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e-CFR
Data is current as of May 23, 2011

Title 12:
Banks and Banking
PART 552—FEDERAL STOCK ASSOCIATIONS—INCORPORATION,
ORGANIZATION, AND CONVERSION

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§ 552.11   Books and records.

(a) Each Federal stock association shall keep correct and complete
books and records of account; shall keep minutes of the proceedings of its
stockholders, board of directors, and committees of directors; and shall
keep at its home office or at the office of its transfer agent or
registrar, a record of its stockholders, giving the names and addresses of
all stockholders, and the number, class and series, if any, of the shares
held by each.

(b) Any stockholder or group of stockholders of a Federal stock
association, holding of record the number of voting shares of such
association specified below, upon making written demand stating a proper
purpose, shall have the right to examine, in person or by agent or
attorney, at any reasonable time or times, nonconfidential portions of its
books and records of account, minutes and record of stockholders and to
make extracts therefrom. Such right of examination is limited to a
stockholder or group of stockholders holding of record:

(1) Voting shares having a cost of not less than $100,000 or
constituting not less than one percent of the total outstanding voting
shares, provided in either case such stockholder or group of stockholders
have held of record such voting shares for a period of at least six months
before making such written demand, or

(2) Not less than five percent of the total outstanding voting
shares.

No stockholder or group of stockholders of a Federal stock association
shall have any other right under this section or common law to examine its
books and records of account, minutes and record of stockholders, except
as provided in its bylaws with respect to inspection of a list of
stockholders.

(c) The right to examination authorized by paragraph (b) of this
section and the right to inspect the list of stockholders provided by a
Federal stock association's bylaws may be denied to any stockholder or
group of stockholders upon the refusal of any such stockholder or group of
stockholders to furnish such association, its transfer agent or registrar
an affidavit that such examination or inspection is not desired for any
purpose which is in the interest of a business or object other than the
business of the association, that such stockholder has not within the five
years preceding the date of the affidavit sold or offered for sale, and
does not now intend to sell or offer for sale, any list of stockholders of
the association or of any other corporation, and that such stockholder has
not within said five-year period aided or abetted any other person in
procuring any list of stockholders for purposes of selling or offering for
sale such list.

(d) Notwithstanding any provision of this section or common law, no
stockholder or group of stockholders shall have the right to obtain,
inspect or copy any portion of any books or records of a Federal stock
association containing:

(1) A list of depositors in or borrowers from such association;

(2) Their addresses;

(3) Individual deposit or loan balances or records; or

(4) Any data from which such information could be reasonably
constructed.

[54 FR 49523, Nov. 30, 1989, as amended at 61 FR 64020, Dec. 3,
1996]

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