§2279d. Termination of System institution status
Enacted 1988 · amended 2 times, last in 2018 · reading the current textFull lineage →
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Notable points in this section's history
Latest NOW As last amended Dec 20, 2018 — Pub. L. 115–33412 U.S.C. § 2279d
Conditions— A System institution may terminate the status of the institution as a System institution if—
the institution provides written notice to the Farm Credit Administration Board not later than 90 days prior to the proposed termination date;
the appropriate Federal or State authority grants approval to charter the institution as a bank, savings and loan association, or other financial institution;
the institution pays to the Farm Credit Insurance Fund the amount by which the total capital of the institution exceeds 6 percent of the assets;
the institution pays or makes adequate provision for payment of all outstanding debt obligations of the institution;
the termination is approved by a majority of the stockholders of the institution voting, in person or by written proxy, at a duly authorized stockholders’ meeting, held prior to giving notice to the Farm Credit Administration Board; and
the institution meets such other conditions as the Farm Credit Administration Board by regulation considers appropriate.
Effect— On termination of its status as a System institution—
the institution shall no longer be an instrumentality of the United States under this chapter.
Notes, amendments, and revision history
(Pub. L. 92–181, title VII, § 7.10, as added Pub. L. 100–233, title IV, § 416, Jan. 6, 1988, 101 Stat. 1650; amended Pub. L. 115–334, title V, § 5411(41), Dec. 20, 2018, 132 Stat. 4683.)
Editorial Notes
Amendments
2018—Subsec. (a)(4). Pub. L. 115–334 added par. (4) and struck out former par. (4) which read as follows: “the institution pays to the Farm Credit Assistance Fund, as created under section 2278b–5 of this title, if the termination is prior to January 1, 1992, or pays to the Farm Credit Insurance Fund, if the termination is after such date, the amount by which the total capital of the institution exceeds, 6 percent of the assets;”.