12 U.S. Code § 2279f - Merger of similar banks
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(a) In general
Banks organized or operating under this chapter may merge with banks in other districts operating under the same subchapter if the plan of merger is approved by—
(3) a majority vote of the stockholders of each bank voting, in person or by proxy, at a duly authorized stockholders’ meeting, with each association having a number of votes equal to the number of such association’s voting stockholders; and
(b) Powers and capitalization
(c) Board of directors
(1) In general
After a merger under subsection (a) of this section, a board of directors shall be created for the resulting bank.
The board shall be composed of—
(A) two directors elected by each of the bank boards, with at least one such director from each bank being elected by the eligible stockholders of, or subscribers to, the guaranty fund of the merging banks; and
(3) Outside director
The outside director elected under paragraph (2)(B) shall be experienced in financial services and credit, and within the 2-year period prior to such election, shall not have been a borrower from, shareholder in, or director, officer, employee, or agent of any institution of the Farm Credit System.
Source(Pub. L. 92–181, title VII, § 7.12, as added Pub. L. 100–233, title IV, § 416,Jan. 6, 1988, 101 Stat. 1652; amended Pub. L. 100–399, title IV, § 408(q), (r),Aug. 17, 1988, 102 Stat. 1002, 1003.)
1988—Subsec. (b). Pub. L. 100–399, § 408(q), substituted “Powers and capitalization” for “Procedures” in heading and, in amending text generally, substituted “Sections 2279a–2 and 2279a–3 of this title” for “The provisions of sections 2279a–2 through 2279a–4 of this title”.
Subsec. (c)(2)(B). Pub. L. 100–399, § 408(r), substituted “directors” for “members”.
Effective Date of 1988 Amendment