
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: 12USC2133]

 
                       TITLE 12--BANKS AND BANKING
 
                     CHAPTER 23--FARM CREDIT SYSTEM
 
                 SUBCHAPTER III--BANKS FOR COOPERATIVES
 
                     Part A--Banks for Cooperatives
 
Sec. 2133. Distribution of assets on liquidation or dissolution

    In the case of liquidation or dissolution of any bank for 
cooperatives, after payment or retirement, first, of all liabilities; 
second, of all capital stock issued before January 1, 1956, at par, and 
all nonvoting stock at par; and third, all voting stock at par; any 
surplus and reserves existing on January 1, 1956, shall be paid to the 
holders of stock issued before that date, and voting stock pro rata; and 
any remaining allocated surplus and reserves shall be distributed to 
those entities to which they are allocated on the books of the bank, and 
any other remaining surplus shall be paid to the holders of outstanding 
voting stock. If it should become necessary to use any surplus or 
reserves to pay any liabilities or to retire any capital stock, 
unallocated reserves or surplus, allocated reserves and surplus shall be 
exhausted in accordance with rules prescribed by the Farm Credit 
Administration.

(Pub. L. 92-181, title III, Sec. 3.12, Dec. 10, 1971, 85 Stat. 608; Pub. 
L. 99-205, title II, Sec. 205(e)(9), Dec. 23, 1985, 99 Stat. 1705; Pub. 
L. 100-233, title VIII, Sec. 805(o), Jan. 6, 1988, 101 Stat. 1716.)


                               Amendments

    1988--Pub. L. 100-233 inserted ``the'' before ``Farm Credit 
Administration''.
    1985--Pub. L. 99-205 struck out ``, any stock held by the Governor 
of the Farm Credit Administration at par'' before ``, and all nonvoting 
stock at par'', and struck out ``stock held by the Governor of the Farm 
Credit Administration,'' before ``and voting stock pro rata'' in first 
sentence.


                    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.
