§ 2279a. Power to merge

Statutory text

The banks within a district may merge into a single entity (hereinafter in this subchapter referred to as a “merged bank”) if the plan of merger is approved by—

the Farm Credit Administration Board;

the respective boards of directors of the banks involved;

a majority of the stockholders of each bank voting, in person or by proxy, at a duly authorized stockholders’ meeting with each association entitled to cast a number of votes equal to the number of its voting stockholders; and

in the case of a bank for cooperatives, a majority of the total equity interests in such merging bank for cooperatives (including allocated, but not unallocated, surplus and reserves) held by those stockholders or subscribers to the guaranty fund of the bank voting.

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 VII § 7 · 85 Stat. 583
Enacted · 12 U.S.C. § 2279a
Pub. L. 92–181, title VII, § 7.0, as added Pub. L. 100–233, title IV, § 416, Jan. 6, 1988, 101 Stat. 1645
Source evidence
Code source credit
Pub. L. 92–181, title VII, § 7.0, as added Pub. L. 100–233, title IV, § 416, Jan. 6, 1988, 101 Stat. 1645
Enacted provision · exact public law section
(7) Operate under the direction of its board of directors.
1988
Agricultural Credit Technical Corrections Act of 1988
Pub. L. 100–399 title IV § 408(b) · 102 Stat. 989
1. Substituted · 12 U.S.C. § 2279a
  Pub. L. 100–399 substituted “The banks” for “Two or more banks”
2. Substituted · 12 U.S.C. § 2279a
  Pub. L. 100–399 substituted “with each association entitled to cast a number of votes equal to the number of its voting” for “in accordance with the provisions of section 2223(c) of this title relating to the casting of votes by”
Source evidence
Code amendment note
Pub. L. 100–399 substituted “The banks” for “Two or more banks” in introductory provisions, and in par. (3) substituted “with each association entitled to cast a number of votes equal to the number of its voting” for “in accordance with the provisions of section 2223(c) of this title relating to the casting of votes by”.
Enacted provision · exact public law section
(b) Section 7.0 is amended— (1) by striking out “Two or more” and inserting in lieu thereof “The”; and (2) in paragraph (3), by striking out “in accordance” and all that follows through “by” and inserting in lieu thereof “with each association entitled to cast a number of votes equal to the number of its voting”.
Effective date note
Amendment by Pub. L. 100–399 effective as if enacted immediately after enactment of Pub. L. 100–233, which was approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100–399, set out as a note under section 2002 of this title.

3 of 3 references resolved to an enrolled provision

Editorial Notes

Amendments

1988—Pub. L. 100–399 substituted “The banks” for “Two or more banks” in introductory provisions, and in par. (3) substituted “with each association entitled to cast a number of votes equal to the number of its voting” for “in accordance with the provisions of section 2223(c) of this title relating to the casting of votes by”.

Statutory Notes and Related Subsidiaries

Effective Date of 1988 Amendment

Amendment by Pub. L. 100–399 effective as if enacted immediately after enactment of Pub. L. 100–233, which was approved Jan. 6, 1988, see section 1001(a) 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 VII, § 7.0, as added Pub. L. 100–233, title IV, § 416, Jan. 6, 1988, 101 Stat. 1645
1988amended Pub. L. 100–399, title IV, § 408(b), Aug. 17, 1988, 102 Stat. 1001.

Show as published

(Pub. L. 92–181, title VII, § 7.0, as added Pub. L. 100–233, title IV, § 416, Jan. 6, 1988, 101 Stat. 1645; amended Pub. L. 100–399, title IV, § 408(b), Aug. 17, 1988, 102 Stat. 1001.)