§ 192.555. Member approval of charitable contributions.
75 words·~1 min read·
/us/cfr/t12/s§ 192.555·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
At the meeting to consider the conversion, a savings association's members must separately approve, by a majority of the total eligible votes, a charitable contribution of conversion shares or proceeds. If the savings association is in mutual holding company form and adding a charitable contribution as part of a second step stock conversion, the savings association must also have its minority shareholders separately approve the charitable contribution by a majority of their total eligible votes.