(a) Who may file.

(1) A savings and loan holding company or a person who was convicted of a criminal offense described in §238.84 or who has agreed to enter into a pre-trial diversion or similar program in connection with a prosecution for such a criminal offense may file an application with the Board seeking an exemption from the prohibitions in this subpart.

(2) A savings and loan holding company or a person may seek an exemption only for a designated position (or positions) with respect to a named savings and loan holding company.

(3) A savings and loan holding company or a person may not file an application less than one year after the latter of the date of a denial of the same exemption under §238.89(b), §238.90(a) or §238.90(d).

(b) Prohibition pending Board action. Unless a savings and loan holding company or a person is exempt under §238.86(b), the prohibitions in §238.83 continue to apply pending Board action on the application.