What must a FICU and a CUSO do to maintain separate corporate identities?

CFR · 2024-01-01 · US · Title 12

(a) (1) Its respective business transactions, accounts, and records are not intermingled; (2) Each observes the formalities of its separate corporate procedures; (3) Each is adequately financed as a separate unit in the light of normal obligations reasonably foreseeable in a business of its size and character; (4) Each is held out to the public as a separate enterprise; (5) The FICU does not dominate the CUSO to the extent that the CUSO is treated as a department of the FICU; and (6) Unless the FICU has guaranteed a loan obtained by the CUSO, all borrowings by the CUSO indicate that the FICU is not liable. (b)

official document · source cfr-2024 · id 12:§ 712.4