12 U.S. Code § 2133 - Distribution of assets on liquidation or dissolution

In the case of liquidation or dissolution of any bank for cooperatives, after payment or retirement, first, of all liabilities; second, of all capital stock issued before January 1, 1956, at par, and all nonvoting stock at par; and third, all voting stock at par; any surplus and reserves existing on January 1, 1956, shall be paid to the holders of stock issued before that date, and voting stock pro rata; and any remaining allocated surplus and reserves shall be distributed to those entities to which they are allocated on the books of the bank, and any other remaining surplus shall be paid to the holders of outstanding voting stock. If it should become necessary to use any surplus or reserves to pay any liabilities or to retire any capital stock, unallocated reserves or surplus, allocated reserves and surplus shall be exhausted in accordance with rules prescribed by the Farm Credit Administration.

Source

(Pub. L. 92–181, title III, § 3.12, Dec. 10, 1971, 85 Stat. 608; Pub. L. 99–205, title II, § 205(e)(9),Dec. 23, 1985, 99 Stat. 1705; Pub. L. 100–233, title VIII, § 805(o),Jan. 6, 1988, 101 Stat. 1716.)
Amendments

1988—Pub. L. 100–233inserted “the” before “Farm Credit Administration”.
1985—Pub. L. 99–205struck out “, any stock held by the Governor of the Farm Credit Administration at par” before “, and all nonvoting stock at par”, and struck out “stock held by the Governor of the Farm Credit Administration,” before “and voting stock pro rata” in first sentence.
Effective Date of 1985 Amendment

Amendment by Pub. L. 99–205effective thirty days after Dec. 23, 1985, see section 401 ofPub. L. 99–205, set out as a note under section 2001 of this title.

The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.

The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013

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12 USCDescription of ChangeSession YearPublic LawStatutes at Large

 

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