The Bank Board also attempted to attract new capital to the industry, and it did so by liberalizing ownership restrictions for stock-held institutions in April 1982. That change proved to have a dramatic effect on the S&L industry. 22 Traditionally, federally chartered stock associations were required to have a minimum of 400 stockholders. No individual could own more than 10 percent of an institution s outstanding stock, and no controlling group more than 25 percent. Moreover, 75 percent of stockholders had to reside or do busi- ness in the S&L s market area. The elimination of these restrictions, coupled with the re- laxed capital requirements and the ability to acquire.