§16.31. Escrow requirement.
12 C.F.R. § 16.31
The OCC may require that any funds received in connection with an offer or sale of securities be held in an independent escrow account at an unrelated insured depository institution when the use of an escrow account is in the best interests of shareholders.
Notes, amendments, and revision history
Authority
Authority: 12 U.S.C. 1 et seq., 93a, 1462a, 1463, 1464, and 5412(b)(2)(B).
Source
Source: 59 FR 54798, Nov. 2, 1994, unless otherwise noted.