§ 2133. Distribution of assets on liquidation or dissolution
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/usc/title-12/section-2133A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In the case of liquidation or dissolution of any bank for cooperatives, after payment or retirement, first, of all liabilities; second, of all capital stock issued before January 1, 1956, at par, and all nonvoting stock at par; and third, all voting stock at par; any surplus and reserves existing on January 1, 1956, shall be paid to the holders of stock issued before that date, and voting stock pro rata; and any remaining allocated surplus and reserves shall be distributed to those entities to which they are allocated on the books of the bank, and any other remaining surplus shall be paid to the holders of outstanding voting stock.
If it should become necessary to use any surplus or reserves to pay any liabilities or to retire any capital stock, unallocated reserves or surplus, allocated reserves and surplus shall be exhausted in accordance with rules prescribed by the Farm Credit Administration.
(Pub. L. 92–181, title III, § 3.12, Dec. 10, 1971, 85 Stat. 608; Pub. L. 99–205, title II, § 205(e)(9), Dec. 23, 1985, 99 Stat. 1705; Pub. L. 100–233, title VIII, § 805(o), Jan. 6, 1988, 101 Stat. 1716.)
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Cited by 3 sections
statutes-at-large
- Public Law 99–205To amend the Farm Credit Act of 1971, to restructure and reform the Farm Credit System, and for other purposes
- Public Law 100–233To provide credit assistance to farmers, to strengthen the Farm Credit System, to facilitate the establishment of secondary markets for agricultural loans, and for other purposes
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- Pub. L. 92–181, title III, § 3
- 85 Stat. 608
- Pub. L. 99–205, title II, § 205(e)(9)
- 99 Stat. 1705
- Pub. L. 100–233, title VIII, § 805
- 101 Stat. 1716
- Pub. L. 100–233
- Pub. L. 99–205
- section 401 of Pub. L. 99–205
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§ 2133
Distribution of assets on liquidation or dissolution
Stat.×2
Stat. Comp.×1
Pub. L.Pub. L. 92–181, title III, § 3
Stat.85 Stat. 608
Pub. L.Pub. L. 99–205, title II, § 205(e)(9)
Stat.99 Stat. 1705
Pub. L.Pub. L. 100–233, title VIII, § 805
Cites 10 · showing 6Cited by 3 across 2 sources