Title 12: Banks and Banking
PART 563—SAVINGS ASSOCIATIONS—OPERATIONS
Subpart E—Capital Distributions
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§ 563.143 Must I file with OTS?
Whether and what you must file with the OTS depends on whether you and your proposed capital distribution fall within certain criteria.
(a) Application required.
---------------------------------------------------------------------------------------------------------------- If: Then you:----------------------------------------------------------------------------------------------------------------(1) You are not eligible for expedited Must file an application with the OTS. treatment under § 516.5 of this chapter.----------------------------------------------------------------------------------------------------------------(2) The total amount of all of your Must file an application with the OTS. capital distributions (including the proposed capital distribution) for the applicable calendar year exceeds your net income for that year to date plus your retained net income for the preceding two years.----------------------------------------------------------------------------------------------------------------(3) You would not be at least Must file an application with the OTS. adequately capitalized, as set forth in § 565.4(b)(2) of this chapter, following the distribution.----------------------------------------------------------------------------------------------------------------(4) Your proposed capital distribution Must file an application with the OTS. would violate a prohibition contained in any applicable statute, regulation, or agreement between you and the OTS (or the Corporation), or violate a condition imposed on you in an OTS-approved application or notice.----------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------- If you are not required to file an application under paragraph (a) of Then you: this section, but:----------------------------------------------------------------------------------------------------------------(1) You would not be well capitalized, Must file a notice with the OTS. as set forth under § 565.4(b)(1), following the distribution.----------------------------------------------------------------------------------------------------------------(2) Your proposed capital distribution Must file a notice with the OTS. would reduce the amount of or retire any part of your common or preferred stock or retire any part of debt instruments such as notes or debentures included in capital under part 567 of this chapter (other than regular payments required under a debt instrument approved under § 563.81).----------------------------------------------------------------------------------------------------------------(3) You are a subsidiary of a savings Must file a notice with the OTS. and loan holding company.----------------------------------------------------------------------------------------------------------------
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(c) No prior notice required.
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---------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------If neither you nor your proposed Then you do not need to file a notice or an application with the OTS capital distribution meet any of the before making a capital distribution. criteria listed in paragraphs (a) and (b) of this section.----------------------------------------------------------------------------------------------------------------
