
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 12USC2126]

 
                       TITLE 12--BANKS AND BANKING
 
                     CHAPTER 23--FARM CREDIT SYSTEM
 
                 SUBCHAPTER III--BANKS FOR COOPERATIVES
 
                     Part A--Banks for Cooperatives
 
Sec. 2126. Retirement of stock

    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. Voting stock may also be retired at par, on call or on such 
revolving basis as the board may determine with due regard for its total 
capital needs: Provided, however, That all equities in the district 
banks issued or allocated with respect to 1971 and prior years shall be 
retired on a revolving basis according to the year of issue with the 
oldest outstanding equities being first retired. Equities issued for 
subsequent years shall not be called or retired until equities described 
in the preceding sentence of this proviso have been retired.

(Pub. L. 92-181, title III, Sec. 3.5, Dec. 10, 1971, 85 Stat. 604; Pub. 
L. 96-592, title III, Sec. 303, Dec. 24, 1980, 94 Stat. 3444; Pub. L. 
99-205, title II, Sec. 205(e)(6), Dec. 23, 1985, 99 Stat. 1705; Pub. L. 
100-233, title VIII, Sec. 802(p), Jan. 6, 1988, 101 Stat. 1712.)


                               Amendments

    1988--Pub. L. 100-233 struck out ``with approval of the Farm Credit 
Administration'' after ``board may determine''.
    1985--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''.
    1980--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.


                    Effective Date of 1985 Amendment

    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.

                  Section Referred to in Other Sections

    This section is referred to in section 2132 of this title.
