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 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;
(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 majority of the stockholders of the institution voting, in person or by written proxy, at a duly authorized stockholders’ meeting, held prior to giving notice to the Farm Credit Administration Board; and
(7)the institution meets such other conditions as the Farm Credit Administration Board by regulation considers appropriate.
On termination of its status as a System institution—
(1)the Farm Credit Administration Board shall revoke the charter of the institution; and
(2)the institution shall no longer be an instrumentality of the United States under this chapter.
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
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.