12 USC 2279c-1 - Merger of associations

U.S Code last checked for updates: May 10, 2024

§ 2279c–1.

Merger of associations

(a)

In general

Two or more associations within the same district, whether or not organized under the same subchapter of this chapter, may merge into a single entity (hereinafter in this subchapter referred to as a “merged association”) if the plan of merger is approved by—

(1)

the Farm Credit Administration Board;

(2)

the boards of directors of the associations;

(3)

a majority of the shareholders of each association voting, in person or by proxy, at a duly authorized stockholders’ meeting; and

(4)

the Farm Credit Bank.

(b)

Powers, obligations, and consolidation

(1)

Powers and obligations

Except as otherwise provided by this subchapter, a merged association shall—

(A)

possess all powers granted under this chapter to the associations forming the merged association; and

(B)

be subject to all of the obligations imposed under this chapter on the associations forming the merged association.

(2)

Consolidation

(c)

Stock issuance

(1)

Plan of merger

(2)

Capitalization

(Pub. L. 92–181, title VII, § 7.8, as added Pub. L. 100–233, title IV, § 416, Jan. 6, 1988, 101 Stat. 1647; amended Pub. L. 100–399, title IV, § 408(k), (l), Aug. 17, 1988, 102 Stat. 1002.)

cite as: 12 USC 2279c-1