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12 U.S.C. § 2149a — Transactions to accomplish merger
Federal law — U.S. Code and appendices · legal_authorities
The receipt of assets or assumption of liabilities by the consolidated bank, the exchange of stock, equities, or other ownership interests, and any other transaction carried out in accomplishing the merger of the banks for cooperatives shall not be treated as a taxable event under the laws of the United States or of any State or political subdivision thereof. The preceding sentence shall also apply to the receipt of assets and liabilities by a cooperative to the extent that the net amount of the distribution is immediately reinvested in stock of a consolidated bank (and in such case the basis of such stock shall be appropriately reduced by the amount of gain not recognized by reason of this sentence).
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Stable record: federal_law:legal_authorities:record_usc_8f10970f43cc81a495b5e1c3
Source file: Laws/federal/codes/united-states-code/title-12/section-2149a-transactions-to-accomplish-merger--c0c02ad7e3.md
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Source location: Title 12, Chapter 23, § 2149a; chapter-023-farm-credit-system.md
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The receipt of assets or assumption of liabilities by the consolidated bank, the exchange of stock, equities, or other ownership interests, and any other transaction carried out in accomplishing the merger of the banks for cooperatives shall not be treated as a taxable event under the laws of the United States or of any State or political subdivision thereof. The preceding sentence shall also apply to the receipt of assets and liabilities by a cooperative to the extent that the net amount of the distribution is immediately reinvested in stock of a consolidated bank (and in such case the basis of such stock shall be appropriately reduced by the amount of gain not recognized by reason of this sentence).
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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
### Statutory Notes
#### Codification
Section, Pub. L. 92–181, title VII, § 7.5, as added Pub. L. 100–233, title IV, § 416, Jan. 6, 1988, 101 Stat. 1646, which required reports by merged banks for cooperatives, was renumbered section 3.29 of title III of Pub. L. 92–181 by Pub. L. 100–399, title IV, § 408(e), Aug. 17, 1988, 102 Stat. 1001, and was classified to [section 2149a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2149a&num=0&edition=prelim), prior to repeal by Pub. L. 115–334, title V, § 5411(16), Dec. 20, 2018, 132 Stat. 4680.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2279c
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Federal law — U.S. Code and appendices · legal_authorities
Page 1323
TITLE 12—BANKS AND BANKING
§ 2153
described in section 413(b) of the Agricultural
Credit Act of 1987 (12 U.S.C. 2121 note; Public
Law 100–233) with respect to such loans or bor-
rowers.
(Pub. L. 92–181, title III, § 3.28, as added Pub. L.
100–233, title IV, § 415(2), Jan. 6, 1988, 101 Stat.
1644; amended Pub. L. 115–334, title V, § 5411(15),
Dec. 20, 2018, 132 Stat. 4680.)
Editorial Notes
AMENDMENTS
2018—Pub. L. 115–334 substituted ‘‘the constituent
banks described in section 413(b) of the Agricultural
Credit Act of 1987 (12 U.S.C. 2121 note; Public Law
100–233)’’ for ‘‘a district bank for cooperatives and the
Central Bank for Cooperatives’’.
§ 2149a. Repealed. Pub. L. 115–334, title V,
§ 5411(16), Dec. 20, 2018, 132 Stat. 4680
Section, Pub. L. 92–181, title III, § 3.29, formerly title
VII, § 7.5, as added Pub. L. 100–233, title IV, § 416, Jan. 6,
1988, 101 Stat. 1646; renumbered § 3.29, Pub. L. 100–399,
title IV, § 408(e), Aug. 17, 1988, 102 Stat. 1001, related to
reports by merged banks for cooperatives.
Section was classified to section 2279a–5 of this title
prior to renumbering by Pub. L. 100–399.
SUBCHAPTER
IV—PROVISIONS
APPLICA-
BLE TO TWO OR MORE CLASSES OF IN-
STITUTIONS OF THE SYSTEM
PART A—FUNDING
§ 2151.
Repealed.
Pub.
L.
115–334,
title
V,
§ 5411(17), Dec. 20, 2018, 132 Stat. 4680
Section, Pub. L. 92–181, title IV, § 4.0, Dec. 10, 1971, 85
Stat. 609; Pub. L. 99–205, title I, § 101(1), Dec. 23, 1985, 99
Stat. 1678; Pub. L. 100–233, title II, § 202, Jan. 6, 1988, 101
Stat. 1605; Pub. L. 100–399, title II, § 202, Aug. 17, 1988,
102 Stat. 992, related to the revolving fund in effect im-
mediately before Jan. 6, 1988.
§ 2152.
Repealed.
Pub.
L.
100–233,
title
II,
§ 207(a)(1), Jan. 6, 1988, 101 Stat. 1607
Section,
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 2149a
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