(a) ConditionsA 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;
(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;
(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.)