12 USC 2279c-2 - Reconsideration

U.S Code last checked for updates: May 18, 2024

§ 2279c–2.

Reconsideration

(a)

Period

A stockholder vote in favor of—

(1)

the merger of districts under this chapter;

(2)

the merger of banks within a district under section 2279a of this title;

(3)

the transfer of the lending authority of a Federal land bank or a merged bank having a Federal land bank as one of its constituents, under section 2279b of this title;

(4)

the merger of two or more associations under section 2279c–1 or 2279f–1 of this title;

(5)

the termination of the status of an institution as a System institution under section 2279d of this title; or

(6)

the merger of similar banks under section 2279f of this title;

shall not take effect except in accordance with subsection (b).

(b)

Reconsideration

(1)

Notice

(2)

Effective date

(3)

Petition filed

If a petition for reconsideration of a merger, transfer, or termination vote, signed by at least 15 percent of the stockholders of one or more of the affected banks or associations, is presented to the Farm Credit Administration within 30 days after the date of the notification required under paragraph (1)—

(A)

a voluntary merger, transfer, or termination shall not take effect until the expiration of 60 days after the date on which the stockholders were notified of the final result of the vote; and

(B)

a special meeting of the stockholders of the affected banks or associations shall be held during the period referred to in subparagraph (A) to reconsider the vote.

(4)

Vote on reconsideration

(5)

Failure to file petition

(Pub. L. 92–181, title VII, § 7.9, as added Pub. L. 100–233, title IV, § 416, Jan. 6, 1988, 101 Stat. 1648; amended Pub. L. 100–399, title IV, § 408(n), (o), Aug. 17, 1988, 102 Stat. 1002; Pub. L. 115–334, title V, § 5411(40), Dec. 20, 2018, 132 Stat. 4683.)

cite as: 12 USC 2279c-2