Donating conversion shares or conversion proceeds to a charitable organization.

CFR · 2024-01-01 · US · Title 12

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.

official document · source cfr-2024 · id 12:§ 192.550