---
kind: "section"
citation: "12 C.F.R. § 192.370"
title: "12"
number: "192.370"
heading: "Limits on aggregate purchases by officers, directors, and associates."
url: "https://uscodex.org/cfr/12/192.370"
---

# §192.370. Limits on aggregate purchases by officers, directors, and associates.

- (a) **In general.** When a savings association converts, its officers, directors, and their associates may not purchase, in the aggregate, more than the following percentage of the savings association's total stock offering:
- (b) **Exception.** The purchase limitations in this section do not apply to shares held in tax-qualified employee stock benefit plans that are attributable to the savings association's officers, directors, and their associates.

## Notes

### Authority

Authority: 12 U.S.C. 1462a, 1463, 1464, 1467a, 2901 et seq., 5412(b)(2)(B); 15 U.S.C. 78c, 78 l , 78m, 78n, 78w.

### Source

Source: 85 FR 42643, July 14, 2020, unless otherwise noted.