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Code of Federal Regulations (Last Updated: May 6, 2024) |
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Title 12 - Banks and Banking |
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Chapter I - Comptroller of the Currency, Department of the Treasury |
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Part 192 - Conversions from Mutual to Stock Form |
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Subpart A - Standard Conversions |
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Contributions to Charitable Organizations |
§ 192.555 - Member approval of charitable contributions.
Latest version.
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§ 192.555 How do my members approve a charitable contribution?
At the meeting to consider your conversion, your members must separately approve by at least a majority of the total eligible votes, a contribution of conversion shares or proceeds. If you are in mutual holding company form and adding a charitable contribution as part of a second step stock conversion, you must also have your minority shareholders separately approve the charitable contribution by a majority of their total eligible votes.