Sections 215.2, 215.3, 215.4, 215.5, 215.8, and 215.9 of Regulation O in all of their particulars, including footnotes, are hereby referred to, incorporated by reference into this article, and adopted, subject to the following: (

a) The term “this Subpart,” as used in the referenced sections of Regulation O, means this article. (

b) Subdivision (

j) of

Section 215.2 of Regulation O is not applicable. Instead, the term “member bank,” as used in the referenced sections of Regulation O, means a bank. (

c) The term “executive officer,” as used in the referenced sections of Regulation O, includes, in the case of a bank of the type described in paragraph (2) or (4) of subdivision (

a) of

Section 1361, the manager of each office of the type referred to in paragraph (2) or (4) of subdivision (

a) of

Section that the bank maintains in this state. (

d) The definition of “lending limit” in subdivision (

i) of

Section 215.2 of Regulation O is not applicable; instead, the term “lending limit,” as used in the referenced sections of Regulation O, means an amount equal to the limit on obligations of a single obligor set forth in

Section 1481, and any reference in the referenced sections of Regulation O to the lending limit specified in subdivision (

i) of

Section 215.2 is considered to be a reference to the limit specified in

Section 1481. (e)

(1) Any company which is majority owned by one or more executive officers or directors of a bank, individually or collectively, is deemed to be a related interest of each of those executive officers or directors for purposes of the referenced sections of Regulation O.

(2) In case an individual who is an executive officer of a bank is also a director or executive officer of a company, the company is deemed to be a related interest of the individual for purposes of the referenced sections of Regulation O except subdivision (

c) of

Section 215.4. However, this paragraph shall not apply to an extension of credit by a bank to any of the following companies: (

A) A bank holding company of which the bank is a subsidiary. (

B) Any subsidiary of the bank holding company. (

C) Any nonprofit company engaged in religious, charitable, educational, scientific, literary, social, or recreational purposes, provided that the individual whose position as a director or executive officer of the company at issue does not receive compensation in excess of one thousand dollars ($1,000) per year for serving as a director or executive officer of the company.

(3) In case a bank in making an extension of credit becomes subject to the requirements set forth in subdivision (b)(1)(

i) of

Section 215.4 of Regulation O because of paragraph (1) or (2), the bank shall be deemed to fulfill the requirement if the extension of credit is promptly reported to the board of the bank.