Page:United States Statutes at Large Volume 101 Part 3.djvu/350

 101 STAT. 1648

PUBLIC LAW 100-233—JAN. 6, 1988 "(3) a majority of the shareholders of each association voting, in person or by proxy, at a duly authorized stockholders' meeting; and "(4) the Farm Credit Bank. "(b) POWERS, OBLIGATIONS, AND CONSOUDATION.—

"(1) POWERS AND OBLIGATIONS.—Except as otherwise provided

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Regulations.

by this title, a merged association shall— "^^^ possess all powers granted under this Act to the associations forming the merged association; and Miiiifi "(B) bg subject to all of the obligations imposed under this Act on the associations forming the merged association. "(2) CoNSOUDATiON.—The Farm Credit Administration shall issue regulations that establish the manner in which the powers and obligations of the associations that form the merged subsection (a), the provisions of section 4.3A shall be applicable to the merged association. "(c) STOCK ISSUANCE.—
 * association are consolidated and, to the extent necessary, reconciled in the merged association. Following a merger under

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"(1) PLAN OF MERGER.—Subject to section 4.3A, the number of shares of capital stock issued by a merged association to the stockholders of any association forming such merged association, and the rights and privileges of such shares (including voting power, preferences on liquidation, and the right to dividends), shall be determined by the plan of merger adopted by the merged associations. "(2) PLAN OF CAPITALIZATION.—The number of shares of capital stock, and the rights and privileges thereof, issued by a merged association after a merger shall be determined by the Board of Directors of the merged association, with the approval of the supervising bank, and shall be consistent with section 4.3A and the regulations issued by the Farm Credit Administration. "(3) VOTING STOCK.—Voting stock of a merged association shall be issued to and held by farmers, ranchers, or producers or harvesters of aquatic products who are or were, immediately prior to the merger, direct borrowers from one of the associations forming the merged association or the supervising bank of such merged association. "(d) CAPITAUZATION.—The plan of merger shall provide for the issuance, transfer, and retirement of stock and the distribution of earnings in accordance with the provisions of section 4.3A.

12 USC 2279C-2.

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"SEC. 7.9. RECONSIDERATION.

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"(a) PERIOD.—A stockholder vote in favor of^ "(1) the merger of districts under section 5.17(a)(2); "(2) the merger of banks within a district under section 7.0; "(3) the transfer of the lending authority of a Federal land bank or a merged bank having a Federal land bank as one of its constituents, under section 7.6; "(5) the merger of two or more associations under section 7.8; "(6) the termination of the status of an institution as a System c institution under section 7.10; and "(7) the merger of similar banks under section 7.13;, _ shall not take effect except in accordance with subsection (b). "(b) RECONSIDERATION.—

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