Sec. 7.8. MERGER OF ASSOCIATIONS

319 words·~1 min read·/statute-compilations/comps-10314/sec-7-8

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

## SEC. 7.8 MERGER OF ASSOCIATIONS **[**[12 U.S.C. 2279c–1](/us/usc/t12/s2279c–1)**]** ###

(a)In General Two or more associations within the same district, whether or not organized under the same title of this Act, may merge into a single entity (hereinafter in this title referred to as a “merged association”) if the plan of merger is approved by— ####

(1)the Farm Credit Administration Board; ####

(2)the boards of directors of the associations; ####

(3)a majority of the shareholders of each association voting, in person or by proxy, at a duly authorized stockholders' meeting; and ####

(4)the Farm Credit Bank. ###

(b)Powers, Obligations, and Consolidation ####

(1)Powers and obligations Except as otherwise provided by this title, a merged association shall— #####

(A)possess all powers granted under this Act to the associations forming the merged association; and #####

(B)be subject to all of the obligations imposed under this Act on the associations forming the merged association. ####

(2)Consolidation The Farm Credit Administration shall issue regulations that establish the manner in which the powers and obligations of the associations that form the merged association are consolidated and, to the extent necessary, reconciled in the merged association. ###

(c)Stock Issuance ####

(1)Plan of merger Subject to section 4.3A, the number of shares of capital stock issued by a merged association to the stockholders of any association forming such merged association, and the rights and privileges of such shares (including voting power, preferences on liquidation, and the right to dividends), shall be determined by the plan of merger adopted by the merged associations. ####

(2)Capitalization In accordance with section 4.3A, each merged association shall provide, through bylaws and subject to Farm Credit Administration regulations, for the capitalization of the association and the manner in which association stock shall be issued, held, transferred, and retired, and association earnings shall be distributed. ## chapter 3 Reconsideration

Connections1 off-index

1 reference not yet in our index

12 USC 2279c–1

Citation graph

cites case law

Sec. 7.8

MERGER OF ASSOCIATIONS

Cite12 USC 2279c–1

Cites 1Cited by 0 across 0 sources