Page:United States Statutes at Large Volume 101 Part 3.djvu/341

 PUBLIC LAW 100-233—JAN. 6, 1988

101 STAT. 1639

banks into no less than six financially viable farm credit banks through inter-district mergers. (3) REPORT.—Not later than the end of each calendar quarter beginning at least 6 months after the selection of the special committee, such committee shall prepare and submit, to the Committee on Agriculture of the House of Representatives, and the Committee on Agriculture, Nutrition, and Forestry of the Senate, a report on the progress of the committee in developing a proposal under this subsection, (b) PREREQUISITES TO CONSOUDATION.—

(1) FCA REVIEW OF PROPOSAL.—Prior to the submission of the proposal developed under subsection (b)(2) to the stockholders under paragraph (2), the proposal together with all information to be presented to the stockholders, shall be submitted to the Farm Credit Administration for approval. (2) PREREQUISITES.—Proposals developed under subsection (a)(2) shall not be submitted to stockholders under paragraph (3) unless the proposal is approved by— (A) a majority of the members of the Board of Directors of the Assistance Board; and (B) the members of the special committee that represent the districts affected by the terms of the proposal. (3) SUBMISSION TO STOCKHOLDERS.—Not later than the end of the 18-month period after the date of enactment of this Act, each Farm Credit Bank involved, in consultation with the special committee, shall submit the proposed merger affecting such bank to the voting stockholders of each such bank. (4) STOCKHOLDER VOTE.—Each association shall be entitled to cast a number of votes equal to the number of voting stockholders of such association. SEC. 413. VOLUNTARY MERGER OF THE BANKS FOR COOPERATIVES. (a) SUBMISSION OF PROPOSAL.— (1) SPECIAL COMMITTEE.—

(A) IN GENERAL.—Not later than 15 days after the date of the enactment of this section, a special committee shall be selected pursuant to subparagraph (B), for the purpose of developing a proposal for the voluntary merger of the banks for cooperatives. (B) COMPOSITION.—The special committee selected under suljparagraph (A) shall be composed of— (i) one member of each district board elected by the voting stockholders of the bank for cooperatives in the district; and (ii) one member chosen from the board of directors of the Central Bank for Cooperatives by the board of such Bank. (C) DEVELOPMENT OF PLAN.—Not later than 75 days after the date of the enactment of this section, the special committee shall develop a plan of merger for all such banks and the Central Bank for Cooperatives into a National Bank for Cooperatives. (2) PREREQUISITES TO MERGER.— (A) SUBMISSION TO FCA.—On

completion of the plan of merger pursuant to subparagraph (C), the special committee shall submit the proposed plan, together with all information that is to be distributed to the stockholders

12 USC 2121 ^°^'

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