§ 238.77. Waiver of prior notice requirement.
215 words·~1 min read·
/us/cfr/t12/s§ 238.77·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Waiver request. An individual may serve as a director or senior executive officer before filing a notice under this subpart if the Board or Reserve Bank finds that:
(1)Delay would threaten the safety or soundness of the savings and loan holding company;
(2)Delay would not be in the public interest; or
(3)Other extraordinary circumstances exist that justify waiver of prior notice.
(b)Automatic waiver. An individual may serve as a director upon election to the board of directors before filing a notice under this subpart, if the individual:
(1)Is not proposed by the management of the savings and loan holding company;
(2)Is elected as a new member of the board of directors at a meeting of the savings and loan holding company; and
(3)Provides to the appropriate Reserve Bank all the information required in § 238.74 within two
(2)business days after the individual's election.
(c)Subsequent Board or Reserve Bank action. The Board or Reserve Bank may disapprove a notice within 30 days after the Board or Reserve Bank issues a waiver under paragraph
(a)of this section or within 30 days after the election of an individual who has filed a notice and is serving pursuant to an automatic waiver under paragraph
(b)of this section.