(a) Evasion of law or regulation. No savings and loan holding company
or subsidiary thereof which is not a savings association shall, for
or on behalf of a subsidiary savings association, engage in any activity
or render any services for the purpose or with the effect of evading
any law or regulation applicable to such savings association.
(b) Unrelated business activity. No savings and loan holding company or subsidiary thereof that is
not a savings association shall commence any business activity at
any time, or continue any business activity after the end of the two-year
period beginning on the date on which such company received approval
to become a savings and loan holding company that is subject to the
limitations of this paragraph (b), except (in either case) the following:
(1) Furnishing or performing management
services for a savings association subsidiary of such company;
(2) Conducting an insurance
agency or an escrow business;
(3) Holding, managing, or liquidating assets
owned by or acquired from a subsidiary savings association of such
company;
(4) Holding
or managing properties used or occupied by a subsidiary savings association
of such company;
(5)
Acting as trustee under deed of trust;
(6) Any other activity:
(i) That
the Board of Governors of the Federal Reserve System has permitted
for bank holding companies pursuant to regulations promulgated under
section 4(c) of the Bank Holding Company Act; or
(ii) Is set forth in section 238.53,
subject to the limitations therein; or
(7) (i)
In the case of a savings and loan holding company, purchasing, holding,
or disposing of stock acquired in connection with a qualified stock
issuance if prior approval for the acquisition of such stock by such
savings and loan holding company is granted by the Board pursuant
to section 238.41.
(ii) Notwithstanding the provisions of this paragraph (b), any savings
and loan holding company that, between March 5, 1987 and August 10,
1987, received approval pursuant to 12 U.S.C. 1730a(e), as then in
effect, to acquire control of a savings association shall not continue
any business activity other than those activities set forth in this
paragraph (b) after August 10, 1987.
(c) Treatment of certain holding
companies. If a director or officer of a savings and loan holding
company, or an individual who owns, controls, or holds with the power
to vote (or proxies representing) more than 25 percent of the voting
shares of a savings and loan holding company, directly or indirectly
controls more than one savings association, any savings and loan holding
company controlled by such individual shall be subject to the activities
limitations contained in paragraph (b) of this section, to the same
extent such limitations apply to multiple savings and loan holding
companies pursuant to sections 238.51, 238.52, 238.53, and 238.54.
