§ 192.560. Limitations on charitable contributions.
78 words·~1 min read·
/us/cfr/t12/s§ 192.560·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A savings association may contribute a reasonable amount of conversion shares or proceeds to a charitable organization if such contribution will not exceed limits for charitable deductions under the Internal Revenue Code and the appropriate Federal banking agency does not object on supervisory grounds. If the savings association is well-capitalized, the appropriate Federal banking agency generally will not object if the savings association contributes an aggregate amount of eight percent or less of the conversion shares or proceeds.