Donating conversion shares or conversion proceeds to a charitable organization.

§ 192.550 Donating conversion shares or conversion proceeds to a charitable organization. A savings association may contribute some of its conversion shares or proceeds to a charitable organization if: (a) The savings association's plan of conversion provides for the proposed contribution; (b) The savings association's members approve the proposed contribution; and (c) The IRS either has approved, or approves within two years after formation, the charitable organization as a tax-exempt charitable organization under the Internal Revenue Code.