12 CFR 159.10 - How must separate corporate identities be maintained?

§ 159.10 How must separate corporate identities be maintained?
(a) Each Federal 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) OCC regulations that apply both to Federal savings associations and subordinate organizations shall not be construed as requiring a savings association and its subordinate organizations to operate as a single entity.
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United States Code

Title 12 published on 2015-01-01

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 12 CFR Part 159 after this date.

  • 2015-06-15; vol. 80 # 114 - Monday, June 15, 2015
    1. 80 FR 34040 - Integration of National Bank and Federal Savings Association Regulations: Licensing Rules
      GPO FDSys XML | Text
      DEPARTMENT OF THE TREASURY, Office of the Comptroller of the Currency
      12 CFR Parts 4, 5, 7, 14, 24, 32, 34, 100, 116, 143, 144, 145, 146, 150, 152, 159, 160, 161, 162, 163, 174, 192, 193