§ 2279e. Approval of disclosure information and issuance of charters

Statutory text

Disclosure of information

Approval of plan

With respect to any plan of merger, transfer of lending authority, dissolution, or termination, prior to submission to the voters (voting stockholders and, where required, contributors to guaranty funds) of the institutions involved, such plan shall be submitted to the Farm Credit Administration Board, together with all information that is to be distributed to the voters with respect to the contemplated action, including an enumerated statement of the anticipated benefits and potential disadvantages of such action.

Notice of approval

On notification that the Farm Credit Administration Board has approved such plan for submission to the stockholders, or after 60 days of no action on the plan by the Board, the submitting institutions may submit the plan, together with the disclosure information, to the voters for the prescribed vote.

Notice of reasons for disapproval

If the Farm Credit Administration Board disapproves the plan for submission to the stockholders, notification to the submitting institutions shall specify the reasons for the determination by the Board. If such plan is determined to be inadequate, it shall not be submitted to the voters for a vote.

Federal charter

Each plan of merger or transfer of lending authority may include a proposed new or revised Federal charter for the merged or transferee entity. The Farm Credit Administration Board shall issue such charter on the approval of the plan, as prescribed in this subchapter, unless the Board determines that the charter submitted is not consistent with this chapter.

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. § 2279e
Pub. L. 92–181, title VII, § 7.11, as added Pub. L. 100–233, title IV, § 416, Jan. 6, 1988, 101 Stat. 1651
Source evidence
Code source credit
Pub. L. 92–181, title VII, § 7.11, as added Pub. L. 100–233, title IV, § 416, Jan. 6, 1988, 101 Stat. 1651
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(p) · 102 Stat. 989
1. Substituted · 12 U.S.C. § 2279e(a)(1)
  Pub. L. 100–399 substituted “transfer of lending authority” for “transfer or assignment of lending authority”
2. Substituted · 12 U.S.C. § 2279e(a)(1)
  Pub. L. 100–399 substituted “the institutions involved” for “such institutions”
Source evidence
Code amendment note
Subsec. (a)(1). Pub. L. 100–399 substituted “transfer of lending authority” for “transfer or assignment of lending authority” and “the institutions involved” for “such institutions”.
Enacted provision · exact public law section
(p) Section 7.11(a)(1) is amended— (1) by striking out “or assignment”; and (2) by striking out “such institutions” and inserting in lieu thereof “the institutions involved”.
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.
1991
Pub. L. 102–237 title V § 502(n) · 105 Stat. 1818
Substituted · 12 U.S.C. § 2279e(a)(2)
Pub. L. 102–237 substituted “60 days” for “30 days”
Source evidence
Code amendment note
Subsec. (a)(2). Pub. L. 102–237 substituted “60 days” for “30 days”.
Enacted provision · exact public law section
(n) Amendment to Section 7.11(a)(2).— Section 7.11(a)(2) of such Act (12 U.S.C. 2279e(a)(2)) is amended by striking “30 days” and inserting “60 days”.

4 of 4 references resolved to an enrolled provision

Editorial Notes

Amendments1988–1991 · 2 rounds

1991

Subsec. (a)(2). Pub. L. 102–237 substituted “60 days” for “30 days”.

1988

Subsec. (a)(1). Pub. L. 100–399 substituted “transfer of lending authority” for “transfer or assignment of lending authority” and “the institutions involved” for “such institutions”.

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

1988–1991 · 3 acts

1988Pub. L. 92–181, title VII, § 7.11, as added Pub. L. 100–233, title IV, § 416, Jan. 6, 1988, 101 Stat. 1651
1988amended Pub. L. 100–399, title IV, § 408(p), Aug. 17, 1988, 102 Stat. 1002
1991Pub. L. 102–237, title V, § 502(n), Dec. 13, 1991, 105 Stat. 1870.

Show as published

(Pub. L. 92–181, title VII, § 7.11, as added Pub. L. 100–233, title IV, § 416, Jan. 6, 1988, 101 Stat. 1651; amended Pub. L. 100–399, title IV, § 408(p), Aug. 17, 1988, 102 Stat. 1002; Pub. L. 102–237, title V, § 502(n), Dec. 13, 1991, 105 Stat. 1870.)