12 U.S.C. § 2145 — Exchange of ownership interests

Page 1322 TITLE 12—BANKS AND BANKING § 2144 may consider the creation of regional service centers to accommodate such loan concentra- tions. (Pub. L. 92–181, title III, § 3.22, as added Pub. L. 100–233, title IV, § 415(2), Jan. 6, 1988, 101 Stat. 1643; amended Pub. L. 100–399, title IV, § 407(e), Aug. 17, 1988, 102 Stat. 1000.) Editorial Notes REFERENCES IN TEXT Section 413 of the Agricultural Credit Act of 1987, re- ferred to in text, is section 413 of Pub. L. 100–233, which is set out as a note under section 2121 of this title. AMENDMENTS 1988—Pub. L. 100–399 substituted ‘‘consolidated bank’’ for ‘‘United Bank for Cooperatives or the National Bank for Cooperatives’’ and ‘‘establishment of the bank under section 413 of the Agricultural Credit Act of 1987’’ for ‘‘merger’’. 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. § 2144. Consolidation of functions Subject to section 2143 of this title, to the greatest extent practicable, the functions of the consolidated bank shall be consolidated in the central office of the bank. (Pub. L. 92–181, title III, § 3.23, as added Pub. L. 100–233, title IV, § 415(2), Jan. 6, 1988, 101 Stat. 1644.) § 2145. Exchange of ownership interests On the establishment of the consolidated bank, ownership interests of the stockholders and subscribers to the guaranty funds of the constituent district banks for cooperatives (in- cluding stock, participation certificates, and al- located equities) shall be exchanged for like ownership interests in the consolidated bank on a book value basis. (Pub. L. 92–181, title III, § 3.24, as added Pub. L. 100–233, title IV, § 415(2), Jan. 6, 1988, 101 Stat. 1644.) § 2146. Capitalization In accordance with section 2154a of this title, each consolidated bank shall provide, through bylaws and subject to Farm Credit Administra- tion regulations, for the capitalization of the bank and the manner in which bank stock shall be issued, held, transferred, and retired and bank earnings distributed. (Pub. L. 92–181, title III, § 3.25, as added Pub. L. 100–233, title IV, § 415(2), Jan. 6, 1988, 101 Stat. 1644; amended Pub. L. 100–399, title IV, § 407(f), Aug. 17, 1988, 102 Stat. 1000.) Editorial Notes AMENDMENTS 1988—Pub. L. 100–399 amended section generally. Prior to amendment, section read as follows: ‘‘The board of directors of the consolidated bank shall provide for the capitalization of such bank in accordance with the pro- visions of section 2154a of this title.’’ 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. § 2147. Patronage pools Under such terms and conditions as may be de- termined by its board of directors, the consoli- dated bank may— (1) for a period of at least 3 years following January 6, 1988, establish separate patronage pools consisting of loans to eligible borrowers located in each constituent farm credit dis- trict (as such district existed on January 6, 1988); and (2) allocate revenues, expenses, and net sav- ings among such pools on an equitable basis. (Pub. L. 92–181, title III, § 3.26, as added Pub. L. 100–233, title IV, § 415(2), Jan. 6, 1988, 101 Stat. 1644.) § 2148. Transactions to accomplish merger The receipt of assets or assumption of liabil- ities by the consolidated bank, the exchange of stock, equities, or other ownership interests, and any other transaction carried out in accom- plishing the merger of the banks for coopera- tives shall not be treated as a taxable event under the laws of the United States or of any State or political subdivision thereof. The pre- ceding sentence shall also apply to the receipt of assets and liabilities by a cooperative to the ex- tent that the net amount of the distribution is immediately reinvested in stock of a consoli- dated 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). (Pub. L. 92–181, title III, § 3.27, as added Pub. L. 100–233, title IV, § 415(2), Jan. 6, 1988, 101 Stat. 1644; amended Pub. L. 100–399, title IV, § 407(g), Aug. 17, 1988, 102 Stat. 1001.) Editorial Notes AMENDMENTS 1988—Pub. L. 100–399 substituted ‘‘cooperative’’ for ‘‘taxable institution’’. 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. § 2149. Lending limits The Farm Credit Administration may not es- tablish lending limits for the consolidated bank with respect to any loans or borrowers that are more restrictive than the combined lending lim- its that were previously established by the Farm Credit Administration for the constituent banks