Power to mergeThe banks within a district may merge into a single entity (hereinafter in this subchapter referred to as a “merged bank”) if the plan of merger is approved by—
the Farm Credit Administration Board;
the respective boards of directors of the banks involved;
a majority of the stockholders of each bank voting, in person or by proxy, at a duly authorized stockholders’ meeting with each association entitled to cast a number of votes equal to the number of its voting stockholders; and
in the case of a bank for cooperatives, a majority of the total equity interests in such merging bank for cooperatives (including allocated, but not unallocated, surplus and reserves) held by those stockholders or subscribers to the guaranty fund of the bank voting.
(Pub. L. 92–181, title VII
, § 7.0, as added Pub. L. 100–233, title IV
, § 416, Jan. 6, 1988
, 101 Stat. 1645
; amended Pub. L. 100–399, title IV
, § 408(b), Aug. 17, 1988
, 102 Stat. 1001
1988—Pub. L. 100–399 substituted “The banks” for “Two or more banks” in introductory provisions, and in par. (3) substituted “with each association entitled to cast a number of votes equal to the number of its voting” for “in accordance with the provisions of section 2223(c) of this title relating to the casting of votes by”.
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