U.S Code last checked for updates: May 07, 2024
All TitlesTitle 12Chapter 23Subchapter VIIIPart A
§ 2279aa–4.
Stock issuance
(a)
Voting common stock
(1)
Issue
(A)
In general
(B)
Number of votes
(C)
Offers
(i)
In general
(ii)
Requirements
The voting common stock shall be fairly and broadly offered to ensure that—
(I)
no institution or institutions acquire a disproportionate share of the total quantity of the voting common stock outstanding of a class of stock; and
(II)
capital contributions and issuances of voting common stock for the contributions are fairly distributed between entities eligible to hold class A stock and class B stock.
(D)
Classes of stock
(i)
In general
(ii)
Class A stock
(iii)
Class B stock
(2)
Limitation on issue
(3)
Authority of Board to establish terms and procedures
(4)
Transferability
(5)
Maximum number of shares
(b)
Required capital contributions
(1)
In general
(2)
Stock issued as consideration for contribution
(c)
Dividends
(1)
In general
(2)
Reserves requirement
(3)
Dividends prohibited while obligations are outstanding
(d)
Nonvoting common stock
(e)
Preferred stock
(1)
Authority of Board
(2)
Rights of preferred stock
(3)
Preference on termination of business
(Pub. L. 92–181, title VIII, § 8.4, as added Pub. L. 100–233, title VII, § 702, Jan. 6, 1988, 101 Stat. 1692; amended Pub. L. 100–399, title VI, § 601(d), (e), Aug. 17, 1988, 102 Stat. 1005; Pub. L. 115–334, title V, § 5411(44), Dec. 20, 2018, 132 Stat. 4684.)
cite as: 12 USC 2279aa-4
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