12 U.S.C. § 3024: Conflict of interest rules…

Summary

The Board must create and publish conflict-of-interest rules that are at least as strict as the Federal Executive conflict rules in Executive Order Numbered 11222. The rules must stop any board member, officer, or employee from taking part in decisions or using inside information for personal gain when they have a large financial interest in, or hold a leadership role with, a company, trust, partnership, or cooperative whose actions could affect or compete with a bank formed under this law. Those rules must make each nominee for elected Board membership file a public statement with the election official before the election listing any such financial interests and positions. Each senior executive officer and each appointed Board member must file the same kind of statement with the person who appoints them before they start, and those statements must be open for inspection on request.

Title 12, §3024

Banks and Banking, Source: USLM XML via OLRC

The Board of Directors shall adopt and publish its own conflict of interest rules which shall be no less stringent in effect than the Federal Executive conflict of interest rules contained in Executive Order Numbered 11222 in prohibiting participation or action or the use of inside information for personal advantage on any matter involving a corporation, trust, partnership, or cooperative organization in which a board member, officer, or employee holds a substantial financial interest or holds a position as board member or senior officer, the activities of which organization might be relevant to, be competitive with, or be inconsistent with the objectives of any bank created under this chapter. These rules shall require—

(1)each nominee for elected membership on the Board established under this chapter to make public and file with the election official before the date of election a statement of his financial interest and position, if any, in such organizations; and

(2)each senior executive officer and appointed member of the Board to file with the appointing officer, before entering that office a statement of his financial interest and position, if any, in such organizations, which shall be available for inspection upon request.

Notes & Related Subsidiaries

Editorial Notes

References in Text

Executive Order Numbered 11222, referred to in text, which was formerly set out as a note under section 201 of Title 18, Crimes and Criminal Procedure, was revoked by Ex. Ord. No. 12674, § 501(a), Apr. 12, 1989, 54 F.R. 15161.

Amendments

1981—Pub. L. 97–35 struck out provisions authorizing section to remain in effect until the Final Government Equity Redemption Date.

Statutory Notes and Related Subsidiaries

Effective Date

of 1981 AmendmentAmendment by Pub. L. 97–35 effective on the day after the Final Government Equity Redemption Date (Dec. 31, 1981), see section 396(i) of Pub. L. 97–35, set out as a note under section 3011 of this title.

§3024 Conflict of Interest Rules; Adoption and Publication; Requirements