§ 2124. Stock of banks for cooperatives

725 words·~3 min read·/usc/title-12/section-2124

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(a)Amount The Capital stock of each bank for cooperatives shall be in such amount as its board determines is required for the purpose of providing adequate capital to permit the bank to meet the credit needs of borrowers from the bank and such amounts may be increased or decreased from time to time in accordance with such needs.

(b)Value The capital stock of each bank shall be divided into shares of par value of $100 each and may be of such classes as the board may determine. Such stock may be issued in fractional shares.

(c)Eligible holders of voting stock Voting stock may be issued or transferred to and held only by

(i)cooperative associations eligible to borrow from the banks 1

(ii)other categories of persons and entities described in sections 2128 and 2129 of this title eligible to borrow from the bank, as determined by the bank’s board of directors; and

(iii)other banks for cooperatives, and shall not be otherwise transferred, pledged, or hypothecated except as consented to by the issuing bank under regulations of the Farm Credit Administration.

(d)Entitlement to vote Each holder of one or more shares of voting stock which is eligible to borrow from a bank for cooperatives shall be entitled only to one vote and only in the affairs of the bank in the district in which its principal office is located unless otherwise authorized under regulations issued by the Farm Credit Administration, except that if such holder has not been a borrower from the bank in which it holds such stock within a period of two years next preceding the date fixed by the Farm Credit Administration prior to the commencement of voting, it shall not be entitled to vote.

(e)Nonvoting investment stock Nonvoting investment stock may be issued in such series and in such amounts as may be determined by the board and may be exchanged for voting stock or sold or transferred to any person subject to the approval of the issuing bank.

(f)Participation certificates Participation certificates may be issued to parties to whom voting stock may not be issued.

(Pub. L. 92–181, title III, § 3.3, Dec. 10, 1971, 85 Stat. 603; Pub. L. 96–592, title III, § 302, Dec. 24, 1980, 94 Stat. 3443; Pub. L. 99–205, title II, § 205(e)(3), (4), Dec. 23, 1985, 99 Stat. 1705; Pub. L. 100–233, title VIII, §§ 802(o), 805(k), Jan. 6, 1988, 101 Stat. 1712, 1715; Pub. L. 110–234, title V, §§ 5402, 5403(a), May 22, 2008, 122 Stat. 1154; Pub. L. 110–246, § 4(a), title V, §§ 5402, 5403(a), June 18, 2008, 122 Stat. 1664, 1915.)

Connections12 cite this · traces to 2

Cited by 12 sections · top 9

U.S. Code

statutes-at-large

statute-compilations

Sec. 3.3
Bank for Cooperatives Stock; Value; Classes of Stock; Voting; Exchange

Proposed Rules
Proposed rule

Traces to 2 documents

U.S. Code

26 references not yet in our index

1
Pub. L. 92–181, title III, § 3
85 Stat. 603
Pub. L. 96–592, title III, § 302
94 Stat. 3443
Pub. L. 99–205, title II, § 205(e)(3)
99 Stat. 1705
Pub. L. 100–233, title VIII
101 Stat. 1712
Pub. L. 110–234, title V
122 Stat. 1154
Pub. L. 110–246, § 4(a)
122 Stat. 1664
Pub. L. 110–234
Pub. L. 110–246
section 4(a) of Pub. L. 110–246
Pub. L. 110–246, § 5402
Pub. L. 110–246, § 5403(a)
Pub. L. 100–233, § 802
Pub. L. 100–233, § 805(k)
Pub. L. 99–205, § 205(e)(3)
Pub. L. 99–205, § 205(e)(4)
Pub. L. 96–592
section 4 of Pub. L. 110–246
Pub. L. 99–205
section 401 of Pub. L. 99–205

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cites case law

§ 2124

Stock of banks for cooperatives

Stat.×8

U.S.C.×2

Fed. Reg.×1

Stat. Comp.×1

U.S.C.§ 8701

U.S.C.§ 2001

Cite1

Pub. L.Pub. L. 92–181, title III, § 3

Stat.85 Stat. 603

Pub. L.Pub. L. 96–592, title III, § 302

Stat.94 Stat. 3443

Cites 28 · showing 7Cited by 12 across 4 sources