Title 7

SECTION 4290.450

4290.450 Notification of pledge of RBIC's shares.

§ 4290.450 Notification of pledge of RBIC's shares.

(a) You must notify the Agency in writing, within 30 calendar days, of the terms of any transaction in which:

(1) Any Person, or group of Persons acting in concert, pledges shares of your stock (or equivalent ownership interests) as collateral for indebtedness; and

(2) The shares pledged constitute at least 10 percent of your Regulatory Capital.

(b) If the transaction creates a change of ownership or Control, you must comply with § 4290.400 or § 4290.410, as appropriate.

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