12-U.S.C.-2279D
§2279D – Termination of System Institution Status
Pathway
Title 12 > Chapter 23 > Subchapter VII > Part B > Subpart 4 > Section 2279d
Details
- Reference: Section 2279d
- Legend: §2279D – Termination of System Institution Status
- USCode Year: 2013
Provision Content
(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 Assistance Fund, as created under section 2278b–5 of this title, if the termination is prior to January 1, 1992, or pays to the Farm Credit Insurance Fund, if the termination is after such date, 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.)
U.S. Encyclopedia of Law Coverage
12-U.S.C.-2278B-7 in the Legal Encyclopedia: Banking Law
In this entry about 12-U.S.C.-2278B-7, find legal reference material, bibliographies and premiere content related to banking law in the American Encyclopedia of Law, presenting a comprehensive view of the United States banking law-specific issues, written by authorities in the field.
12-U.S.C.-2279A-2 in the Legal Encyclopedia: Farm Credit System
In this entry about 12-U.S.C.-2279A-2, find legal reference material, bibliographies and premiere content related to farm credit system in the American Encyclopedia of Law, presenting a comprehensive view of the United States farm credit system-specific issues, written by authorities in the field.
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