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Code · U.S. Code · Title 12 - BANKS AND BANKING · CHAPTER 23— FARM CREDIT SYSTEM · Part B— Regulation of Financial Safety and Soundness of Federal Agricultural Mortgage Corporation · § 2279bb–5

§ 2279bb–5. Mandatory actions applicable to level II

198 words·~1 min read·/usc/title-12/section-2279bb-5

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If the Corporation is classified as within level II, the Corporation shall, within the time period determined by the Director, submit to the Director a capital restoration plan and, after approval, carry out the plan. If the Corporation is classified as within level II, the Corporation may not make any payment of dividends that would result in the Corporation being reclassified as within level III or IV. The Director shall immediately reclassify the Corporation as within level III (and the Corporation shall be subject to the provisions of section 2279bb–6 of this title ), if— the Corporation is within level II; and the Corporation does not submit a capital restoration plan that is approved by the Director; or the Director determines that the Corporation has failed to make, in good faith, reasonable efforts necessary to comply with such a capital restoration plan and fulfill the schedule for the plan approved by the Director.
This section shall take effect upon the expiration of the 30-month period beginning on December 13, 1991 . ( Pub. L. 92–181, title VIII, § 8 .36, as added Pub. L. 102–237, title V, § 503(b)(2) , Dec. 13, 1991 , 105 Stat. 1876 .)
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  • Pub. L. 92-181
  • Pub. L. 102-237
  • 105 Stat. 1876
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§ 2279bb–5
Mandatory actions applicable to level II
Pub. L.Pub. L. 92-181
Pub. L.Pub. L. 102-237
Stat.105 Stat. 1876
Cites 3Cited by 0 across 0 sources
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