12 U.S. Code § 2279f - Merger of similar banks
Sections 2279a–2 and 2279a–3 of this title shall apply to banks merged under this section.
After a merger under subsection (a), a board of directors shall be created for the resulting bank.
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.
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”.
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