12 CFR 192.555
§ 192.555 Member approval of charitable contributions.
United States · 12 CFR — Banks and Banking · Status: effective
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- Citation
- 12 CFR 192.555, § 192.555 Member approval of charitable contributions, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/44000
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Full text
At the meeting to consider the conversion, a savings association's members must separately approve, by a majority of the total eligible votes, a charitable contribution of conversion shares or proceeds. If the savings association is in mutual holding company form and adding a charitable contribution as part of a second step stock conversion, the savings association must also have its minority shareholders separately approve the charitable contribution by a majority of their total eligible votes.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.