---
kind: "section"
citation: "12 C.F.R. § 163.33"
title: "12"
number: "163.33"
heading: "Directors, officers, and employees."
url: "https://uscodex.org/cfr/12/163.33"
---

# §163.33. Directors, officers, and employees.

- (a) **Directors—**
  - (1) **Requirements.** The composition of the board of directors of a Federal savings association must be in accordance with the following requirements:
    - (i) A majority of the directors must not be salaried officers or employees of the savings association or of any subsidiary thereof.
    - (ii) Not more than two of the directors may be members of the same immediate family.
    - (iii) Not more than one director may be an attorney with a particular law firm.
  - (2) **Prospective application.** In the case of an association whose board of directors does not conform with any requirement set forth in [paragraph (a)(1)](#a-1) of this section as of October 5, 1983, this [paragraph (a)](#a) shall not prohibit the uninterrupted service, including re-election and re-appointment, of any person serving on the board of directors at that date.
- (b) [Reserved]

## Notes

### Authority

Authority: 12 U.S.C. 1, 93a, 1462a, 1463, 1464, 1467a, 1817, 1820, 1828, 1831o, 3806, 5101 et seq., 5412(b)(2)(B); 31 U.S.C. 5318; 42 U.S.C. 4106.

### Source

Source: 76 FR 49047, Aug. 9, 2011, unless otherwise noted.