12 U.S.C. § 2127 — Guaranty fund subscriptions in lieu of stock

FEDERAL · 12 U.S.C. · Chapter SUBCHAPTER III—BANKS FOR COOPERATIVES

Guaranty fund subscriptions in lieu of stock

12 U.S.C. § 2127

ChapterSUBCHAPTER III—BANKS FOR COOPERATIVES

PartA

This text of 12 U.S.C. § 2127 (Guaranty fund subscriptions in lieu of stock) is published on Counsel Stack Legal Research, covering United States primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

12 U.S.C. § 2127.

Text

If any cooperative association is not authorized under the laws of the State in which it is organized to take and hold stock in a bank for cooperatives, the bank shall, in lieu of any requirement for stock purchase, require the association to pay into or have on deposit in a guaranty fund, or the bank may retain out of the amount of the loan and credit to the guaranty fund account of the borrower, a sum equal to the amount of stock which the association would otherwise be required to own. Each reference to stock of the banks for cooperatives in this chapter shall include such guaranty fund equivalents. The holder of the guaranty fund equivalent and the bank shall each be entitled to the same rights and obligations with respect thereto as the rights and obligations associated with the class

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If any cooperative association is not authorized under the laws of the State in which it is organized to take and hold stock in a bank for cooperatives, the bank shall, in lieu of any requirement for stock purchase, require the association to pay into or have on deposit in a guaranty fund, or the bank may retain out of the amount of the loan and credit to the guaranty fund account of the borrower, a sum equal to the amount of stock which the association would otherwise be required to own. Each reference to stock of the banks for cooperatives in this chapter shall include such guaranty fund equivalents. The holder of the guaranty fund equivalent and the bank shall each be entitled to the same rights and obligations with respect thereto as the rights and obligations associated with the class or classes of stock involved.

Source Credit

History

(Pub. L. 92–181, title III, §3.6, Dec. 10, 1971, 85 Stat. 604.)

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Bluebook (online)

12 U.S.C. § 2127, Counsel Stack Legal Research, https://law.counselstack.com/usc/12/2127.