GroundRules
12 CFR 192.550: Donating conversion shares or conversion proceeds to a charitable organization.
Where this section sits in the code
- Title 12—Banks and Banking
- CHAPTER I—COMPTROLLER OF THE CURRENCY, DEPARTMENT OF THE TREASURY
- PART 192—CONVERSIONS FROM MUTUAL TO STOCK FORM
- Subpart A—Standard Conversions
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.
Collected 2026-08-27T02:24:16Z. Source file · JSON