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12 U.S.C. § 2279a — Power to merge
Federal law — U.S. Code and appendices · legal_authorities
Page 1407
TITLE 12—BANKS AND BANKING
§ 2279a–1
Section 2278a–11, Pub. L. 92–181, title VI, § 6.11, as
added Pub. L. 100–233, title II, § 201, Jan. 6, 1988, 101
Stat. 1594, exempted the Board from various taxes.
Section 2278a–12, Pub. L. 92–181, title VI, § 6.12, as
added Pub. L. 100–233, title II, § 201, Jan. 6, 1988, 101
Stat. 1594; amended Pub. L. 100–399, title II, § 201(m),
Aug. 17, 1988, 102 Stat. 991, stated that the Assistance
Board and its authority would terminate on Dec. 31,
1992.
Section 2278a–13, Pub. L. 92–181, title VI, § 6.13, as
added Pub. L. 100–233, title II, § 201, Jan. 6, 1988, 101
Stat. 1594; amended Pub. L. 100–399, title II, § 201(n),
Aug. 17, 1988, 102 Stat. 991, set out transitional provi-
sions from the Farm Credit Administration Board to
the Assistance Board.
Sections 2278b to 2278b–11 comprised part B of this
subchapter ‘‘Financial Assistance Corporation’’.
Section 2278b, Pub. L. 92–181, title VI, § 6.20, as added
Pub. L. 100–233, title II, § 201, Jan. 6, 1988, 101 Stat. 1595,
established the Farm Credit System Financial Assist-
ance Corporation.
Section 2278b–1, Pub. L. 92–181, title VI, § 6.21, as
added Pub. L. 100–233, title II, § 201, Jan. 6, 1988, 101
Stat. 1595; amended Pub. L. 102–552, title III, § 307(a),
Oct. 28, 1992, 106 Stat. 4116, provided for the purpose of
the Financial Assistance Corporation.
Section 2278b–2, Pub. L. 92–181, title VI, § 6.22, as
added Pub. L. 100–233, title II, § 201, Jan. 6, 1988, 101
Stat. 1595; amended Pub. L. 100–399, title II, § 201(o),
Aug. 17, 1988, 102 Stat. 991, provided for a Board of Di-
rectors, including its composition and duties.
Section 2278b–3, Pub. L. 92–181, title VI, § 6.23, as
added Pub. L. 100–233, title II, § 201, Jan. 6, 1988, 101
Stat. 1595; amended Pub. L
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Page 1407
TITLE 12—BANKS AND BANKING
§ 2279a–1
Section 2278a–11, Pub. L. 92–181, title VI, § 6.11, as
added Pub. L. 100–233, title II, § 201, Jan. 6, 1988, 101
Stat. 1594, exempted the Board from various taxes.
Section 2278a–12, Pub. L. 92–181, title VI, § 6.12, as
added Pub. L. 100–233, title II, § 201, Jan. 6, 1988, 101
Stat. 1594; amended Pub. L. 100–399, title II, § 201(m),
Aug. 17, 1988, 102 Stat. 991, stated that the Assistance
Board and its authority would terminate on Dec. 31,
1992.
Section 2278a–13, Pub. L. 92–181, title VI, § 6.13, as
added Pub. L. 100–233, title II, § 201, Jan. 6, 1988, 101
Stat. 1594; amended Pub. L. 100–399, title II, § 201(n),
Aug. 17, 1988, 102 Stat. 991, set out transitional provi-
sions from the Farm Credit Administration Board to
the Assistance Board.
Sections 2278b to 2278b–11 comprised part B of this
subchapter ‘‘Financial Assistance Corporation’’.
Section 2278b, Pub. L. 92–181, title VI, § 6.20, as added
Pub. L. 100–233, title II, § 201, Jan. 6, 1988, 101 Stat. 1595,
established the Farm Credit System Financial Assist-
ance Corporation.
Section 2278b–1, Pub. L. 92–181, title VI, § 6.21, as
added Pub. L. 100–233, title II, § 201, Jan. 6, 1988, 101
Stat. 1595; amended Pub. L. 102–552, title III, § 307(a),
Oct. 28, 1992, 106 Stat. 4116, provided for the purpose of
the Financial Assistance Corporation.
Section 2278b–2, Pub. L. 92–181, title VI, § 6.22, as
added Pub. L. 100–233, title II, § 201, Jan. 6, 1988, 101
Stat. 1595; amended Pub. L. 100–399, title II, § 201(o),
Aug. 17, 1988, 102 Stat. 991, provided for a Board of Di-
rectors, including its composition and duties.
Section 2278b–3, Pub. L. 92–181, title VI, § 6.23, as
added Pub. L. 100–233, title II, § 201, Jan. 6, 1988, 101
Stat. 1595; amended Pub. L. 102–237, title V, § 502(m),
Dec. 13, 1991, 105 Stat. 1869, required the Corporation to
issue generally nontransferable stock with a par value
of $5 to System institutions.
Section 2278b–4, Pub. L. 92–181, title VI, § 6.24, as
added Pub. L. 100–233, title II, § 201, Jan. 6, 1988, 101
Stat. 1596; amended Pub. L. 100–399, title II, § 201(a), (b),
Aug. 17, 1988, 102 Stat. 990, granted the Financial As-
sistance Corporation certain corporate powers.
Section 2278b–5, Pub. L. 92–181, title VI, § 6.25, as
added Pub. L. 100–233, title II, § 201, Jan. 6, 1988, 101
Stat. 1597, established the Farm Credit Assistance Fund
and the Financial Assistance Corporation Trust Fund.
Section 2278b–6, Pub. L. 92–181, title VI, § 6.26, as
added Pub. L. 100–233, title II, § 201, Jan. 6, 1988, 101
Stat. 1597; amended Pub. L. 100–399, title II, § 201(p)–(x),
Aug. 17, 1988, 102 Stat. 991, 992; Pub. L. 102–552, title III,
§§ 302–304(a), 305, 306, Oct. 28, 1992, 106 Stat. 4109–4111,
4114, related to debt obligations issued by the Financial
Assistance Corporation.
Section 2278b–7, Pub. L. 92–181, title VI, § 6.27, as
added Pub. L. 100–233, title II, § 201, Jan. 6, 1988, 101
Stat.
1602;
amended
Pub.
L.
100–399,
title
II,
§ 201(y)–(aa), Aug. 17, 1988, 102 Stat. 992, provided for
System institution issuance of preferred stock subject
to such terms and conditions as authorized by the As-
sistance Board.
Section 2278b–8, Pub. L. 92–181, title VI, § 6.28, as
added Pub. L. 100–233, title II, § 201, Jan. 6, 1988, 101
Stat. 1603; amended Pub. L. 100–399, title II, § 201(bb),
Aug. 17, 1988, 102 Stat. 992; Pub. L. 102–552, title III,
§ 304(b), Oct. 28, 1992, 106 Stat. 4114, provided for reim-
bursement to the Financial Assistance Corporation of
certain interest charges.
Section 2278b–9, Pub. L. 92–181, title VI, § 6.29, as
added Pub. L. 100–233, title II, § 201, Jan. 6, 1988, 101
Stat. 1603; amended Pub. L. 100–460, title VI, § 646, Oct.
1, 1988, 102 Stat. 2266, related to one-time stock pur-
chases by System institutions from the Financial As-
sistance Corporation.
Section 2278b–10, Pub. L. 92–181, title VI, § 6.30, as
added Pub. L. 100–233, title II, § 201, Jan. 6, 1988, 101
Stat. 1604, exempted the Financial Assistance Corpora-
tion from various taxes.
Section 2278b–11, Pub. L. 92–181, title VI, § 6.31, as
added Pub. L. 100–233, title II, § 201, Jan. 6, 1988, 101
Stat. 1605; amended Pub. L. 102–552, title III, § 307(b),
Oct. 28, 1992, 106 Stat. 4116, provided for termination of
the Financial Assistance Corporation and transfer of
remaining funds into the Insurance Fund.
SUBCHAPTER VII—RESTRUCTURING OF
SYSTEM INSTITUTIONS
Editorial Notes
CODIFICATION
Pub. L. 100–399, title IV, § 408(a), Aug. 17, 1988, 102
Stat. 1001, substituted ‘‘RESTRUCTURING OF’’ for
‘‘MERGERS OF’’ in subchapter heading.
PART A—MERGER OF BANKS WITHIN A DISTRICT
§ 2279a. Power to merge
The banks within a district may merge into a
single entity (hereinafter in this subchapter re-
ferred to as a ‘‘merged bank’’) if the plan of
merger is approved by—
(1) the Farm Credit Administration Board;
(2) the respective boards of directors of the
banks involved;
(3) a majority of the stockholders of each
bank voting, in person or by proxy, at a duly
authorized stockholders’ meeting with each
association entitled to cast a number of votes
equal to the number of its voting stock-
holders; and
(4) in the case of a bank for cooperatives, a
majority of the total equity interests in such
merging bank for cooperatives (including allo-
cated, but not unallocated, surplus and re-
serves) held by those stockholders or sub-
scribers to the guaranty fund of the bank vot-
ing.
(Pub. L. 92–181, title VII, § 7.0, as added Pub. L.
100–233, title IV, § 416, Jan. 6, 1988, 101 Stat. 1645;
amended Pub. L. 100–399, title IV, § 408(b), Aug.
17, 1988, 102 Stat. 1001.)
Editorial Notes
AMENDMENTS
1988—Pub. L. 100–399 substituted ‘‘The banks’’ for
‘‘Two or more banks’’ in introductory provisions, and
in par. (3) substituted ‘‘with each association entitled
to cast a number of votes equal to the number of its
voting’’ for ‘‘in accordance with the provisions of sec-
tion 2223(c) of this title relating to the casting of votes
by’’.
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.
§ 2279a–1. Board of directors
Each merged bank shall elect a board of direc-
tors of such number, for such term, in such man-
ner, and with such qualifications, as may be re-
quired in its bylaws, except that at least one
member shall be elected by the other directors,
which member shall not be a director, officer,
employee, or stockholder of a System institu-
tion.
(Pub. L. 92–181, title VII, § 7.1, as added Pub. L.
100–233, title IV, § 416, Jan. 6, 1988, 101 Stat. 1645;
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Corporate name**
(1) **Use of corporate name** — It shall be unlawful for any person or entity to use the words “Farm Credit System Insurance Corporation” or any combination of such words that would have the effect of leading the public to believe that there is any connection between such person or entity and the Corporation, by virtue of the name under which such person or entity does business.
(2) **False representation**
(A) *By outside person or entities* — It shall be unlawful for any person or entity to falsely represent by any device, that the notes, bonds, debentures, or other obligations of the person or entity are insured or in any way guaranteed by the Corporation.
(B) *System banks* — It shall be unlawful for any insured System bank or person that markets insured obligations to falsely represent the extent to which or the manner in which such obligations are insured by the Corporation.
(3) **Penalty** — Any person or entity that willfully violates any provision of this subsection shall be fined not more than $1,000, imprisoned for not more than 1 year, or both.
**(b) Payments or distributions while in default**
(1) **In general** — It shall be unlawful for any insured System bank to pay any dividends on bank stock or participation certificates or interest on the capital notes or debentures of such bank (if such interest is required to be paid only out of net profits) or distribute any of the capital assets of such bank while the bank remains in default in the payment of any premium due to the Corporation.
(2) **Liability of directors** — Each director or officer of any insured System bank who willfully participates in the declaration or payment of any dividend or interest or in any distribution in violation of this subsection shall be fined
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