CFR > Title 12 - Banks and Banking > CHAPTER V—OFFICE OF THRIFT SUPERVISION, DEPARTMENT OF THE TREASURY > PART 563—SAVINGS ASSOCIATIONS—OPERATIONS > SUBPART H—Notice of Change of Director or Senior Executive Officer (§563.550 to §563.590) > 563.560—Who must give prior notice?

563.560—Who must give prior notice?

(a) Savings association or savings and loan holding company. Except as provided under § 563.590, you must notify the OTS at least 30 days before adding or replacing any member of your board of directors, employing any person as a senior executive officer, or changing the responsibilities of any senior executive officer so that the person would assume a different senior executive position if:
(1) You are a savings association and at least one of the following circumstances apply:
(i) You do not comply with all minimum capital requirements under part 567 of this chapter ;
(ii) You are in troubled condition; or
(iii) The OTS has notified you, in connection with its review of a capital restoration plan required under section 38 of the Federal Deposit Insurance Act or part 565 of this chapter or otherwise, that a notice is required under this subpart; or
(2) You are a savings and loan holding company and you are in troubled condition.
(b) Notice by individual. If you are an individual seeking election to the board of directors of a savings association or savings and loan holding company described in paragraph (a) of this section, and have not been nominated by management, you must either provide the prior notice required under paragraph (a) of this section or follow the process under § 563.590(b).