(a) ConditionsA System institution may terminate the status of the institution as a System institution if—
the institution provides written notice to the Farm Credit Administration Board not later than 90 days prior to the proposed termination date;
the termination is approved by the Farm Credit Administration Board;
the appropriate Federal or State authority grants approval to charter the institution as a bank, savings and loan association, or other financial institution;
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;
the institution pays or makes adequate provision for payment of all outstanding debt obligations of the institution;
the termination is approved by a majority of the stockholders of the institution voting, in person or by written proxy, at a duly authorized stockholders’ meeting, held prior to giving notice to the Farm Credit Administration Board; and
the institution meets such other conditions as the Farm Credit Administration Board by regulation considers appropriate.