§ 2126. Retirement of stock

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1971

   Farm Credit Act of 1971

   Pub. L. 92–181 title III § 3 · 85 Stat. 583

   Enacted · 12 U.S.C. § 2126

   Pub. L. 92–181, title III, § 3.5, Dec. 10, 1971, 85 Stat. 604

   Source evidence

   Code source credit
   Pub. L. 92–181, title III, § 3.5, Dec. 10, 1971, 85 Stat. 604

   Enacted provision · exact public law section
   (3) Make contracts.

2. 1980

   Farm Credit Act Amendments of 1980

   Pub. L. 96–592 title III § 303 · 94 Stat. 3437

   1. Inserted · 12 U.S.C. § 2126

      Pub. L. 96–592 inserted provisions respecting applicability to participation certificates

   2. Struck · 12 U.S.C. § 2126

      Pub. L. 96–592 struck out provisions relating to maximum amount of fair book value at retirement

   Source evidence

   Code amendment note
   Pub. L. 96–592 inserted provisions respecting applicability to participation certificates and struck out provisions relating to maximum amount of fair book value at retirement.

   Enacted provision · exact public law section
   Sec. 303. Section 3.5 of the Farm Credit Act of 1971 is amended by— (1) striking out the first three sentences and inserting in lieu thereof three new sentences as follows: “Any nonvoting stock held by the Governor of the Farm Credit Administration shall be 12 USC 2151. retired to the extent required by section 4.0(b) of this Act before any other outstanding voting or nonvoting stock or participation certificates shall be retired except as may be otherwise authorized by the Farm Credit Administration. When those requirements have been satisfied, nonvoting investment stock and participation certificates may be called for retirement at par. With the approval of the issuing bank, the holder may elect not to have the called stock or participation certificates retired in response to a call, reserving the right to have such stock or participation certificates included in the next call for retirement.”, and (2) striking out in the fourth sentence “fair book value not exceeding”.

3. 1985

   Farm Credit Amendments Act of 1985

   Pub. L. 99–205 title II § 205(e)(6) · 99 Stat. 1678

   1. Substituted · 12 U.S.C. § 2126

      Pub. L. 99–205 substituted “Nonvoting investment stock” for “Any nonvoting stock held by the Governor of the Farm Credit Administration shall be retired to the extent required by section 2151(b) of this title before any other outstanding voting or nonvoting stock or participation certificates shall be retired except as may be otherwise authorized by the Farm Credit Administration. When those requirements have been satisfied, nonvoting investment stock”

   2. Substituted · 12 U.S.C. § 2126

      Pub. L. 99–205 substituted “Voting” for “When the requirements of section 2151(b) of this title have been met, voting”

   Source evidence

   Code amendment note
   Pub. L. 99–205 substituted “Nonvoting investment stock” for “Any nonvoting stock held by the Governor of the Farm Credit Administration shall be retired to the extent required by section 2151(b) of this title before any other outstanding voting or nonvoting stock or participation certificates shall be retired except as may be otherwise authorized by the Farm Credit Administration. When those requirements have been satisfied, nonvoting investment stock”, and substituted “Voting” for “When the requirements of section 2151(b) of this title have been met, voting”.

   Enacted provision · exact public law section
   (6) in the first sentence of section 2.3(c)— (A) striking out “(a)(1) and (2)” and inserting in lieu thereof “(a)(2)”; and (B) striking out “(in the case of financing institutions under subsection (a)(2) of this section)”;

   Effective date note
   Amendment by Pub. L. 99–205 effective thirty days after Dec. 23, 1985, see section 401 of Pub. L. 99–205, set out as a note under section 2001 of this title.

4. 1988

   Agricultural Credit Act of 1987

   Pub. L. 100–233 title VIII § 802(p) · 101 Stat. 1568

   Struck · 12 U.S.C. § 2126

   Pub. L. 100–233 struck out “with approval of the Farm Credit Administration” after “board may determine”

   Source evidence

   Code amendment note
   Pub. L. 100–233 struck out “with approval of the Farm Credit Administration” after “board may determine”.

   Enacted provision · exact public law section
   (p) Banks for Cooperatives, Retirement of Stock.— Section 3.5 12 USC 2126. (12 U.S.C. 2125) is amended by striking out “with approval of the Farm Credit Administration”.

5. 2018

   Agriculture Improvement Act of 2018

   Pub. L. 115–334 title V § 5411(6) · 132 Stat. 4490

   Struck · 12 U.S.C. § 2126

   Pub. L. 115–334 struck out “district” before “banks issued or allocated”

   Source evidence

   Code amendment note
   Pub. L. 115–334 struck out “district” before “banks issued or allocated”.

   Enacted provision · exact public law section
   (6) Section 3.5 of the Farm Credit Act of 1971 (12 U.S.C. 2126) is amended in the third sentence by striking “district”.

7 of 7 references resolved to an enrolled provision