HARRY HUGHES, Governor

4093

(iii) be approved in advance by a
resolution duly adopted with full
disclosure by at least a majority (with
no director having an interest in the
transaction voting) of the entire board
of directors of the association, parent,
subsidiary or affiliate. Full
disclosure must include the source of
financing for the real property involved
in the transaction, including whether
the association or any parent,
subsidiary or affiliate thereof has a
deposit relationship with any financial
institution or holding company affiliate
thereof providing the financing. A
certified copy of the minutes at which
such approval occurs shall be filed with
the Director.

(13)  A director, officer, or controlling person
may not take advantage of a business
opportunity for his or her personal profit
or benefit when the opportunity is within
the corporate powers of the association or
its service corporations and when the
opportunity is of present or potential
advantage to the association.

(14)  An association, its parents, subsidiaries
or affiliates may employ its officers,
directors and controlling persons in a
capacity other than as officer or director
only if such employment does not create a
conflict of interest, and is for
reasonable compensation and in such
capacity as such officers, directors, and
controlling persons are qualified.

Any action in violation of this regulation shall
be deemed an unsafe and unsound practice by the
Director. The Director shall order an association
to rescind or dispose of any loan made in
violation of this regulation and shall order an
association to recover any money or other
remuneration paid in violation of this regulation.
An association's failure to take appropriate
action pursuant to such an order shall be deemed
an unsafe and unsound practice.

.48 NOW Accounts.

Notification to the Division. An association
which permits its customers to make withdrawals
from savings accounts by negotiable or
transferable orders of withdrawal in accordance