
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: 12USC2279bb-5]

 
                       TITLE 12--BANKS AND BANKING
 
                     CHAPTER 23--FARM CREDIT SYSTEM
 
         SUBCHAPTER VIII--AGRICULTURAL MORTGAGE SECONDARY MARKET
 
    Part B--Regulation of Financial Safety and Soundness of Federal 
                    Agricultural Mortgage Corporation
 
Sec. 2279bb-5. Mandatory actions applicable to level II


(a) Capital restoration plan

    If the Corporation is classified as within level II, the Corporation 
shall, within the time period determined by the Director, submit to the 
Director a capital restoration plan and, after approval, carry out the 
plan.

(b) Restriction on dividends

    If the Corporation is classified as within level II, the Corporation 
may not make any payment of dividends that would result in the 
Corporation being reclassified as within level III or IV.

(c) Reclassification from level II to level III

    The Director shall immediately reclassify the Corporation as within 
level III (and the Corporation shall be subject to the provisions of 
section 2279bb-6 of this title), if--
        (1) the Corporation is within level II; and
        (2)(A) the Corporation does not submit a capital restoration 
    plan that is approved by the Director; or
        (B) the Director determines that the Corporation has failed to 
    make, in good faith, reasonable efforts necessary to comply with 
    such a capital restoration plan and fulfill the schedule for the 
    plan approved by the Director.

(d) Effective date

    This section shall take effect upon the expiration of the 30-month 
period beginning on December 13, 1991.

(Pub. L. 92-181, title VIII, Sec. 8.36, as added Pub. L. 102-237, title 
V, Sec. 503(b)(2), Dec. 13, 1991, 105 Stat. 1876.)

                  Section Referred to in Other Sections

    This section is referred to in section 2279bb-4 of this title.
