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12 U.S.C. § 2128 — Retirement of stock
Federal law — U.S. Code and appendices · legal_authorities
Nonvoting investment stock and participation certificates may be called for retirement at par. With the approval of the issuing bank, the holder may elect not to have the called stock or participation certificates retired in response to a call, reserving the right to have such stock or participation certificates included in the next call for retirement. Voting stock may also be retired at par, on call or on such revolving basis as the board may determine with due regard for its total capital needs: Provided, however, That all equities in the banks issued or allocated with respect to 1971 and prior years shall be retired on a revolving basis according to the year of issue with the oldest outstanding equities being first retired. Equities issued for subsequent years shall not be called or retired until equities described in the preceding sentence of this proviso have been retired.
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Stable record: federal_law:legal_authorities:record_usc_c3b0e47f5573bead711b43b9
Source file: Laws/federal/codes/united-states-code/title-12/section-2128-retirement-of-stock--43f8c526dd.md
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Source location: Title 12, Chapter 23, § 2128; chapter-023-farm-credit-system.md
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Nonvoting investment stock and participation certificates may be called for retirement at par. With the approval of the issuing bank, the holder may elect not to have the called stock or participation certificates retired in response to a call, reserving the right to have such stock or participation certificates included in the next call for retirement. Voting stock may also be retired at par, on call or on such revolving basis as the board may determine with due regard for its total capital needs: Provided, however, That all equities in the banks issued or allocated with respect to 1971 and prior years shall be retired on a revolving basis according to the year of issue with the oldest outstanding equities being first retired. Equities issued for subsequent years shall not be called or retired until equities described in the preceding sentence of this proviso have been retired.
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, Pub. L. 92–181, title VIII, § 8.38, as added Pub. L. 104–105, title I, § 117, Feb. 10, 1996, 110 Stat. 168, related to recapitalization of Corporation.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2001
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** Any association of farmers, producers or harvesters of aquatic products, or any federation of such associations, which is operated on a cooperative basis, and has the powers for processing, preparing for market, handling, or marketing farm or aquatic products; or for purchasing, testing, grading, processing, distributing, or furnishing farm or aquatic supplies or furnishing farm or aquatic business services or services to eligible cooperatives and conforms to either of the two following requirements:
(1) no member of the association is allowed more than one vote because of the amount of stock or membership capital he may own therein; or
(2) does not pay dividends on stock or membership capital in excess of such per centum per annum as may be approved under regulations of the Farm Credit Administration; and in any case
(3) does not deal in farm products or aquatic products, or products processed therefrom, farm or aquatic supplies, farm or aquatic business services, or services to eligible cooperatives with or for nonmembers in an amount greater in value than the total amount of such business transacted by it with or for members, excluding from the total of member and nonmember business transactions with the United States or any agency or instrumentality thereof or services or supplies furnished as a public utility; and
(4) a percentage of the voting control of the association not less than 80 per centum (60 per centum (A) in the case of rural electric, telephone, public utility, and service cooperatives; (B) in the case of local farm supply cooperatives that have historically served needs of the community that would not adequately be served by other suppliers and have experienced a reduction in the percentage of farmer membership due to changed circumstances
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2131
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Federal law — U.S. Code and appendices · legal_authorities
Page 1315
TITLE 12—BANKS AND BANKING
§ 2128
1980—Pub. L. 96–592 inserted provisions respecting ap-
plicability to participation certificates and struck out
provisions relating to maximum amount of fair book
value at retirement.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 1985 AMENDMENT
Amendment by Pub. L. 99–205 effective thirty days
after Dec. 23, 1985, see section 401 of Pub. L. 99–205, set
out as a note under section 2001 of this title.
§ 2127. Guaranty fund subscriptions in lieu of
stock
If any cooperative association is not author-
ized under the laws of the State in which it is
organized to take and hold stock in a bank for
cooperatives, the bank shall, in lieu of any re-
quirement for stock purchase, require the asso-
ciation to pay into or have on deposit in a guar-
anty fund, or the bank may retain out of the
amount of the loan and credit to the guaranty
fund account of the borrower, a sum equal to the
amount of stock which the association would
otherwise be required to own. Each reference to
stock of the banks for cooperatives in this chap-
ter shall include such guaranty fund equiva-
lents. The holder of the guaranty fund equiva-
lent and the bank shall each be entitled to the
same rights and obligations with respect thereto
as the rights and obligations associated with the
class or classes of stock involved.
(Pub. L. 92–181, title III, § 3.6, Dec. 10, 1971, 85
Stat. 604.)
§ 2128. Loans, commitments, and technical and fi-
nancial assistance
(a) Authorities
The banks for cooperatives are authorized to
make loans and commitments to eligible cooper-
ative associations and to extend to them other
technical and financial assistance at any time
(whether or not they have a loan from the bank
outstanding), including but not
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 2128
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