No more than 1 week before you submit your plan of termination to us, your board of directors must adopt a termination resolution stating its support for terminating your status as a System institution and authorizing:
(a) Submission to us of a plan of termination and other required submissions that comply with Sec. 611.1223; and
(b) Submission of the plan of termination to the voting stockholders if we approve the plan of termination under Sec. 611.1230 or, if we take no action, after the end of our approval period.