Collapse to view only § 2279a-5. Transferred
- § 2279a. Power to merge
- § 2279a-1. Board of directors
- § 2279a-2. Powers of merged banks
- § 2279a-3. Capitalization
- § 2279a-4. Repealed.
- § 2279a-5. Transferred
§ 2279a. Power to merge
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—
(1) the Farm Credit Administration Board;
(2) the respective boards of directors of the banks involved;
(3) 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
(4) 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.
(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.)
§ 2279a–1. Board of directors
Each merged bank shall elect a board of directors of such number, for such term, in such manner, and with such qualifications, as may be required in its bylaws, except that at least one member shall be elected by the other directors, which member shall not be a director, officer, employee, or stockholder of a System institution.
(Pub. L. 92–181, title VII, § 7.1, as added Pub. L. 100–233, title IV, § 416, Jan. 6, 1988, 101 Stat. 1645; amended Pub. L. 100–399, title IV, § 408(c), Aug. 17, 1988, 102 Stat. 1001.)
§ 2279a–2. Powers of merged banks
(a) In general
(b) Regulations
(Pub. L. 92–181, title VII, § 7.2, as added Pub. L. 100–233, title IV, § 416, Jan. 6, 1988, 101 Stat. 1645.)
§ 2279a–3. Capitalization
In accordance with section 2154a of this title, each merged bank shall provide, through bylaws and subject to Farm Credit Administration regulations, for the capitalization of the bank and the manner in which bank stock shall be issued, held, transferred, and retired and bank earnings distributed.
(Pub. L. 92–181, title VII, § 7.3, as added Pub. L. 100–399, title IV, § 408(d), Aug. 17, 1988, 102 Stat. 1001.)
§ 2279a–4. Repealed. Pub. L. 100–399, title IV, § 408(d), Aug. 17, 1988, 102 Stat. 1001
§ 2279a–5. Transferred