FEDERAL · 12 U.S.C. · Chapter 23
Termination of System institution status
Current through Pub. L. 119-102
(a)Conditions
A System institution may terminate the status of the institution as a System institution if—
(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 Insurance Fund 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 ma
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12 U.S.C. § 2279d (Termination of System institution status) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Related
Amarillo Production Credit Association v. Farm Credit Administration
887 F.2d 507 (Fifth Circuit, 1989)
Farm Credit Services of Mid-America v. Indiana Department of State Revenue
677 N.E.2d 645 (Indiana Tax Court, 1997)
Source Credit
History
(Pub. L. 92–181, title VII, §7.10, as added Pub. L. 100–233, title IV, §416, Jan. 6, 1988, 101 Stat. 1650; amended Pub. L. 115–334, title V, §5411(41), Dec. 20, 2018, 132 Stat. 4683.)
Editorial Notes
Editorial Notes
Amendments
2018—Subsec. (a)(4). Pub. L. 115–334 added par. (4) and struck out former par. (4) which read as follows: "the institution pays to the Farm Credit Assistance Fund, as created under section 2278b–5 of this title, 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;".
Amendments
2018—Subsec. (a)(4). Pub. L. 115–334 added par. (4) and struck out former par. (4) which read as follows: "the institution pays to the Farm Credit Assistance Fund, as created under section 2278b–5 of this title, 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;".