12 U.S. Code § 2278a–4 - Certification of eligibility to issue preferred stock
If the book value of the stock, participation certificates, and other similar equities of a System institution, based on generally accepted accounting principles, is less than 75 percent of the par value of the stock or the face value of the certificates or equities, the institution shall request the Assistance Board to grant certification to issue preferred stock under section 2278b–7(a) of this title.
If the determination of the Assistance Board is to certify the institution under paragraph (1), such certification shall be effective at the time of such determination.
As soon as practicable after January 6, 1988, the Assistance Board shall take such actions as are necessary to carry out this section.
Except where otherwise provided in this chapter, the term “other similar equities” includes allocated equities.
1988—Subsecs. (c) to (e). Pub. L. 100–399 redesignated second subsec. (c) and subsec. (d) as (d) and (e), respectively.
LII has no control over and does not endorse any external Internet site that contains links to or references LII.