§ 2202b. Effect of restructuring on borrower stock

Statutory text

Farm Credit Bank

If a Farm Credit Bank forgives and writes off, under section 2202a of this title, any of the principal outstanding on a loan made to any borrower, the Federal land bank association of which the borrower is a member and stockholder shall cancel the same dollar amount of borrower stock held by the borrower in respect of the loan, up to the total amount of such stock, and, to the extent provided for in the bylaws of the bank relating to its capitalization, the bank shall retire an equal amount of stock owned by the Federal land bank association.

Production credit association

If a production credit association forgives and writes off, under section 2202a of this title, any of the principal outstanding on a loan made to any borrower, the association shall cancel the same dollar amount of borrower stock held by the borrower in respect of the loan, up to the total amount of such stock.

Retention of stock

Notwithstanding subsections (a) and (b), the borrower shall be entitled to retain at least one share of stock to maintain the borrower’s membership and voting interest in the association.

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.

1988
Farm Credit Act of 1971
Pub. L. 92–181 title IV § 4 · 85 Stat. 583
Enacted · 12 U.S.C. § 2202b
Pub. L. 92–181, title IV, § 4.14B, as added Pub. L. 100–233, title I, § 102(a), Jan. 6, 1988, 101 Stat. 1577
Source evidence
Code source credit
Pub. L. 92–181, title IV, § 4.14B, as added Pub. L. 100–233, title I, § 102(a), Jan. 6, 1988, 101 Stat. 1577
Enacted provision · exact public law section
(4) Sue and be sued.
1988
Agricultural Credit Technical Corrections Act of 1988
Pub. L. 100–399 title I § 102(g) · 102 Stat. 989
1. Substituted · 12 U.S.C. § 2202b(a)
  Pub. L. 100–399 substituted in subsec. heading “Farm Credit Bank” for “Federal land bank”
2. Substituted · 12 U.S.C. § 2202b(a)
  Pub. L. 100–399 substituted in subsec. heading “a Farm Credit Bank” for “a Federal land bank”
3. Substituted · 12 U.S.C. § 2202b(a)
  Pub. L. 100–399 substituted in subsec. heading “, to the extent provided for in the bylaws of the bank relating to capitalization, the bank shall” for “the Federal land bank shall”
Source evidence
Code amendment note
Subsec. (a). Pub. L. 100–399 substituted in subsec. heading “Farm Credit Bank” for “Federal land bank” and in text “a Farm Credit Bank” for “a Federal land bank” and “, to the extent provided for in the bylaws of the bank relating to capitalization, the bank shall” for “the Federal land bank shall”.
Enacted provision · exact public law section
(g) Section 4.14B(a) is amended— (1) by amending the heading to read as follows: “(a) Farm Credit Bank.—”; (2) by striking out “a Federal land bank” and inserting in lieu thereof “a Farm Credit Bank”; and (3) by striking out “the Federal land bank shall” and inserting in lieu thereof ”, to the extent provided for in the bylaws of the bank relating to its capitalization, the bank shall”.
Effective date note
Amendment by Pub. L. 100–399 effective immediately after amendment made by section 401 of Pub. L. 100–233, which was effective 6 months after Jan. 6, 1988, see section 1001(b) of Pub. L. 100–399, set out as a note under section 2002 of this title.

4 of 4 references resolved to an enrolled provision

Editorial Notes

Amendments

1988—Subsec. (a). Pub. L. 100–399 substituted in subsec. heading “Farm Credit Bank” for “Federal land bank” and in text “a Farm Credit Bank” for “a Federal land bank” and “, to the extent provided for in the bylaws of the bank relating to capitalization, the bank shall” for “the Federal land bank shall”.

Statutory Notes and Related Subsidiaries

Effective Date of 1988 Amendment

Amendment by Pub. L. 100–399 effective immediately after amendment made by section 401 of Pub. L. 100–233, which was effective 6 months after Jan. 6, 1988, see section 1001(b) of Pub. L. 100–399, set out as a note under section 2002 of this title.

Credits

1988 · 2 acts

1988Pub. L. 92–181, title IV, § 4.14B, as added Pub. L. 100–233, title I, § 102(a), Jan. 6, 1988, 101 Stat. 1577
1988amended Pub. L. 100–399, title I, § 102(g), Aug. 17, 1988, 102 Stat. 990.

Show as published

(Pub. L. 92–181, title IV, § 4.14B, as added Pub. L. 100–233, title I, § 102(a), Jan. 6, 1988, 101 Stat. 1577; amended Pub. L. 100–399, title I, § 102(g), Aug. 17, 1988, 102 Stat. 990.)