If you are a director or officer of a State savings association, or have the power to direct its management or policies, or otherwise owe a fiduciary duty to a State savings association, you must not take advantage of corporate opportunities belonging to the State savings association.
A corporate opportunity belongs to a State savings association if:
The opportunity is within the corporate powers of the State savings association or a subsidiary of the State savings association; and
The opportunity is of present or potential practical advantage to the State savings association, either directly or through its subsidiary.
The FDIC will not deem you to have taken advantage of a corporate opportunity belonging to the State savings association if a disinterested and independent majority of the State savings association's board of directors, after receiving a full and fair presentation of the matter, rejected the opportunity as a matter of sound business judgment.
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