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e-CFR
Data is current as of October 10, 2008

Title 12:
Banks and Banking
PART 563f—MANAGEMENT OFFICIAL INTERLOCKS

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§ 563f.4   Interlocking relationships permitted by
statute.

The prohibitions of §563f.3 do not apply in the case of any one or more
of the following organizations or to a subsidiary thereof:

(a) A depository organization that has been placed formally in
liquidation, or which is in the hands of a receiver, conservator, or other
official exercising a similar function;

(b) A corporation operating under section 25 or section 25A of the
Federal Reserve Act (12 U.S.C. 601 et seq. and 12 U.S.C. 611 et
seq ., respectively) (Edge Corporations and Agreement
Corporations);

(c) A credit union being served by a management official of another
credit union;

(d) A depository organization that does not do business within the
United States except as an incident to its activities outside the United
States;

(e) A State-chartered savings and loan guaranty corporation;

(f) A Federal Home Loan Bank or any other bank organized solely to
serve depository institutions (a bankers' bank) or solely for the purpose
of providing securities clearing services and services related thereto for
depository institutions and securities companies;

(g) A depository organization that is closed or is in danger of closing
as determined by the appropriate Federal depository institutions
regulatory agency and is acquired by another depository organization. This
exemption lasts for five years, beginning on the date the depository
organization is acquired;

(h)(1) A diversified savings and loan holding company (as defined in
section 10(a)(1)(F) of the Home Owners' Loan Act (12 U.S.C.
1467a(a)(1)(F)) with respect to the service of a director of such company
who also is a director of an unaffiliated depository organization if:

(i) Both the diversified savings and loan holding company and the
unaffiliated depository organization notify their appropriate Federal
depository institutions regulatory agency at least 60 days before the dual
service is proposed to begin; and

(ii) The appropriate regulatory agency does not disapprove the dual
service before the end of the 60-day period.

(2) The OTS may disapprove a notice of proposed service if it finds
that:

(i) The service cannot be structured or limited so as to preclude an
anticompetitive effect in financial services in any part of the United
States;

(ii) The service would lead to substantial conflicts of interest or
unsafe or unsound practices; or

(iii) The notificant failed to furnish all the information required by
the OTS.

(3) The OTS may require that any interlock permitted under this
paragraph (h) be terminated if a change in circumstances occurs with
respect to one of the interlocked depository organizations that would have
provided a basis for disapproval of the interlock during the notice
period; and

(i) Any savings association or any savings and loan holding company (as
defined in section 10(a)(1)(D) of the Home Owners' Loan Act) which has
issued stock in connection with a qualified stock issuance pursuant to
section 10(q) of such Act, except that this paragraph (i) shall apply only
with regard to service by a single management official of such savings
association or holding company, or any subsidiary of such savings
association or holding company, by a single management official of the
savings and loan holding company which purchased the stock issued in
connection with such qualified stock issuance, and shall apply only when
the OTS has determined that such service is consistent with the purposes
of the Interlocks Act and the Home Owners' Loan Act.

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