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12 U.S.C. § 2279f — Termination of System institution status
Federal law — U.S. Code and appendices · legal_authorities
**(a) Conditions** A System institution may terminate the status of the institution as a System institution if—
(1) the institution provides written notice to the Farm Credit Administration Board not later than 90 days prior to the proposed termination date;
(2) the termination is approved by the Farm Credit Administration Board;
(3) the appropriate Federal or State authority grants approval to charter the institution as a bank, savings and loan association, or other financial institution;
(4) the institution pays to the Farm Credit Insurance Fund the amount by which the total capital of the institution exceeds 6 percent of the assets;
(5) the institution pays or makes adequate provision for payment of all outstanding debt obligations of the institution;
(6) the termination is approved by a majority of the stockholders of the institution voting, in person or by written proxy, at a duly authorized stockholders’ meeting, held prior to giving notice to the Farm Credit Administration Board; and
(7) the institution meets such other conditions as the Farm Credit Administration Board by regulation considers appropriate.
**(b) Effect** On termination of its status as a System institution—
(1) the Farm Credit Administration Board shall revoke the charter of the institution; and
(2) the institution shall no longer be an instrumentality of the United States under this chapter.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2279f
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Stable record: federal_law:legal_authorities:record_usc_a0590501a1dc05ccc509a9e9
Source file: Laws/federal/codes/united-states-code/title-12/section-2279f-termination-of-system-institution-status--4ee0b23c38.md
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Passage SHA-256: 91d6719b4bb4af537a9c83160ec424d6b618ca6a60a18a24097a5ce1f463e3a1
Source location: Title 12, Chapter 23, § 2279f; chapter-023-farm-credit-system.md
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**(a) Conditions** A System institution may terminate the status of the institution as a System institution if—
(1) the institution provides written notice to the Farm Credit Administration Board not later than 90 days prior to the proposed termination date;
(2) the termination is approved by the Farm Credit Administration Board;
(3) the appropriate Federal or State authority grants approval to charter the institution as a bank, savings and loan association, or other financial institution;
(4) the institution pays to the Farm Credit Insurance Fund the amount by which the total capital of the institution exceeds 6 percent of the assets;
(5) the institution pays or makes adequate provision for payment of all outstanding debt obligations of the institution;
(6) the termination is approved by a majority of the stockholders of the institution voting, in person or by written proxy, at a duly authorized stockholders’ meeting, held prior to giving notice to the Farm Credit Administration Board; and
(7) the institution meets such other conditions as the Farm Credit Administration Board by regulation considers appropriate.
**(b) Effect** On termination of its status as a System institution—
(1) the Farm Credit Administration Board shall revoke the charter of the institution; and
(2) the institution shall no longer be an instrumentality of the United States under this chapter.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Establishment** The banks established pursuant to the merger of each District Federal Intermediate Credit Bank and Federal Land Bank (hereinafter referred to in this subchapter as “Farm Credit Banks”), as provided in section 410 of the Agricultural Credit Act of 1987, shall be Federally chartered instrumentalities of the United States.
**(b) Charters** The Farm Credit Administration shall, consistent with this chapter, issue charters for, and approve amendments to charters of, the Farm Credit Banks.
**(c) Title** Each Farm Credit Bank may include in its title the name of the city in which it is located or other geographical designation.
**(d) Branches** Each Farm Credit Bank may establish such branches or other offices as may be appropriate for the effective operation of its business.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2013
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Period** A stockholder vote in favor of—
(1) the merger of districts under this chapter;
(2) the merger of banks within a district under [section 2279a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2279a&num=0&edition=prelim);
(3) the transfer of the lending authority of a Federal land bank or a merged bank having a Federal land bank as one of its constituents, under [section 2279b of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2279b&num=0&edition=prelim);
(4) the merger of two or more associations under section 2279c–1 or 2279f–1 of this title;
(5) the termination of the status of an institution as a System institution under [section 2279d of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2279d&num=0&edition=prelim); or
(6) the merger of similar banks under [section 2279f of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2279f&num=0&edition=prelim);
shall not take effect except in accordance with subsection (b).
**(b) Reconsideration**
(1) **Notice** — Not later than 30 days after a stockholder vote in favor of any of the actions described in subsection (a), the officer or employee that records such vote shall ensure that all stockholders of the voting entity receive notice of the final results of the vote.
(2) **Effective date** — A voluntary merger, transfer, or termination that is approved by a vote of the stockholders of two or more banks or associations shall not take effect until the expiration of 30 days after the date on which the stockholders of such banks or associations are notified of the final result of the vote in accordance with paragraph (1).
(3) **Petition filed** — If
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2279e
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Federal law — U.S. Code and appendices · legal_authorities
Page 1412
TITLE 12—BANKS AND BANKING
§ 2279e
institution pays to the Farm Credit Assistance Fund,
as created under section 2278b–5 of this title, if the ter-
mination is prior to January 1, 1992, or pays to the
Farm Credit Insurance Fund, if the termination is after
such date, the amount by which the total capital of the
institution exceeds, 6 percent of the assets;’’.
PART
C—APPROVAL
OF
DISCLOSURE
INFORMA-
TION
AND
ISSUANCE
OF
CHARTERS
BY
THE
FARM CREDIT ADMINISTRATION BOARD
§ 2279e. Approval of disclosure information and
issuance of charters
(a) Disclosure of information
(1) Approval of plan
With respect to any plan of merger, transfer
of lending authority, dissolution, or termi-
nation, prior to submission to the voters (vot-
ing stockholders and, where required, contrib-
utors to guaranty funds) of the institutions in-
volved, such plan shall be submitted to the
Farm Credit Administration Board, together
with all information that is to be distributed
to the voters with respect to the contemplated
action, including an enumerated statement of
the anticipated benefits and potential dis-
advantages of such action.
(2) Notice of approval
On notification that the Farm Credit Ad-
ministration Board has approved such plan for
submission to the stockholders, or after 60
days of no action on the plan by the Board, the
submitting institutions may submit the plan,
together with the disclosure information, to
the voters for the prescribed vote.
(b) Notice of reasons for disapproval
If the Farm Credit Administration Board dis-
approves the plan for submission to the stock-
holders, notification to the submitting institu-
tions shall specify the reasons for the deter-
mination by the Board. If such plan is deter-
mined to be inadequate, it shall not be su
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 2279f
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