12 CFR 192.550 – Donating conversion shares or conversion proceeds to a charitable organization
Current as of: 2024 | Check for updates
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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.