12 U.S.C. § 2279a–2 — Powers of merged banks
submitted 38 years ago by Pub. L. 92-181 to r/title-12-BANKS-AND-BANKING · 80 words · no verdicts yet
A merged bank generally receives the powers and obligations of its constituent entities. Farm Credit Administration regulations govern how they are combined and reconciled.
(a) Except as this subchapter provides otherwise, a merged bank has all powers granted to, and is subject to all obligations imposed on, any constituent entity. (b) The Farm Credit* Administration must issue regulations explaining how the constituent banks’ powers and obligations are consolidated and, when needed, reconciled in the merged bank.
Except as otherwise provided in this subchapter, a merged bank shall have all of the powers granted to, and shall be subject to all of the obligations imposed on, any of the constituent entities of the merged bank.
The Farm Credit* Administration shall issue regulations that establish the manner in which the powers and obligations of the banks that form the merged bank are consolidated, and to the extent necessary, reconciled in the merged bank.
Source credit: (Pub. L. 92–181, title VII, § 7.2, as added Pub. L. 100–233, title IV, § 416, Jan. 6, 1988, 101 Stat. 1645.)
- 1988Enacted · Pub. L. 92-181 · 101 Stat. 1645
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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