---
kind: "section"
citation: "12 C.F.R. § 238.77"
title: "12"
number: "238.77"
heading: "Waiver of prior notice requirement."
url: "https://uscodex.org/cfr/12/238.77"
---

# §238.77. Waiver of prior notice requirement.

- (a) **Waiver request.** An individual may serve as a director or senior executive officer before filing a notice under this subpart if the Board or Reserve Bank finds that:
  - (1) Delay would threaten the safety or soundness of the savings and loan holding company;
  - (2) Delay would not be in the public interest; or
  - (3) **Other extraordinary circumstances exist that justify waiver of prior notice.**
- (b) **Automatic waiver.** An individual may serve as a director upon election to the board of directors before filing a notice under this subpart, if the individual:
  - (1) Is not proposed by the management of the savings and loan holding company;
  - (2) Is elected as a new member of the board of directors at a meeting of the savings and loan holding company; and
  - (3) Provides to the appropriate Reserve Bank all the information required in [§ 238.74](/cfr/12/238.74.md) within two (2) business days after the individual's election.
- (c) **Subsequent Board or Reserve Bank action.** The Board or Reserve Bank may disapprove a notice within 30 days after the Board or Reserve Bank issues a waiver under [paragraph (a)](#a) of this section or within 30 days after the election of an individual who has filed a notice and is serving pursuant to an automatic waiver under [paragraph (b)](#b) of this section.

## Notes

### Authority

Authority: 5 U.S.C. 552, 559; 12 U.S.C. 1462, 1462a, 1463, 1464, 1467, 1467a, 1468, 5365; 1813, 1817, 1829e, 1831i, 1972, 15 U.S.C. 78 l.

### Source

Source: Reg. LL, 76 FR 56532, Sept. 13, 2011, unless otherwise noted.