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Page > Executive
Branch > Code of
Federal Regulations > Electronic Code of Federal
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e-CFR
Data is current as of May 23, 2011

Title 12:
Banks and Banking
PART 544—FEDERAL MUTUAL SAVINGS ASSOCIATIONS—CHARTER
AND BYLAWS
Availability

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§ 544.8   Communication between members of a
Federal mutual savings association.

(a) Right of communication with other members. A member of a
Federal mutual savings association has the right to communicate, as
prescribed in paragraph (b) of this section, with other members of the
Federal savings association regarding any matter related to the Federal
savings association's affairs, except for “improper” communications, as
defined in paragraph (c) of this section. The association may not defeat
that right by redeeming a savings member's savings account in the Federal
mutual savings association.

(b) Member communication procedures. If a member of a Federal
mutual savings association desires to communicate with other members, the
following procedures shall be followed:

(1) The member shall give the Federal mutual savings association a
written request to communicate;

(2) If the proposed communication is in connection with a meeting of
the Federal savings association's members, the request shall be given at
least thirty days before the annual meeting or 10 days before a special
meeting;

(3) The request shall contain—

(i) The member's full name and address;

(ii) The nature and extent of the member's interest in the Federal
savings association at the time the information is given;

(iii) A copy of the proposed communication; and

(iv) If the communication is in connection with a meeting of the
members, the date of the meeting;

(4) The Federal savings association shall reply to the request within
either—

(i) Fourteen days;

(ii) Ten days, if the communication is in connection with the annual
meeting; or

(iii) Three days, if the communication is in connection with a special
meeting;

(5) The reply shall provide either—

(i) The number of the Federal savings association's members and the
estimated reasonable cost to the Federal savings association of mailing to
them the proposed communication; or

(ii) Notification that the Federal savings association has determined
not to mail the communication because it is “improper”, as defined in
paragraph (c) of this section;

(6) After receiving the amount of the estimated costs of mailing and
sufficient copies of the communication, the Federal savings association
shall mail the communication to all members, by a class of mail specified
by the requesting member, either—

(i) Within fourteen days;

(ii) Within seven days, if the communication is in connection with the
annual meeting;

(iii) As soon as practicable before the meeting, if the communication
is in connection with a special meeting; or

(iv) On a later date specified by the member;

(7) If the Federal savings association refuses to mail the proposed
communication, it shall return the requesting member's materials together
with a written statement of the specific reasons for refusal, and shall
simultaneously send to the Regional Director two copies each of the
requesting member's materials, the Federal savings association's written
statement, and any other relevant material. The materials shall be sent
within:

(i) Fourteen days,

(ii) Ten days if the communication is in connection with the annual
meeting, or

(iii) Three days, if the communication is in connection with a special
meeting,

after the Federal savings association receives the request for
communication.

(c) Improper communication. A communication is an “improper
communication” if it contains material which:

(1) At the time and in the light of the circumstances under which it is
made:

(i) Is false or misleading with respect to any material fact; or

(ii) Omits a material fact necessary to make the statements therein not
false or misleading, or necessary to correct a statement in an earlier
communication on the same subject which has become false or
misleading;

(2) Relates to a personal claim or a personal grievance, or is
solicitous of personal gain or business advantage by or on behalf of any
party;

(3) Relates to any matter, including a general economic, political,
racial, religious, social, or similar cause, that is not significantly
related to the business of the Federal savings association or is not
within the control of the Federal savings association; or

(4) Directly or indirectly and without expressed factual
foundation:

(i) Impugns character, integrity, or personal reputation,

(ii) Makes charges concerning improper, illegal, or immoral conduct,
or

(iii) Makes statements impugning the stability and soundness of the
Federal savings association.

[54 FR 49492, Nov. 30, 1989, as amended at 60 FR 66717, Dec. 26, 1995.
Redesignated at 61 FR 64018, Dec. 3, 1996.]

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