(a) Prior notice by regulated institution. A regulated institution
shall give the Board 30 days’ written notice, as specified in section
225.73, before adding or replacing any member of its board of directors,
employing any person as a senior executive officer of the institution,
or changing the responsibilities of any senior executive officer so
that the person would assume a different senior executive officer
position, if—
(1) the regulated institution is not in
compliance with all minimum capital requirements applicable to the
institution as determined on the basis of the institution’s most recent
report of condition or report of examination or inspection;
(2) the regulated institution
is in troubled condition; or
(3) the Board determines, in connection
with its review of a capital-restoration plan required under section
38 of the Federal Deposit Insurance Act or subpart B of the Board’s
Regulation H, or otherwise, that such notice is appropriate.
(b) Prior
notice by individual. The prior notice required by paragraph
(a) of this section may be provided by an individual seeking election
to the board of directors of a regulated institution.
