(a) The institution's board of directors shall be promptly notified of any criminal referral by the institution, except that if the criminal referral involves a member of the board of directors, discretion may be exercised in notifying such member of the referral.
(b) The institution involved shall promptly make all required notifications under any applicable surety bond or other contract for protection.
authority: Secs. 5.9, 5.17, 5.19, 5.31A of the Farm Credit Act of 1971, as amended, (Act) (
12 U.S.C. 2243,
2252,
2254,
2267a; Sec. 514 of Pub. L. 102-552, 106 Stat. 4102
source: 59 FR 24894, May 13, 1994, unless otherwise noted.
cite as: 12 CFR 612.2302