§ 2279f–1 - Merger of similar associations

CHAPTER 23— FARM CREDIT SYSTEM › SUBCHAPTER VII— RESTRUCTURING OF SYSTEM INSTITUTIONS

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

(a)(1) the Farm Credit Administration Board;

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

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

(a)(4) the Farm Credit Banks involved.

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

Notes

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 Amendment

Amendment 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.