12 U.S.C. § 2279e — Approval of disclosure information and issuance of charters
submitted 38 years ago by Pub. L. 92-181 to r/title-12-BANKS-AND-BANKING · 252 words · no verdicts yet
Before voters consider a merger, lending-authority transfer, dissolution, or termination, the institutions must submit the plan and disclosure information to the Farm Credit Administration Board. An approved or unaddressed plan may go to voters, and an approved plan may include a compatible Federal charter.
(a)(1) Before submitting a merger, lending-authority transfer, dissolution, or termination plan to voting stockholders or, when required, guaranty-fund contributors, the institutions must submit it to the Farm Credit* Administration Board with all information to be distributed, including a numbered statement of expected benefits and possible disadvantages. (2) After Board approval for submission, or after 60 days without Board action, the institutions may submit the plan and disclosures for the required vote. (b) If the Board disapproves submission, its notice must state* its reasons. An inadequate plan may not be submitted to voters. (c) A merger or transfer plan may include a proposed new or revised Federal charter. On approving the plan, the Board must issue that charter as this subchapter provides unless it is inconsistent with this chapter.
With respect to any plan of merger, transfer of lending authority, dissolution, or termination, prior to submission to the voters (voting stockholders and, where required, contributors to guaranty funds) of the institutions involved, such plan shall be submitted to the Farm Credit* Administration Board, together with all information that is to be distributed to the voters with respect to the contemplated action, including an enumerated statement of the anticipated benefits and potential disadvantages of such action.
On notification that the Farm Credit Administration Board has approved such plan for submission to the stockholders, or after 60 days of no action on the plan by the Board, the submitting institutions may submit the plan, together with the disclosure information, to the voters for the prescribed vote.
If the Farm Credit Administration Board disapproves the plan for submission to the stockholders, notification to the submitting institutions shall specify the reasons for the determination by the Board. If such plan is determined to be inadequate, it shall not be submitted to the voters for a vote.
Each plan of merger or transfer of lending authority may include a proposed new or revised Federal charter for the merged or transferee entity. The Farm Credit Administration Board shall issue such charter on the approval of the plan, as prescribed in this subchapter, unless the Board determines that the charter submitted is not consistent with this chapter.
Source credit: (Pub. L. 92–181, title VII, § 7.11, as added Pub. L. 100–233, title IV, § 416, Jan. 6, 1988, 101 Stat. 1651; amended Pub. L. 100–399, title IV, § 408(p), Aug. 17, 1988, 102 Stat. 1002; Pub. L. 102–237, title V, § 502(n), Dec. 13, 1991, 105 Stat. 1870.)
- 1988Enacted · Pub. L. 92-181 · 101 Stat. 1651
- 1988Amended · Pub. L. 100-399 · 102 Stat. 1002
- 1991Amended · Pub. L. 102-237 · 105 Stat. 1870
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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