(a) Employees. An employee of a savings and loan holding company
is exempt from the prohibition in section 238.83, if all of the following
conditions are met:
(1) The employee’s responsibilities and
activities are limited solely to agriculture, forestry, retail merchandising,
manufacturing, or public utilities operations.
(2) The savings and loan holding company
maintains a list of all policymaking positions and reviews this list
annually.
(3) The employee’s
position does not appear on the savings and loan holding company’s
list of policymaking positions, and the employee does not, in fact,
exercise any policymaking function with the savings and loan holding
company.
(4) The employee:
(i) Is not an institution-affiliated party of the savings and loan
holding company other than by virtue of the employment described in
paragraph (a) of this section.
(ii) Does not own or control, directly
or indirectly, the savings and loan holding company; and
(iii) Does not participate,
directly or indirectly, in the conduct of the affairs of the savings
and loan holding company.
(b) Temporary exemption.
(1) Any prohibited person who was an institution
affiliated party with respect to a savings and loan holding company,
who owned or controlled, directly or indirectly a savings and loan
holding company, or who otherwise participated directly or indirectly
in the conduct of the affairs of a savings and loan holding company
on October 13, 2006, may continue to hold the position with the savings
and loan holding company.
(2) This exemption expires on December 31, 2012, unless the savings
and loan holding company or the person files an application seeking
a case-by-case exemption for the person under section 238.87 by that
date. If the savings and loan holding company or the person files
such an application, the temporary exemption expires on:
(i) The
date of issuance of a Board approval of the application under section
238.89(a);
(ii) The
expiration of the 20-day period for filing a request for hearing under
section 238.90(a) provided there is no timely request for hearing
following the issuance by the Board of a denial of the application
under that section;
(iii) The date that the Board denies a timely request for hearing
under section 238.90(b) following the issuance of a Board denial of
the application under section 238.89(b);
(iv) The date that the Board issues
a decision under section 238.90(d); or
(v) The date an applicant withdraws
the application.
