12-U.S.C.-2133
§2133 – Distribution of Assets On Liquidation Or Dissolution
Pathway
Title 12 > Chapter 23 > Subchapter III > Part A > Section 2133
Details
- Reference: Section 2133
- Legend: §2133 – Distribution of Assets On Liquidation Or Dissolution
- USCode Year: 2013
Provision Content
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.)
Amendments
1988—Pub. L. 100–233 inserted the before Farm Credit Administration.
1985—Pub. L. 99–205 struck out , any stock held by the Governor of the Farm Credit Administration at par before , and all nonvoting stock at par, and struck out stock held by the Governor of the Farm Credit Administration, before and voting stock pro rata in first sentence.
Effective Date of 1985 Amendment
Amendment by Pub. L. 99–205 effective thirty days after Dec. 23, 1985, see section 401 of Pub. L. 99–205, set out as a note under section 2001 of this title.
U.S. Encyclopedia of Law Coverage
12-U.S.C.-2095 in the Legal Encyclopedia: Banking Law
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12-U.S.C.-2122 in the Legal Encyclopedia: Farm Credit System
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Subchapter III – Banks For Cooperatives in the Legal Encyclopedia: Credit Institutions
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