Regulations last checked for updates: Jun 01, 2024

Title 12 - Banks and Banking last revised: May 20, 2024
§ 192.345 - Permissible forms of subscriber payment.

(a) In general. A subscriber may purchase conversion shares with cash, by a withdrawal from a savings account, or a withdrawal from a certificate of deposit. If a subscriber purchases shares by a withdrawal from a certificate of deposit, the savings association may not assess a penalty for the withdrawal.

(b) Prohibition. A savings association may not extend credit to any person to purchase the savings association's conversion shares.

source: 85 FR 42643, July 14, 2020, unless otherwise noted.
cite as: 12 CFR 192.345