12 U.S.C. § 2279f–1: Merger of similar…

Summary

Similar associations may merge if four approvals are obtained: the Farm Credit Administration Board; each association’s board; a majority of each association’s stockholders voting in person or by proxy at an authorized meeting; and the Farm Credit Banks. These mergers must follow subsections (b) and (c) of section 2279c–1.

Title 12, §2279f–1

Banks and Banking, Source: USLM XML via OLRC

(a)In general

Associations may voluntarily merge with other like associations if the plan of merger is approved by—

(1)the Farm Credit Administration Board;

(2)the respective Boards of Directors of the associations involved;

(3)a majority vote of the stockholders of each association voting, in person or by proxy, at a duly authorized stockholders’ meeting; and

(4)the Farm Credit Banks involved.

(b)Procedures

The provisions of subsections (b) and (c) of section 2279c–1 of this title shall apply to associations merged under this section.

Notes & Related Subsidiaries

Editorial Notes

Amendments

1988—Subsec. (a)(4). Pub. L. 100–399, § 408(s), substituted “the Farm Credit Banks involved” for “the Farm Credit Bank”. Subsec. (b). Pub. L. 100–399, § 408(t), substituted “subsections (b) and (c)” for “subsections (b), (c), and (d)”.

Statutory Notes and Related Subsidiaries

Effective Date

of 1988 AmendmentAmendment by Pub. L. 100–399 effective as if enacted immediately after enactment of Pub. L. 100–233, which was approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100–399, set out as a note under section 2002 of this title.

§2279f–1 Merger of Similar Associations