§ 192.120 - Confidentiality of conversion information.

§ 192.120 May I discuss my plans to convert with others?Confidentiality of conversion information.

(a) You Permitted disclosure. A savings association may discuss information about your its conversion with individuals that you authorize the savings association authorizes to prepare documents for your its conversion.

(b) Confidential information. Except as permitted under paragraph (a) of this section, you a savings association must keep all information about your its conversion confidential until your its board of directors adopts your the plan of conversion.

(c) If you violate Violations of confidentiality. If a savings association violates this section, the appropriate Federal banking agency may require you the savings association to take remedial action. For example, the appropriate Federal banking agency may require you the savings association to take any or all of the following actions:

(1) Publicly announce that you are the savings association is considering a conversion;

(2) Set an eligibility record date acceptable to the appropriate Federal banking agency;

(3) Limit the subscription rights of any person who violates or aids a violation of this section; or

(4) Take any Any other action to assure that your the conversion is fair and equitable.