Requirements to engage in financial holding company activities.

(a) In general. In order for a savings and loan holding company to engage in financial holding company activities: (1) The savings and loan holding company and all depository institutions controlled by the savings and loan holding company must be and remain well capitalized; (2) The savings and loan holding company and all depository institutions controlled by the savings and loan company must be and remain well managed; and (3) The savings and loan holding company must have made an effective election to be treated as a financial holding company.