(a) Federal savings association. Except as provided under Sec. 163.590, you must notify your OCC supervisory office at least 30 days before adding or replacing any member of your board of directors, employing any person as a senior executive officer, or changing the responsibilities of any senior executive officer so that the person would assume a different senior executive position if you are a Federal savings association and at least one of the following circumstances apply:
(1) You do not comply with all minimum capital requirements under 12 CFR part 3 or part 167, as applicable;
(2) Are in troubled condition; or
(3) The OCC has notified you, in connection with its review of a capital restoration plan required under section 38 of the Federal Deposit Insurance Act or 12 CFR part 6 or otherwise, that a notice is required under this subpart.
(b) Notice by individual. If you are an individual seeking election to the board of directors of a Federal savings association described in paragraph (a) of this section, and have not been nominated by management, you must either provide the prior notice required under paragraph (a) of this section or follow the process under Sec. 163.590(b). [76 FR 49047, Aug. 9, 2011, as amended at 79 FR 11317, Feb. 28, 2014]