§ 192.550. Donating conversion shares or conversion proceeds to a charitable organization.
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/us/cfr/t12/s§ 192.550·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.