(a) Waiver request. An individual may serve as a director or senior executive officer before filing a notice under this subpart if the Board or Reserve Bank finds that:

1. (1) Delay would threaten the safety or soundness of the savings and loan holding company;
2. (2) Delay would not be in the public interest; or
3. (3) Other extraordinary circumstances exist that justify waiver of prior notice.

(b) Automatic waiver. An individual may serve as a director upon election to the board of directors before filing a notice under this subpart, if the individual:

1. (1) Is not proposed by the management of the savings and loan holding company;
2. (2) Is elected as a new member of the board of directors at a meeting of the savings and loan holding company; and
3. (3) Provides to the appropriate Reserve Bank all the information required in § 238.74 within two (2) business days after the individual's election.