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12 U.S.C. § 2202d — Effect of restructuring on borrower stock
Federal law — U.S. Code and appendices · legal_authorities
**(a) Farm Credit Bank** If a Farm Credit Bank forgives and writes off, under [section 2202a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2202a&num=0&edition=prelim), any of the principal outstanding on a loan made to any borrower, the Federal land bank association of which the borrower is a member and stockholder shall cancel the same dollar amount of borrower stock held by the borrower in respect of the loan, up to the total amount of such stock, and, to the extent provided for in the bylaws of the bank relating to its capitalization, the bank shall retire an equal amount of stock owned by the Federal land bank association.
**(b) Production credit association** If a production credit association forgives and writes off, under [section 2202a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2202a&num=0&edition=prelim), any of the principal outstanding on a loan made to any borrower, the association shall cancel the same dollar amount of borrower stock held by the borrower in respect of the loan, up to the total amount of such stock.
**(c) Retention of stock** Notwithstanding subsections (a) and (b), the borrower shall be entitled to retain at least one share of stock to maintain the borrower’s membership and voting interest in the association.
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Source file: Laws/federal/codes/united-states-code/title-12/section-2202d-effect-of-restructuring-on-borrower-stock--1866217900.md
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Source location: Title 12, Chapter 23, § 2202d; chapter-023-farm-credit-system.md
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**(a) Farm Credit Bank** If a Farm Credit Bank forgives and writes off, under [section 2202a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2202a&num=0&edition=prelim), any of the principal outstanding on a loan made to any borrower, the Federal land bank association of which the borrower is a member and stockholder shall cancel the same dollar amount of borrower stock held by the borrower in respect of the loan, up to the total amount of such stock, and, to the extent provided for in the bylaws of the bank relating to its capitalization, the bank shall retire an equal amount of stock owned by the Federal land bank association.
**(b) Production credit association** If a production credit association forgives and writes off, under [section 2202a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2202a&num=0&edition=prelim), any of the principal outstanding on a loan made to any borrower, the association shall cancel the same dollar amount of borrower stock held by the borrower in respect of the loan, up to the total amount of such stock.
**(c) Retention of stock** Notwithstanding subsections (a) and (b), the borrower shall be entitled to retain at least one share of stock to maintain the borrower’s membership and voting interest in the association.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Voluntary liquidation** The Corporation may voluntarily liquidate only with the consent of, and in accordance with a plan of liquidation approved by, the Farm Credit Administration Board.
**(b) Involuntary liquidation**
(1) **In general** — The Farm Credit Administration Board may appoint a conservator or receiver for the Corporation under the circumstances specified in [section 2183(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2183/b&num=0&edition=prelim).
(2) **Application** — In applying [section 2183(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2183/b&num=0&edition=prelim) to the Corporation under paragraph (1)—
(A) the Corporation shall also be considered insolvent if the Corporation is unable to pay its debts as they fall due in the ordinary course of business;
(B) a conservator may also be appointed for the Corporation if the authority of the Corporation to purchase qualified loans or issue or guarantee loan-backed securities is suspended; and
(C) a receiver may also be appointed for the Corporation if—
(i)
(I) the authority of the Corporation to purchase qualified loans or issue or guarantee loan-backed securities is suspended; or
(II) the Corporation is classified under [section 2279bb–4 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2279bb-4&num=0&edition=prelim) as within level III or IV and the alternative actions available under part B are not satisfactory; and
(ii) the Farm Credit Administration determines that the appointment of a conservator would not be appropriate.
(3) **No effect on supervisory actions** — The grounds for appointment of a conservator for the Corporation
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2002
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Loan applications** Each qualified lender to which a person has applied for a loan shall provide the person with prompt written notice of—
(1) the action on the application;
(2) if the loan applied for is reduced or denied, the reasons for such action; and
(3) the applicant’s right to review under [section 2202 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2202&num=0&edition=prelim).
**(b) Distressed loans** Each qualified lender that has a distressed loan outstanding that is subject to restructuring requirements under this chapter shall provide, in accordance with regulations prescribed by the Farm Credit Administration, the borrower with prompt written notice of—
(1) any action taken with respect to restructuring the loan under [section 2202a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2202a&num=0&edition=prelim);
(2) if restructuring is denied, the reasons for such action; and
(3) the borrower’s right to review under [section 2202 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2202&num=0&edition=prelim).
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2202a
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Federal law — U.S. Code and appendices · legal_authorities
Page 1338
TITLE 12—BANKS AND BANKING
§ 2202b
credit’’ after ‘‘request of any’’. Former subsec. (k) re-
designated (j).
1996—Subsec. (a)(5). Pub. L. 104–105 designated exist-
ing provisions as subpar. (A), inserted subpar. heading,
substituted ‘‘Subject to subparagraph (B), the term’’
for ‘‘The term’’, and added subpar. (B).
1988—Subsec. (a). Pub. L. 100–399, § 102(a), struck out
‘‘(other than in sections 2205 and 2206 of this title)’’
after ‘‘in this part’’.
Subsec. (a)(6)(B). Pub. L. 100–399, § 102(b), substituted
‘‘section 2015(b)(1)(B) of this title’’ for ‘‘section
2074(a)(2) of this title’’ and ‘‘section 2015(b)(1) of this
title’’ for ‘‘section 2074(a) of this title’’.
Subsec. (e)(1). Pub. L. 100–399, § 102(c), substituted
‘‘cost to such qualified’’ for ‘‘cost to a qualified’’.
Subsec. (g)(1). Pub. L. 100–399, § 102(d), substituted
‘‘bank’’ for ‘‘farm credit district’’.
Subsec. (g)(3). Pub. L. 100–399, § 102(e), substituted
‘‘bank board’’ for ‘‘district board’’.
Subsec. (l). Pub. L. 100–399, § 102(f), substituted ‘‘Farm
Credit Bank’’ for ‘‘Federal intermediate credit bank’’.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 1988 AMENDMENT
Amendment by section 102(b), (f) of Pub. L. 100–399 ef-
fective immediately after amendment made by section
401 of Pub. L. 100–233, which was effective 6 months
after Jan. 6, 1988, and amendment by section 102(a),
(c)–(e) of Pub. L. 100–399 effective as if enacted imme-
diately after enactment of Pub. L. 100–233, which was
approved Jan. 6, 1988, see section 1001 of Pub. L. 100–399,
set out as a note under section 2002 of this title.
SENSE OF CONGRESS
Pub. L. 100–233, title I, § 102(b), Jan. 6, 1988, 101 Stat.
1579, provided that: ‘‘It is the sense of Congress that the
banks and associations (e
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 2202d
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