
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 12USC2279e]

 
                       TITLE 12--BANKS AND BANKING
 
                     CHAPTER 23--FARM CREDIT SYSTEM
 
          SUBCHAPTER VII--RESTRUCTURING OF SYSTEM INSTITUTIONS
 
 Part C--Approval of Disclosure Information and Issuance of Charters by 
                  the Farm Credit Administration Board
 
Sec. 2279e. Approval of disclosure information and issuance of 
        charters
        

(a) Disclosure of information

                        (1) 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.

                       (2) 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.

(b) 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.

(c) 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.

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


                               Amendments

    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''.


                    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.
