Section 238.1 - Authority, purpose and scope(a)Authority. This part is issued by the Board of Governors of the Federal Reserve System (Board) under section 10(g) of the Home Owners' Loan Act (HOLA); section 7(j)(13) of the Federal Deposit Insurance Act, as amended by the Change in Bank Control Act of 1978 (12 U.S.C. 1817(j)(13) ) (Bank Control Act); sections 8(b), 19 and 32 of the Federal Deposit Insurance Act (12 U.S.C. 1818(b) , 1829 , and 1831i ) ; and section 914 of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (12 U.S.C. 1831i ) and the Depository Institution Management Interlocks Act (12 U.S.C. 3201 et seq.).(b)Purpose. The principal purposes of this part are to: (1) Regulate the acquisition of control of savings associations by companies and individuals;(2) Define and regulate the activities in which savings and loan holding companies may engage;(3) Set forth the procedures for securing approval for these transactions and activities; and(4) Set forth the procedures under which directors and executive officers may be appointed or employed by savings and loan holding companies in certain circumstances.