12 CFR 615.5245
§ 615.5245 Limitations on association preferred stock.
United States · 12 CFR — Banks and Banking · Status: effective
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- Citation
- 12 CFR 615.5245, § 615.5245 Limitations on association preferred stock, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/47861
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Full text
(a) The board of directors of each association offering preferred stock must adopt a policy that addresses the association's conditions or limits on the amount of preferred stock that any one holder, or small number of holders may acquire.
(b) Each association offering preferred stock must make the stock available for purchase to each of its members on the same basis.
(c) An association may not extend credit for purchases of preferred stock in the association.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.