Page:United States Statutes at Large Volume 113 Part 2.djvu/440

 113 STAT. 1460 PUBLIC LAW 106-102—NOV. 12, 1999 "(B) INTERIM PURCHASE REQUIREMENTS. —The capital structure plan of a Federal home loan bank may allow any member referred to in subparagraph (A) that would be required by the terms of the capital structure plan to increase its investment in the stock of the bgink to do so in periodic installments during the transition period. "(3) DISPOSITION OF SHARES. —The capital structure plan of a Federal home loan bank shall provide for the manner of disposition of any stock held by a member of that bank that terminates its membership or that provides notice of its intention to withdraw from membership in that bank. "(4) CLASSES OF STOCK.— "(A) IN GENERAL. —The capital structure plan of a Federal home loan bank shall afford each member of that bank the option of maintaining its required investment in the bank through the purchase of any combination of classes of stock authorized by the board of directors of the bank and approved by the Finance Board in accordance with its regulations. "(B) RIGHTS REQUIREMENT.—^A Federal home loan bank shall include in its capital structure plan provisions establishing terms, rights, and preferences, including minimum investment, dividends, voting, and liquidation preferences of each class of stock issued by the bank, consistent with Finance Board regulations and market requirements. "(C) REDUCED MINIMUM INVESTMENT.— The capital structure plan of a Federal home loan bank may provide for a reduced minimum stock investment for any member of that bank that elects to purchase Class B in a manner that is consistent with meeting the minimum capital requirements of the bank, as established by the Finance Board. "(D) LIQUIDATION OF CLAIMS.— The capital structure plan of a Federal home loan bank shall provide for the liquidation in an orderly manner, as determined by the bank, of any claim of that bank against a member, including claims for any applicable prepayment fees or penalties resulting from prepayment of advances prior to stated maturity. "(5) LIMITED TRANSFERABILITY OF STOCK.— The capital structure plan of a Federal home loan bank shall— "(A) provide that any stock issued by that bank shall be available only to and held only by members of that bank and tradable only between that bank and its members; and "(B) establish standards, criteria, and requirements for the issuance, purchase, transfer, retirement, and redemption of stock issued by that bank. "(6) BANK REVIEW OF PLAN.— Before filing a capital structure plan with the Finance Board, each Federal home loan bank shall conduct a review of the plan by— " (A) an independent certified public accountant, to ensure, to the extent possible, that implementation of the plan would not result in any write-down of the redeemable bank stock investment of its members; and "(B) at least one major credit rating agency, to determine, to the extent possible, whether implementation of

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