§ 2202b. Effect of restructuring on borrower stock
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/usc/title-12/section-2202bA research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Farm Credit Bank If a Farm Credit Bank forgives and writes off, under section 2202a of this title, any of the principal outstanding on a loan made to any borrower, the Federal land bank association of which the borrower is a member and stockholder shall cancel the same dollar amount of borrower stock held by the borrower in respect of the loan, up to the total amount of such stock, and, to the extent provided for in the bylaws of the bank relating to its capitalization, the bank shall retire an equal amount of stock owned by the Federal land bank association.
(b)Production credit association If a production credit association forgives and writes off, under section 2202a of this title, any of the principal outstanding on a loan made to any borrower, the association shall cancel the same dollar amount of borrower stock held by the borrower in respect of the loan, up to the total amount of such stock.
(c)Retention of stock Notwithstanding subsections
(a)and (b), the borrower shall be entitled to retain at least one share of stock to maintain the borrower’s membership and voting interest in the association.
(Pub. L. 92–181, title IV, § 4.14B, as added Pub. L. 100–233, title I, § 102(a), Jan. 6, 1988, 101 Stat. 1577; amended Pub. L. 100–399, title I, § 102(g), Aug. 17, 1988, 102 Stat. 990.)
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U.S. Code
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- Pub. L. 92–181, title IV, § 4
- Pub. L. 100–233, title I, § 102(a)
- 101 Stat. 1577
- Pub. L. 100–399, title I, § 102(g)
- 102 Stat. 990
- Pub. L. 100–399
- section 401 of Pub. L. 100–233
- section 1001(b) of Pub. L. 100–399
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§ 2202b
Effect of restructuring on borrower stock
Stat.×2
Stat. Comp.×1
U.S.C.×1
Pub. L.Pub. L. 92–181, title IV, § 4
Pub. L.Pub. L. 100–233, title I, § 102(a)
Stat.101 Stat. 1577
Pub. L.Pub. L. 100–399, title I, § 102(g)
Stat.102 Stat. 990
Cites 10 · showing 7Cited by 4 across 3 sources