(a) A capital directive will be served by delivery to the institution. It will include or be accompanied by a statement of reasons for its issuance.
(b) A capital directive is effective immediately upon its receipt by the institution, or upon such later date as may be specified therein, and shall remain effective and enforceable until it is stayed, modified, or terminated by the Farm Credit Administration.
authority: Secs. 1.5, 1.7, 1.10, 1.11, 1.12, 2.2, 2.3, 2.4, 2.5, 2.12, 3.1, 3.7, 3.11, 3.25, 4.3, 4.3A, 4.9, 4.14B, 4.25, 5.9, 5.17, 8.0, 8.3, 8.4, 8.6, 8.8, 8.10, 8.12 of the Farm Credit Act (
12 U.S.C. 2013,
2015,
2018,
2019,
2020,
2073,
2074,
2075,
2076,
2093,
2122,
2128,
2132,
2146,
2154,
2154a,
2160,
2202b,
2211,
2243,
2252,
2279aa,
2279aa-3,
2279aa-4,
2279aa-6,
2279aa-8,
2279aa-10,
2279aa-12); sec. 301(a), Pub. L. 100-233, 101 Stat. 1568, 1608, as amended by sec. 301(a), Pub. L. 103-399, 102 Stat 989, 993 (
12 U.S.C. 2154 note); sec. 939A, Pub. L. 111-203, 124 Stat. 1326, 1887 (
15 U.S.C. 78o-7 note)
cite as: 12 CFR 615.5359