§ 101.2 Definitions and computation of time.

Definitions.(a) As used in this part:

Covered savings association(1) means a Federal savings association that has made an election that is in effect in accordance with § 101.3(b).

Effective date of the election(2) means, with respect to a Federal savings association, the date on which the Federal savings association's election to operate as a covered savings association takes effect pursuant to § 101.3(b).

Nonconforming subsidiary, asset, or activity.(3) (i) With respect to a covered savings association:

(A) Means any subsidiary, asset, or activity that is not permissible for a covered savings association or, if permissible, is being operated, held, or conducted in a manner that exceeds the limit applicable to a covered savings association; and

(B) Includes an investment in a subsidiary or other entity that is not permissible for a covered savings association; and

(ii) With respect to a Federal savings association that has terminated an election to operate as a covered savings association:

(A) Means any subsidiary, asset, or activity that is not permissible for a Federal savings association or, if permissible, is being operated, held, or conducted in a manner that exceeds the limit applicable to a Federal savings association; and

(B) Includes an investment in a subsidiary or other entity that is not permissible for a Federal savings association.

Similarly located national bank(4) means, with respect to a covered savings association, a national bank that has its main office situated in the same location as the home office of the covered savings association.

Computation of time.(b) The OCC will compute a period of days for purposes of this part in accordance with 12 CFR 5.12.