12 U.S.C. § 2279f-1

Current through P.L. 118-106 (published on www.congress.gov on 10/04/2024)

Section 2279f-1 - Merger of similar associations

(a) In general

Associations may voluntarily merge with other like associations if the plan of merger is approved by-

(1) the Farm Credit Administration Board;

(2) the respective Boards of Directors of the associations involved;

(3) a majority vote of the stockholders of each association voting, in person or by proxy, at a duly authorized stockholders' meeting; and

(4) the Farm Credit Banks involved.

(b) Procedures

The provisions of subsections (b) and (c) of section 2279c-1 of this title shall apply to associations merged under this section.

12 U.S.C. § 2279f-1

Pub. L. 92-181, title VII, §7.13, as added Pub. L. 100-233, title IV, §416, Jan. 6, 1988, 101 Stat. 1653; amended Pub. L. 100-399, title IV, §408(s), (t), Aug. 17, 1988, 102 Stat. 1003.

EDITORIAL NOTES

AMENDMENTS1988-Subsec. (a)(4). Pub. L. 100-399, §408(s), substituted "the Farm Credit Banks involved" for "the Farm Credit Bank".Subsec. (b). Pub. L. 100-399, §408(t), substituted "subsections (b) and (c)" for "subsections (b), (c), and (d)".

STATUTORY NOTES AND RELATED SUBSIDIARIES

EFFECTIVE DATE OF 1988 AMENDMENT Amendment by Pub. L. 100-399 effective as if enacted immediately after enactment of Pub. L. 100-233 which was approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100-399 set out as a note under section 2002 of this title.

credit

The term "credit" means the right granted by a person to a consumer to defer payment of a debt, incur debt and defer its payment, or purchase property or services and defer payment for such purchase.

person

The term "person" means an individual, partnership, company, corporation, association (incorporated or unincorporated), trust, estate, cooperative organization, or other entity.