Operating restrictions.

CFR · 2024-01-01 · US · Title 12

(a) (b) (i) The payment of dividends from a subsidiary savings association to its mutual holding company parent to the extent otherwise permissible; or (ii) The payment of dividends from a subsidiary holding company to its mutual holding company parent to the extent otherwise permissible; or (iii) A mutual holding company from pledging the stock of more than one subsidiary savings association provided that the stock pledged of each such subsidiary association is proportionate to the proceeds of the loan infused into each subsidiary association. (2) Any mutual holding company that fails to make any payment on a loan secured by the pledge of stock pursuant to paragraph (b)(1) of this section on or before the date on which such payment is due shall, on the first day after such payment is due, provide written notice of nonpayment to the appropriate Reserve Bank. (c) (i) Is in compliance with the requirements set forth in § 239.63; (ii) Is part of a general repurchase made on a pro rata basis pursuant to an offer approved by the Board and made to all stockholders of the association or subsidiary holding company (except that the parent mutual holding company may be excluded from the repurchase with the Board's approval); (iii) Is limited to the repurchase of qualifying shares of a director; or (iv) Is purchased in the open market by a tax-qualified or non-tax-qualified employee stock benefit plan of the savings association (or of a subsidiary holding company) in an amount reasonabl

official document · source cfr-2024 · id 12:§ 239.8