Code of Federal Regulations (Last Updated: May 6, 2024) |
Title 12 - Banks and Banking |
Chapter V - Office of Thrift Supervision, Department of the Treasury |
Part 550 - Fiduciary Powers of Savings Associations |
Subpart B - Exercising Fiduciary Powers |
Compensation, Gifts, and Bequests |
§ 550.400 - May my fiduciary officer or employee accept a gift or bequest?
Latest version.
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§ 550.400 May my fiduciary officer or employee accept a gift or bequest?
You may not permit any fiduciary officer or employee to accept a bequest or gift of fiduciary assets, unless the bequest or gift is directed or made by a relative of the officer or employee or is specifically approved by your board of directors.