Current as of: Jan. 2010
(a) If you are a director or officer of a savings association, or have the power to direct its management or policies, or otherwise owe a fiduciary duty to a savings association, you must not take advantage of corporate opportunities belonging to the savings association.
(b) A corporate opportunity belongs to a savings association if:
(1) The opportunity is within the corporate powers of the savings association or a subsidiary of the savings association; and
(2) The opportunity is of present or potential practical advantage to the savings association, either directly or through its subsidiary.
(c) OTS will not deem you to have taken advantage of a corporate opportunity belonging to the savings association if a disinterested and independent majority of the savings association's board of directors, after receiving a full and fair presentation of the matter, rejected the opportunity as a matter of sound business judgment.
[61 FR 60179, Nov. 27, 1996]________________________________________________________________________
State Laws: Savings Banks
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