Page:United States Statutes at Large Volume 101 Part 3.djvu/342

 101 STAT. 1640

PUBLIC LAW 100-233—JAN. 6, 1988

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concerning such plan, to the Farm Credit Administration for approval. ^9 (B) EXPEDITED REVIEW.—Not later than 30 days after the Farm Credit Administration receives the plan of merger, the Administration shall promptly review such plan and advise the special committee concerning any required changes that are necessary to the plan. "(3) SUBMISSION TO STOCKHOLDERS.—On approval of the plan by the Farm Credit Administration, the special committee shall, under such procedures as may be established by the committee, submit the plan and recommendations to all voting stockholders and subscribers to the guaranty funds of the district banks and the Central Bank for Cooperatives, (b) VOTING REQUIREMENTS.— (1) MAJORITY VOTE REQUIRED.—An

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approval of the plan of ., merger developed and submitted under subsection (a) shall— ,/ (A) require a majority vote of the stockholders of each district bank for cooperatives voting, in person or by proxy, h..-, at a duly authorized stockholders' meeting, computed both— (i) in accordance with the requirement that, except as provided in section 3.3(d), each cooperative that is the holder of voting stock in, or a subscriber to the guaranty fund of the bank for cooperatives shall be entitled to cast one vote; and n^(ii) on the basis of the total equity interests in the bank (including allocated, but not unallocated, surplus and reserves) held by such stockholders; (B) require a majority vote of the voting stockholders of the Central Bank for Cooperatives voting on a one-bankone-vote basis; (C) take place not later than 180 days after the date of the enactment of this section; and (D) take place prior to any other merger vote involving a i.. bank for cooperatives. (2) APPROVAL BY ALL BANKS FOR COOPERATIVES.—If the stockholders of all of the banks for cooperatives approve the merger, ^51 the merger shall take place. (3) EFFECT OF LESSER VOTE.—If the stockholders of more than ^rt one but fewer than all of the banks approve the plan, each such bank whose stockholders voted to approve the merger shall be merged into a single bank for cooperatives, as provided in paragraphs (4) or (5). (4) NATIONAL BANK FOR COOPERATIVES.—
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(A) CREATION.—If the stockholders of eight or more of the district banks approve the merger, such banks, and the Central Bank for Cooperatives, shall be merged into a single bank, which shall be referred to as the "National Bank for Cooperatives". (B) SERVICES PROVIDED.—The National Bank for Cooperatives may offer credit and related services to eligible borrowers located within any territory that may be served by Farm Credit System institutions under section 5.0, or to any borrower otherwise eligible under section 3.70t)). (5) UNITED BANK FOR COOPERATIVES.—

(A) CREATION.—If the stockholders of more than one but fewer than eight of the district banks approve the plan.

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