12 U.S.C. § 2279a — Power to merge
submitted 38 years ago by Pub. L. 92-181 to r/title-12-BANKS-AND-BANKING · 129 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
The banks within a district may merge into a single entity (hereinafter in this subchapter referred to as a “merged bank”) if the plan of merger is approved by—
the Farm Credit* Administration Board;
the respective boards of directors of the banks involved;
a majority of the stockholders of each bank voting, in person* or by proxy, at a duly authorized stockholders’ meeting with each association entitled to cast a number of votes equal to the number of its voting stockholders; and
in the case of a bank for cooperatives, a majority of the total equity interests in such merging bank for cooperatives (including allocated, but not unallocated, surplus and reserves) held by those stockholders or subscribers to the guaranty fund of the bank voting.
Source credit: (Pub. L. 92–181, title VII, § 7.0, as added Pub. L. 100–233, title IV, § 416, Jan. 6, 1988, 101 Stat. 1645; amended Pub. L. 100–399, title IV, § 408(b), Aug. 17, 1988, 102 Stat. 1001.)
- 1988Enacted · Pub. L. 92-181 · 101 Stat. 1645
- 1988Amended · Pub. L. 100-399 · 102 Stat. 1001
A history note hasn’t been published yet. The record shows enactment by Pub. L. 92-181 on 1988-01-06.
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