HARRY HUGHES, Governor

1093

FROM ANY PERSON OR BUSINESS ENTITY, FOR PROCURING, ENDEAVORING TO
PROCURE, OR PERFORMING ANY SERVICE, IN CONNECTION WITH ANY LOAN
FROM OR, INVESTMENT BY, OR DEPOSIT IN THE ASSOCIATION.

(2) THIS SUBSECTION DOES NOT PROHIBIT AN EMPLOYEE OR
AGENT OF AN ASSOCIATION WHO IS NOT A CONTROLLING PERSON,
DIRECTOR, OR OFFICER OR A MEMBER OF THEIR IMMEDIATE FAMILY FROM
RECEIVING FEES IN THE NATURE OF LOAN ORIGINATION COMMISSIONS FROM
THE ASSOCIATION.

(F)  PURCHASES AND SALES PROHIBITED.

(1)  EXCEPT AS PROVIDED IN PARAGRAPH (2) OF THIS
SUBSECTION, A CONTROLLING PERSON, DIRECTOR, OFFICER, EMPLOYEE OR
ATTORNEY OF A SAVINGS AND LOAN ASSOCIATION, OR MEMBER OF THAT
INDIVIDUAL'S IMMEDIATE FAMILY, DIRECTLY OR INDIRECTLY, MAY NOT
PURCHASE FROM, SELL TO, OR LEASE FROM OR TO THE ASSOCIATION.

(2)  THE PROHIBITION CONTAINED IN PARAGRAPH (1) OF
THIS SUBSECTION DOES NOT APPLY IF THE DIVISION DIRECTOR MAKES A
PRIOR WRITTEN DETERMINATION THAT THE PURCHASE, SALE, OR LEASE TO
OR FROM THE ASSOCIATION WOULD BE ECONOMICALLY ADVANTAGEOUS TO,
FAIR TO, AND IN THE BEST INTEREST OF THE ASSOCIATION.

(3)  NOTHING IN THIS SUBSECTION MAY BE CONSTRUED TO
AFFECT ANY BONA FIDE LEASE, PURCHASE ORDER, OR OTHER CONTRACTUAL
OBLIGATION ENTERED INTO BEFORE JUNE 1, 1986 BETWEEN AN
ASSOCIATION AND A CONTROLLING PERSON, DIRECTOR, OFFICER,
EMPLOYEE, OR ATTORNEY OF AN ASSOCIATION OR A MEMBER OF THAT
INDIVIDUAL'S IMMEDIATE FAMILY.

(G)  OVERDRAFTS.

(1) EXCEPT AS PROVIDED IN PARAGRAPH (2) OF THIS
SUBSECTION. AN ASSOCIATION MAY NOT PAY HONOR AN OVERDRAFT TO A

CONTROLLING PERSON, DIRECTOR, OR OFFICER. OR EMPLOYEE, OR

EMPLOYEE OF THE ASSOCIATION OR A MEMBER OF ANY OF THEIR IMMEDIATE
FAMILIES ON ANY ACCOUNT OR ACCOUNTS AT THE ASSOCIATION.

(2) IF AN EMPLOYEE HAS OVERDRAFT PROTECTION ON AN
ACCOUNT WITH THE ASSOCIATION. AN ASSOCIATION MAY HONOR AN
OVERDRAFT TO AN EMPLOYEE OR A MEMBER OF THE EMPLOYEE'S IMMEDIATE
FAMILY TO THE EXTENT OF THE MAXIMUM AMOUNT OF THE OVERDRAFT
PROTECTION ON THE ACCOUNT.

(H) BUSINESS OPPORTUNITIES.

(1) A DIRECTOR, OFFICER, OR CONTROLLING PERSON MAY
NOT TAKE ADVANTAGE OF A BUSINESS OPPORTUNITY FOR THE DIRECTOR'S,
OFFICER'S, OR CONTROLLING PERSON'S PERSONAL PROFIT OR THE
BENEFIT OR THE PERSONAL PROFIT OR BENEFIT OF A MEMBER OF THE
IMMEDIATE FAMILY WHEN THE OPPORTUNITY IS:

(I) WITHIN THE CORPORATE POWERS OF THE
ASSOCIATION OR ITS SERVICE CORPORATIONS; AND