LegalFix
Sign In

§ 163.200 - Conflicts of interest.

Copy with citation
Copy as parenthetical citation

If you are a director, officer, or employee of a Federal savings association, or have the power to direct its management or policies, or otherwise owe a fiduciary duty to a Federal savings association:

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

You must, if you have an interest in a matter or transaction before the board of directors:

Disclose to the board all material nonprivileged information relevant to the board's decision on the matter or transaction, including:

The existence, nature and extent of your interests; and

The facts known to you as to the matter or transaction under consideration;

Refrain from participating in the board's discussion of the matter or transaction; and

Recuse yourself from voting on the matter or transaction (if you are a director).

Previous Section
§ 163.180 - Suspicious Activity Reports and other reports and statements.
Next Section
§ 163.201 - Corporate opportunity.