12 U.S.C. § 2279d — Termination of System institution status

the institution provides written notice to the Farm Credit^* Administration Board not later than 90 days prior to the proposed termination date;

the termination is approved by the Farm Credit Administration Board;

the appropriate Federal or State^* authority grants approval to charter the institution as a bank, savings and loan association, or other financial institution;

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;

the institution pays or makes adequate provision for payment of all outstanding debt obligations of the institution;

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

the institution meets such other conditions as the Farm Credit Administration Board by regulation considers appropriate.

the Farm Credit Administration Board shall revoke the charter of the institution; and

the institution shall no longer be an instrumentality of the United States under this chapter.