Page:United States Statutes at Large Volume 101 Part 3.djvu/351

 PUBLIC LAW 100-233—JAN. 6, 1988

101 STAT. 1649

"(1) NOTICE.—Not later than 30 days after a stockholder vote in favor of any of the actions described in subsection (a), the officer or employee that records such vote shall ensure that all stockholders of the voting entity receive notice of the final results of the vote. "(2) EFFECTIVE DATE.—A voluntary merger, transfer, or termination that is approved by a vote of the stockholders of two or more banks or associations, shall not take effect until the expiration of 30 days after the date on which the stockholders of such associations are notified of the final result of the vote in accordance with paragraph (1). "(3) PETITION FILED.—If a petition for reconsideration of a

merger, transfer, or termination vote, signed by at least 15 percent of the stockholders of one or more of the affected banks or associations, is presented to the Farm Credit Administration within 30 days after the date of the notification required under paragraph (1)— "(A) a voluntary merger, transfer, or termination shall not take effect until the expiration of 60 days after the date on which the stockholders were notified of the final result of the vote; and "(B) a special meeting of the stockholders of the affected banks or associations shall be held during the period referred to in subparagraph (A) to reconsider the vote. "(4) VOTE ON RECONSIDERATION.—If a majority of stockholders

of any one of the affected banks or associations voting, in person or by written proxy, at a duly authorized stockholders' meeting, vote against the proposed merger, transfer, or termination, such action shall not take place. "(5) FAILURE TO FILE PETITION.—If a petition for reconsideration of such vote is either not filed prior to the 60th day after the vote or, if timely filed, is not signed by at least 15 percent of the stockholders, the merger, transfer, or termination shall become effective in accordance with the plan of merger, transfer, or termination. "(c) SPECIAL RECONSIDERATION.— "(1) ISSUANCE OF REGULATIONS.—Notwithstanding

any other provision of this Act, the Farm Credit Administration shall issue regulations under which the stockholders of any association that voluntarily merged with one or more associations after December 23, 1985, and before the date of the enactment of this section, may petition for the opportunity to organize as a separate association. "(2) REQUIREMENTS.—The regulations issued by the Farm Credit Administration shall require that— "(A) the petition be filed within 1 year after the date of the implementation of such regulations; "(B) the petition be signed by at least 15 percent of the stockholders of any one of the associations that merged during the period; "(C) the petition describe the territory in which the proposed separate association will operate; "(D) if the petition is approved— "(i) the loans of the members of the new association will be transferred from the current association to such new association;

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