Source: https://www.law.cornell.edu/cfr/text/12/559.10
Timestamp: 2015-10-07 13:06:15
Document Index: 83287257

Matched Legal Cases: ['art 559', '§ 559', '§ 559', '§ 1462', '§ 1462', '§ 1463', '§ 1464', '§ 1828']

12 CFR 559.10 - How must separate corporate identities be maintained? | US Law | LII / Legal Information Institute
CFR › Title 12 › Chapter V › Part 559 › Subpart B › Section 559.10 12 CFR 559.10 - How must separate corporate identities be maintained?
§ 559.10
Each savings association and subordinate organization thereof must be operated in a manner that demonstrates to the public that each maintains a separate corporate existence. Each must operate so that:
OTS regulations that apply both to savings associations and subordinate organizations shall not be construed as requiring a savings association and its subordinate organizations to operate as a single entity.
§ 559.10 How must separate corporate identities be maintained?
(a) Each savings association and subordinate organization thereof must be operated in a manner that demonstrates to the public that each maintains a separate corporate existence. Each must operate so that: (1) Their respective business transactions, accounts, and records are not intermingled; (2) Each observes the formalities of their separate corporate procedures; (3) Each is adequately financed as a separate unit in light of normal obligations reasonably foreseeable in a business of its size and character; (4) Each is held out to the public as a separate enterprise; and (5) Unless the parent savings association has guaranteed a loan to the subordinate organization, all borrowings by the subordinate organization indicate that the parent is not liable. (b) OTS regulations that apply both to savings associations and subordinate organizations shall not be construed as requiring a savings association and its subordinate organizations to operate as a single entity. This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.United States CodeU.S. Code: Title 12 - BANKS AND BANKING§ 1462 - Definitions§ 1462a - Administrative provisions§ 1463 - Supervision of savings associations§ 1464 - Federal savings associations§ 1828 - Regulations governing insured depository institutions