12 U.S. Code § 2279bb–7 - Recapitalization of Corporation

prev | next
(a) Mandatory recapitalization
The Corporation shall increase the core capital of the Corporation to an amount equal to or greater than $25,000,000, not later than the earlier of—
(1) the date that is 2 years after February 10, 1996; or
(2) the date that is 180 days after the end of the first calendar quarter that the aggregate on-balance sheet assets of the Corporation, plus the outstanding principal of the off-balance sheet obligations of the Corporation, equal or exceed $2,000,000,000.
(b) Raising core capital
In carrying out this section, the Corporation may issue stock under section 2279aa–4 of this title and otherwise employ any recognized and legitimate means of raising core capital in the power of the Corporation under section 2279aa–3 of this title.
(c) Limitation on growth of total assets
During the 2-year period beginning on February 10, 1996, the aggregate on-balance sheet assets of the Corporation plus the outstanding principal of the off-balance sheet obligations of the Corporation may not exceed $3,000,000,000 if the core capital of the Corporation is less than $25,000,000.
(d) Enforcement
If the Corporation fails to carry out subsection (a) of this section by the date required under paragraph (1) or (2) of subsection (a) of this section, the Corporation may not purchase a new qualified loan or issue or guarantee a new loan-backed security until the core capital of the Corporation is increased to an amount equal to or greater than $25,000,000.

Source

(Pub. L. 92–181, title VIII, § 8.38, as added Pub. L. 104–105, title I, § 117,Feb. 10, 1996, 110 Stat. 168.)

This is a list of parts within the Code of Federal Regulations for which this US Code section provides rulemaking authority.

This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].

It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.


12 CFR - Banks and Banking

12 CFR Part 650 - FEDERAL AGRICULTURAL MORTGAGE CORPORATION GENERAL PROVISIONS

12 CFR Part 651 - FEDERAL AGRICULTURAL MORTGAGE CORPORATION GOVERNANCE

12 CFR Part 652 - FEDERAL AGRICULTURAL MORTGAGE CORPORATION FUNDING AND FISCAL AFFAIRS

 

LII has no control over and does not endorse any external Internet site that contains links to or references LII.