[Code of Federal Regulations]

[Title 12, Volume 6]

[Revised as of January 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 12CFR612.2145]



[Page 88-89]

 

                       TITLE 12--BANKS AND BANKING

 

                 CHAPTER VI--FARM CREDIT ADMINISTRATION

 

PART 612_STANDARDS OF CONDUCT AND REFERRAL OF KNOWN OR SUSPECTED CRIMINAL 

VIOLATIONS--Table of Contents

 

                     Subpart A_Standards of Conduct

 

Sec. 612.2145  Director reporting.



    (a) Annually, as of the institution's fiscal year end, and at such 

other times as may be required to comply with paragraph (c) of this 

section, each director shall file a written and signed statement with 

the Standards of Conduct Official that fully discloses:

    (1) The names of any immediate family members as defined in Sec. 

620.1(e) of this chapter, or affiliated organizations, as defined in 

Sec. 620.1(a) of this chapter, who had transactions with the 

institution at any time during the year;

    (2) Any matter required to be disclosed by Sec. 620.5(k) of this 

chapter; and

    (3) Any additional information the institution may require to make 

the disclosures required by part 620 of this chapter.

    (b) Each director shall, at such intervals as the institution's 

board shall determine is necessary to effectively enforce this 

regulation and the institution's standards-of-conduct policy adopted 

pursuant to Sec. 612.2165, file a written and signed statement with the 

Standards of Conduct Official that contains those disclosures required 

by the regulations and such policy. At a minimum, these requirements 

shall include:

    (1) The name of any relative or any person residing in the 

director's household, business partner, or any entity controlled by the 

director or such persons (alone or in concert) if the director knows or 

has reason to know that such individual or entity transacts business 

with the institution or any institution supervised by the director's 

institution; and

    (2) The name and the nature of the business of any entity in which 

the director has a material financial interest or on whose board the 

director sits if the director knows or has reason to know that such 

entity transacts business with:

    (i) The director's institution or any institution supervised by the 

director's institution; or

    (ii) A borrower of the director's institution or any institution 

supervised by the director's institution.

    (c) Any director who becomes or plans to become involved in any 

relationship, transaction, or activity that is required to be reported 

under this section or could constitute a conflict of interest shall 

promptly report such involvement in writing to the Standards of Conduct 

Official for a determination



[[Page 89]]



of whether the relationship, transaction, or activity is, in fact, a 

conflict of interest.

    (d) Unless a disclosure as a director candidate under part 620 of 

this chapter has been made within the preceding 180 days, a newly 

elected or appointed director shall report matters required to be 

reported in paragraphs (a), (b), and (c) of this section to the 

Standards of Conduct Official within 30 days after the election or 

appointment and thereafter shall comply with the requirements of this 

section.