A stockholder vote in favor of-
shall not take effect except in accordance with subsection (b).
Not later than 30 days after a stockholder vote in favor of any of the actions described in subsection (a), the officer or employee that records such vote shall ensure that all stockholders of the voting entity receive notice of the final results of the vote.
A voluntary merger, transfer, or termination that is approved by a vote of the stockholders of two or more banks or associations shall not take effect until the expiration of 30 days after the date on which the stockholders of such banks or associations are notified of the final result of the vote in accordance with paragraph (1).
If a petition for reconsideration of a merger, transfer, or termination vote, signed by at least 15 percent of the stockholders of one or more of the affected banks or associations, is presented to the Farm Credit Administration within 30 days after the date of the notification required under paragraph (1)-
If a majority of stockholders of any one of the affected banks or associations voting, in person or by written proxy, at a duly authorized stockholders' meeting, vote against the proposed merger, transfer, or termination, such action shall not take place.
If a petition for reconsideration of such vote is either not filed prior to the 60th day after the vote or, if timely filed, is not signed by at least 15 percent of the stockholders, the merger, transfer, or termination shall become effective in accordance with the plan of merger, transfer, or termination.
12 U.S.C. § 2279c-2
EDITORIAL NOTES
AMENDMENTS2018-Subsec. (c). Pub. L. 115-334 struck out subsec. (c) which related to special reconsideration regarding the organization as a separate association by certain associations that had voluntarily merged with one or more associations.1988-Subsec. (a)(1). Pub. L. 100-399, §408(n)(1), substituted "this chapter" for "section 2252(a)(2) of this title".Subsec. (a)(4). Pub. L. 100-399, §408(n)(5), redesignated par. (5) as (4). Pub. L. 100-399, §408(n)(2), inserted reference to section 2279f-1 of this title.Subsec. (a)(5). Pub. L. 100-399, §408(n)(5), redesignated par. (6) as (5). Former par. (5) redesignated (4). Pub. L. 100-399, §408(n)(3), substituted "or" for "and".Subsec. (a)(6). Pub. L. 100-399, §408(n)(5), redesignated par. (7) as (6). Former par. (6) redesignated (5). Pub. L. 100-399, §408(n)(4), substituted "section 2279f" for "section 2279f-1".Subsec. (a)(7). Pub. L. 100-399, §408(n)(5), redesignated par. (7) as (6).Subsec. (b)(2). Pub. L. 100-399, §408(o), struck out comma before "shall not take effect" and substituted "such banks or" for "such".
STATUTORY NOTES AND RELATED SUBSIDIARIES
EFFECTIVE DATE OF 1988 AMENDMENT Amendment by Pub. L. 100-399 effective as if enacted immediately after enactment of Pub. L. 100-233 which was approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100-399 set out as a note under section 2002 of this title.
- credit
- The term "credit" means the right granted by a person to a consumer to defer payment of a debt, incur debt and defer its payment, or purchase property or services and defer payment for such purchase.
- person
- The term "person" means an individual, partnership, company, corporation, association (incorporated or unincorporated), trust, estate, cooperative organization, or other entity.