§ 2279d. Termination of System institution status
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/usc/title-12/section-2279dA research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Conditions A System institution may terminate the status of the institution as a System institution if—
(1)the institution provides written notice to the Farm Credit Administration Board not later than 90 days prior to the proposed termination date;
(2)the termination is approved by the Farm Credit Administration Board;
(3)the appropriate Federal or State authority grants approval to charter the institution as a bank, savings and loan association, or other financial institution;
(4)the institution pays to the Farm Credit Insurance Fund the amount by which the total capital of the institution exceeds 6 percent of the assets;
(5)the institution pays or makes adequate provision for payment of all outstanding debt obligations of the institution;
(6)the termination is approved by a majority of the stockholders of the institution voting, in person or by written proxy, at a duly authorized stockholders’ meeting, held prior to giving notice to the Farm Credit Administration Board; and
(7)the institution meets such other conditions as the Farm Credit Administration Board by regulation considers appropriate.
(b)Effect On termination of its status as a System institution—
(1)the Farm Credit Administration Board shall revoke the charter of the institution; and
(2)the institution shall no longer be an instrumentality of the United States under this chapter.
(Pub. L. 92–181, title VII, § 7.10, as added Pub. L. 100–233, title IV, § 416, Jan. 6, 1988, 101 Stat. 1650; amended Pub. L. 115–334, title V, § 5411(41), Dec. 20, 2018, 132 Stat. 4683.)
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- Public Law 115–334To provide for the reform and continuation of agricultural and other programs of the Department of Agriculture through fiscal year 2023, 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 VII, § 7
- Pub. L. 100–233, title IV, § 416
- 101 Stat. 1650
- 132 Stat. 4683
- section 2278b–5 of this title
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§ 2279d
Termination of System institution status
Bills×5
Stat. Comp.×2
Stat.×2
Pub. L.×1
Fed. Reg.×1
Pub. L.Pub. L. 92–181, title VII, § 7
Pub. L.Pub. L. 100–233, title IV, § 416
Stat.101 Stat. 1650
Stat.132 Stat. 4683
Citesection 2278b–5 of this title
Cites 6Cited by 11 across 5 sources