Section 211.34 - Procedures for filing and processing notices(a)General policy. Direct and indirect investments by eligible investors in export trading companies shall be made in accordance with the general consent or prior notice procedures contained in this section. The Board may at any time, upon notice, modify or suspend the general-consent procedures with respect to any eligible investor.(b)General consent -(1)Eligibility for general consent. Subject to the other limitations of this subpart, the Board grants its general consent for any investment an export trading company:(i) If the eligible investor is well capitalized and well managed;(ii) In an amount equal to cash dividends received from that export trading company during the preceding 12 calendar months; or(iii) That is acquired from an affiliate at net asset value or through a contribution of shares.(2)Post-investment notice. By the end of the month following the month in which the investment is made, the investor shall provide the Board with the following information:(i) The amount of the investment and the source of the funds with which the investment was made; and(ii) In the case of an initial investment, a description of the activities in which the export trading company proposes to engage and projections for the export trading company for the first year following the investment.(c)Filing notice -(1)Prior notice. An eligible investor shall give the Board 60 days' prior written notice of any investment in an export trading company that does not qualify under the general consent procedure.(2)Notice of change of activities.(i) An eligible investor shall give the Board 60 days' prior written notice of changes in the activities of an export trading company that is a subsidiary of the investor if the export trading company expands its activities beyond those described in the initial notice to include:(A) Taking title to goods where the export trading company does not have a firm order for the sale of those goods;(B) Product research and design;(C) Product modification; or(D) Activities not specifically covered by the list of activities contained in section 4(c)(14)(F)(ii) of the BHC Act (12 U.S.C. 1843(c)(14)(F)(ii) ).(ii) Such an expansion of activities shall be regarded as a proposed investment under this subpart.(d)Time period for Board action.(1) A proposed investment that has not been disapproved by the Board may be made 60 days after the appropriate Federal Reserve Bank accepts the notice for processing. A proposed investment may be made before the expiration of the 60-day period if the Board notifies the investor in writing of its intention not to disapprove the investment.(2) The Board may extend the 60-day period for an additional 30 days if the Board determines that the investor has not furnished all necessary information or that any material information furnished is substantially inaccurate. The Board may disapprove an investment if the necessary information is provided within a time insufficient to allow the Board reasonably to consider the information received.(3) Within three days of a decision to disapprove an investment, the Board shall notify the investor in writing and state the reasons for the disapproval.(e)Time period for investment. An investment in an export trading company that has not been disapproved shall be made within one year from the date of the notice not to disapprove, unless the time period is extended by the Board or by the appropriate Federal Reserve Bank.