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Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
2026-07-06 10:51:44 -04:00

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LegalText 12 U.S.C. § 2279a Power to merge us united_states_code code_section 12 BANKS AND BANKING 23 FARM CREDIT SYSTEM 2279a 12 U.S.C. § 2279a current 119-100 2026-06-26 official https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip /us/usc/t12/s2279a data/legal/raw/us/code/title-12/usc12.xml 61748d4b5b6fbdac95ec2841c40f1e023a0e61793cfa7bfb17e03ff1f0e93992 e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa ba661822f9569bb128ffdf0cd35ec4c606bb66c3064e65a984aeea5feaf8a4f9 2026-07-04 official
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12 U.S.C. § 2279a - Power to merge

Text

The 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—

(1) the Farm Credit Administration Board;

(2) the respective boards of directors of the banks involved;

(3) 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

(4) 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. 92181, title VII, § 7.0, as added Pub. L. 100233, title IV, § 416, Jan. 6, 1988, 101 Stat. 1645; amended Pub. L. 100399, title IV, § 408(b), Aug. 17, 1988, 102 Stat. 1001.)

Notes

Editorial Notes

Amendments1988—Pub. L. 100399 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”.

Statutory Notes and Related Subsidiaries

Effective Date of 1988 AmendmentAmendment by Pub. L. 100399 effective as if enacted immediately after enactment of Pub. L. 100233, which was approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100399, set out as a note under section 2002 of this title.