Exemptions.

CFR · 2024-01-01 · US · Title 12

(a) (1) The employee's responsibilities and activities are limited solely to agriculture, forestry, retail merchandising, manufacturing, or public utilities operations. (2) The savings and loan holding company maintains a list of all policymaking positions and reviews this list annually. (3) The employee's position does not appear on the savings and loan holding company's list of policymaking positions, and the employee does not, in fact, exercise any policymaking function with the savings and loan holding company. (4) The employee: (i) Is not an institution-affiliated party of the savings and loan holding company other than by virtue of the employment described in paragraph (a) of this section. (ii) Does not own or control, directly or indirectly, the savings and loan holding company; and (iii) Does not participate, directly or indirectly, in the conduct of the affairs of the savings and loan holding company. (b) (2) This exemption expires on December 31, 2012, unless the savings and loan holding company or the person files an application seeking a case-by-case exemption for the person under § 238.87 by that date. If the savings and loan holding company or the person files such an application, the temporary exemption expires on: (i) The date of issuance of a Board approval of the application under § 238.89(a); (ii) The expiration of the 20-day period for filing a request for hearing under § 238.90(a) provided there is no timely request for hearing following the issuance by t

official document · source cfr-2024 · id 12:§ 238.86