In the case of liquidation or dissolution of any bank for cooperatives, after payment or retirement, first, of all liabilities; second, of all capital stock issued before , at par, and all nonvoting stock at par; and third, all voting stock at par; any surplus and reserves existing on , shall be paid to the holders of stock issued before that date, and voting stock pro rata; and any remaining allocated surplus and reserves shall be distributed to those entities to which they are allocated on the books of the bank, and any other remaining surplus shall be paid to the holders of outstanding voting stock. If it should become necessary to use any surplus or reserves to pay any liabilities or to retire any capital stock, unallocated reserves or surplus, allocated reserves and surplus shall be exhausted in accordance with rules prescribed by the Farm Credit Administration.
Pub. L. 92–181, title III, § 385 Stat. 608Pub. L. 99–205, title II, § 205(e)(9)99 Stat. 1705Pub. L. 100–233, title VIII, § 805o101 Stat. 1716(.12, , ; , , ; (), , .)
Editorial Notes
Amendments
Pub. L. 100–2331988— inserted “the” before “Farm Credit Administration”.
Pub. L. 99–2051985— struck out “, any stock held by the Governor of the Farm Credit Administration at par” before “, and all nonvoting stock at par”, and struck out “stock held by the Governor of the Farm Credit Administration,” before “and voting stock pro rata” in first sentence.
Statutory Notes and Related Subsidiaries
Effective Date of 1985 Amendment
Pub. L. 99–205section 401 of Pub. L. 99–205section 2001 of this titleAmendment by effective thirty days after , see , set out as a note under .