Other requirements for charitable organizations.

CFR · 2024-01-01 · US · Title 12

(a) (1) The appropriate Federal banking agency may examine the charitable organization at the charitable organization's expense; (2) The charitable organization must comply with all supervisory directives that the appropriate Federal banking agency imposes; (3) The charitable organization must operate according to written policies adopted by its board of directors (or board of trustees), including a conflict of interest policy; (4) The charitable organization must not engage in self-dealing; and (5) The charitable organization must comply with all laws necessary to maintain its tax-exempt status under the Internal Revenue Code. (b) (c) (d) (1) The charitable organization's charter and bylaws (or trust agreement); (2) The charitable organization's operating plan (within six months after the savings association's stock offering); (3) The charitable organization's conflict of interest policy; and (4) The gift instrument for the contributions of either stock or cash to the charitable organization.

official document · source cfr-2024 · id 12:§ 192.575