12 C.F.R. § 563.200 Conflicts of interest.
Title 12 - Banks and Banking
If you are a director, officer, or employee of a savings association, or have the power to direct its management or policies, or otherwise owe a fiduciary duty to a savings association: (a) You must not advance your own personal or business interests, or those of others with whom you have a personal or business relationship, at the expense of the savings association; and (b) You must, if you have an interest in a matter or transaction before the board of directors: (1) Disclose to the board all material nonprivileged information relevant to the board's decision on the matter or transaction, including: (i) The existence, nature and extent of your interests; and (ii) The facts known to you as to the matter or transaction under consideration; (2) Refrain from participating in the board's discussion of the matter or transaction; and (3) Recuse yourself from voting on the matter or transaction (if you are a director). [61 FR 60178, Nov. 27, 1996]
Title 12: Banks and Banking
PART 563—SAVINGS ASSOCIATIONS—OPERATIONS
Subpart G—Reporting and Bonding
§ 563.200 Conflicts of interest.
