Page:United States Statutes at Large Volume 101 Part 3.djvu/353

 PUBLIC LAW 100-233—JAN. 6, 1988

101 STAT. 1651

"(1) the institution provides written notice to the Farm Credit Administration Board not later than 90 days prior to the proposed termination date; "(2) the termination is approved by the Farm Credit Administration Board; "(3) the appropriate Federal or State authority grants approval to charter the institution as a bank, savings and loan association, or other financial institution; "(4) the institution pays to the Farm Credit Assistance Fund, as created under section 6.25, if the termination is prior to January 1, 1992, or pays to the Farm Credit Insurance Fund, if the termination is after such date, the amount by which the total capital of the institution exceeds, 6 percent of the assets; "(5) the institution pays or makes adequate provision for payment of all outstanding debt obligations of the institution; (6) the termination is approved by a majority of the stockholders of the institution voting, in person or by written proxy, at a duly authorized stockholders' meeting, held prior to giving notice to the Farm Credit Administration Board; and "(7) the institution meets such other conditions as the Farm Credit Administration Board by regulation considers appropriate. "(b) EFFECT.—On termination of its status as a System institution— "(1) the Farm Credit Administration Board shall revoke the charter of the institution; and "(2) the institution shall no longer be an instrumentality of the United States under this Act.

^,. c;

« Subtitle

C—Approval of Disclosure Information and Issuance of Charters by the Farm Credit Administration Board

"SEC. 7.11. APPROVAL OF DISCLOSURE INFORMATION AND ISSUANCE OF CHARTERS. "(a) DISCLOSURE OF INFORMATION.— "(1) APPROVAL OF PLAN.—With

respect to any plan of merger, transfer or assignment of lending authority, dissolution, or termination, prior to submission to the voters (voting stockholders and, where required, contributors to guaranty funds) of such institutions, 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 30 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

91-194 O - 90 - 12: QL.3 Part 3

12 USC 2279e.

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