Review of business plan by chief executive officer and board of directors.

§ 192.110 Review of business plan by chief executive officer and board of directors. (a) Review and approval. A savings association's chief executive officer and members of the board of directors must review, and at least two-thirds of the board of directors must approve, the business plan. (b) Certification. A savings association's chief executive officer and at least two-thirds of the board of directors must certify that the business plan accurately reflects the intended plans for deployment of conversion proceeds, and that any new initiatives reflected in the business plan are reasonably achievable. The savings association must submit these certifications with its business plan, as part of its application for conversion under § 192.150.