERED, that the Insured Institution notify its depositors, if any, of the termination of its insured status no later than May 31, 1991, in the manner required by section 308.63(c) of the FDIC's Rules and Regulations, 12 C.F.R. §308.63(c).
   Pursuant to delegated authority.
   Dated at Washington, D.C., this 28th day of December, 1990.

In the Matter of

STANDARD CHARTERED BANK
SEATTLE, WASHINGTON BRANCH
(Insured State Chartered Branch of
Foreign Bank)
STIPULATION AND
CONSENT TO THE
ISSUANCE OF AN
ORDER OF TERMINATION

FDIC-90-268p

   Subject to the acceptance of this STIPULATION AND CONSENT TO THE ISSUANCE OF AN ORDER OF TERMINATION OF INSURANCE ("CONSENT AGREEMENT") by the Federal Deposit Insurance Corporation ("FDIC"), it is hereby stipulated and agreed by and between a representative of the Legal Division of the FDIC and Standard Chartered Bank, Seattle, Washington Branch ("Insured Institution") as follows:
   1. The Insured Institution has been advised of its right to receive a NOTICE OF INTENTION TO TERMINATE INSURED STATUS AND ORDER TO SHOW CAUSE why its insured status should not be terminated under the provisions of section 8(p) of the Federal Deposit Insurance Act ("Act"), 12 U.S.C. §1818(p), because it is not engaged in the business of receiving deposits, other than trust funds, and of its right to a hearing, and has waived those rights.
   2. The Insured Institution hereby consents and agrees to the issuance of an ORDER OF TERMINATION OF INSURANCE ("ORDER") by the FDIC. The Insured Institution further stipulates and agrees that such ORDER shall be deemed to be an order which has become final, and that said ORDER shall become effective at the expiration of June 30, 1991, and fully enforceable by the FDIC pursuant to section 8(i) of the Act, 12 U.S.C. §1818(i), subject only to the conditions set forth in paragraph 3 of this CONSENT AGREEMENT.
   3. In the event the FDIC accepts this CONSENT AGREEMENT and issues the ORDER, it is agreed that no legal action to enforce said ORDER in a United States district court will be initiated by the FDIC unless the Insured Institution, or any director, officer, employee, agent, successor, assign, or other person participating in the conduct of its affairs, has violated or is about to violate the ORDER.
   4. The Insured Institution hereby waives:
   (a) the receipt of a NOTICE OF INTENTION TO TERMINATE INSURED STATUS AND ORDER TO SHOW CAUSE;
   (b) a hearing for the purpose of taking evidence on such notice;
   (c) the filing of proposed Findings of Fact and Conclusions of Law;
   (d) a recommended decision of an Administrative Law Judge; and
   (e) exceptions and briefs with respect to such recommended decision.
Dated: 10-9-90
FEDERAL DEPOSIT INSURANCE
CORPORATION, LEGAL DIVISION
SAN FRANCISCO REGIONAL
OFFICE
BY:
JoAnna A. Gekas
Attorney
STANDARD CHARTERED BANK
SEATTLE, WASHINGTON BRANCH
BY:
David S. Brown, Jr.
Manager
Seattle, Washington Branch
STATE OF WASHINGTON
COUNTY OF KING
SS.

CERTIFICATION

   I HEREBY CERTIFY that on the 20th September, 1990, before me, an officer duly authorized in the State of Washington to administer oaths and take acknowledgements, personally appeared David S. Brown, Jr., Branch Manager Seattle Branch, to be known to be the person who executed the STIPULATION AND CONSENT TO THE ISSUANCE OF AN ORDER OF TERMINATION OF INSURANCE dated October 9, 1990, on behalf of Standard Chartered Bank, Seattle, Washington, and who is the present incumbent of the corporate offices described therein, and who acknowledged before me that he executed the same.
   WITNESS my hand and official seal this 20th September, 1990.
Diane Smith
   NOTARY PUBLIC STATE OF
WASHINGTON
   My Commission Expires: 10/2/92

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