Farm Credit Bank
section 2202a of this titleIf a Farm Credit Bank forgives and writes off, under , any of the principal outstanding on a loan made to any borrower, the Federal land bank association of which the borrower is a member and stockholder shall cancel the same dollar amount of borrower stock held by the borrower in respect of the loan, up to the total amount of such stock, and, to the extent provided for in the bylaws of the bank relating to its capitalization, the bank shall retire an equal amount of stock owned by the Federal land bank association.
Production credit association
section 2202a of this titleIf a production credit association forgives and writes off, under , any of the principal outstanding on a loan made to any borrower, the association shall cancel the same dollar amount of borrower stock held by the borrower in respect of the loan, up to the total amount of such stock.
Retention of stock
Notwithstanding subsections (a) and (b), the borrower shall be entitled to retain at least one share of stock to maintain the borrower’s membership and voting interest in the association.
Pub. L. 92–181, title IV, § 4Pub. L. 100–233, title I, § 102(a)101 Stat. 1577Pub. L. 100–399, title I, § 102(g)102 Stat. 990(.14B, as added , , ; amended , , .)
Editorial Notes
Amendments
Pub. L. 100–3991988—Subsec. (a). substituted in subsec. heading “Farm Credit Bank” for “Federal land bank” and in text “a Farm Credit Bank” for “a Federal land bank” and “, to the extent provided for in the bylaws of the bank relating to capitalization, the bank shall” for “the Federal land bank shall”.
Statutory Notes and Related Subsidiaries
Effective Date of 1988 Amendment
Pub. L. 100–399section 401 of Pub. L. 100–233section 1001(b) of Pub. L. 100–399section 2002 of this titleAmendment by effective immediately after amendment made by , which was effective 6 months after , see , set out as a note under .