View all text of Subjgrp 80 [§ 192.550 - § 192.575]
§ 192.550 - Donating conversion shares or conversion proceeds to a charitable organization.
A savings association may contribute some of its conversion shares or proceeds to a charitable organization if:
(a) The savings association's plan of conversion provides for the proposed contribution;
(b) The savings association's members approve the proposed contribution; and
(c) The IRS either has approved, or approves within two years after formation, the charitable organization as a tax-exempt charitable organization under the Internal Revenue Code.