(a) This section applies to the description-of-business portion of:
(1) Registration statements filed on Form 10 (item 1) (17 CFR 249.210),
(2) Proxy and information statements relating to mergers, consolidations, acquisitions, and similar matters (item 14 of Schedule 14A and item 1 of Schedule 14C) (17 CFR 240.14a-101 and 240.14c-101), and
(3) Annual reports filed on Form 10-K (item 7) (17 CFR 249.310).
(b) The description of business should conform to the description of business required by item 7 of Form PS under part 192 of this chapter.
(c) No repetitive disclosure is required by virtue of similar requirements in item 7 of Form PS and items 301 and 303 of Regulation S-K (17 CFR 229.301, 303). However, there should be included appropriate disclosure which arises by virtue of the registrant being a stock Federal savings association. For example, the table regarding return on equity and assets, item 7(d)(5), should include a line item for ``dividend payout ratio (dividends declared per share divided by net income per share).''