(a) Savings and loan holding company. Except as provided under section 238.78, a savings and loan holding
company must give the Board 30 days’ written notice, as specified in section
238.74, before adding or replacing any member of its board of directors,
employing any person as a senior executive officer, or changing the
responsibilities of any senior executive officer so that the person would
assume a different senior executive position if the savings and loan holding
company is in troubled condition.
(b) Notice by individual. An individual seeking election to the board of directors of a savings
and loan holding company described in paragraph (a) of this section that has
not been nominated by management, must either provide the prior notice
required under paragraph (a) of this section or follow the process under
section 238.78(b).
