§ 101.2. Definitions and computation of time.
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/us/cfr/t12/s§ 101.2·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Definitions. As used in this part:
(1)Covered savings association means a Federal savings association that has made an election that is in effect in accordance with § 101.3(b).
(2)Effective date of the election means, with respect to a Federal savings association, the date on which the Federal savings association's election to operate as a covered savings association takes effect pursuant to § 101.3(b).
(3)Nonconforming subsidiary, asset, or activity.
(i)With respect to a covered savings association:
(A)Means any subsidiary, asset, or activity that is not permissible for a covered savings association or, if permissible, is being operated, held, or conducted in a manner that exceeds the limit applicable to a covered savings association; and
(B)Includes an investment in a subsidiary or other entity that is not permissible for a covered savings association; and
(ii)With respect to a Federal savings association that has terminated an election to operate as a covered savings association:
(A)Means any subsidiary, asset, or activity that is not permissible for a Federal savings association or, if permissible, is being operated, held, or conducted in a manner that exceeds the limit applicable to a Federal savings association; and
(B)Includes an investment in a subsidiary or other entity that is not permissible for a Federal savings association.
(4)Similarly located national bank means, with respect to a covered savings association, a national bank that has its main office situated in the same location as the home office of the covered savings association.
(b)Computation of time. The OCC will compute a period of days for purposes of this part in accordance with 12 CFR 5.12.
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§ 101.2
Definitions and computation of time.
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