§ 1277.21. Issuance of capital stock.
91 words·~1 min read·
/us/cfr/t12/s§ 1277.21·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A Bank may issue either one or both classes of its capital stock (including subclasses), as authorized by § 1277.20, and shall not issue any other class of capital stock. A Bank shall issue its stock only to its members, or to former members to the extent those institutions are required to maintain a minimum stock investment for existing activities under the capital plan, and only in book-entry form. The Bank shall act as its own transfer agent. All capital stock shall be issued in accordance with the Bank's capital plan.