12 C.F.R. § 192.550

Current through November 30, 2024

Section 192.550 - Donating conversion shares or conversion proceeds to a charitable organization

A savings association may contribute some of its conversion shares or proceeds to a charitable organization if:

(a) The savings association's plan of conversion provides for the proposed contribution;

(b) The savings association's members approve the proposed contribution; and

(c) The IRS either has approved, or approves within two years after formation, the charitable organization as a tax-exempt charitable organization under the Internal Revenue Code.

12 C.F.R. §192.550

85 FR 42643 , 8/13/2020