Source: http://ecfr.io/Title-12/pt12.10.1278
Timestamp: 2019-02-16 15:25:10
Document Index: 554279356

Matched Legal Cases: ['art 1278', 'art 1278', 'art 1278', '§1278', '§1278', '§1278', '§1278', '§1278', '§1278', '§1278', '§1278', '§1278', '§1278', '§1278', '§1278', '§1278', '§1278', '§1202', 'art 1202', '§1278', '§1278', '§1278', '§1278', '§1278', '§1278', '§1278', '§1278', '§1278']

[12 CFR 1278] Title 12 Part 1278 : Code of Federal Regulations ';
Title 12 Part 1278
Title 12 → Chapter XII → Subchapter D → Part 1278
§1278.1 Definitions.
§1278.2 Authority.
§1278.3 Merger agreement.
§1278.4 Merger application.
§1278.5 Approval by Director.
§1278.6 Ratification by Bank Members.
§1278.7 Consummation of the merger.
Source: 76 FR 72833, Nov. 28, 2011, unless otherwise noted.
Effective Date means the date on which the organization certificate of the Continuing Bank becomes effective as provided under §1278.7.
[76 FR 72833, Nov. 28, 2011, as amended at 78 FR 2328, Jan. 11, 2013; 81 FR 76300, Nov. 2, 2016]
(a) The Constituent Banks have executed a written merger agreement that satisfies all requirements of §1278.3;
(b) The Constituent Banks have jointly filed a merger application with FHFA that satisfies all requirements of §1278.4;
(c) The Director has approved the merger application in accordance with the requirements of §1278.5;
(d) The members of each Constituent Bank have ratified the merger agreement as provided under §1278.6; and
(e) The Director has determined that the Constituent Banks have satisfied all conditions imposed in connection with the approval of the merger application, and has accepted the properly executed organization certificate of the Continuing Bank, as provided under §1278.7.
A merger of Banks under the authority of §1278.2 shall require a written merger agreement that:
(a) Contents of application. Any two or more Banks that wish to merge shall submit to FHFA a merger application that addresses all material aspects of the proposed merger. As provided in §1202.8 of this chapter, a Bank may submit separately any portions of the application that it believes contain confidential or privileged trade secrets or commercial or financial information, which portions will be handled in accordance with FHFA's Freedom of Information Act regulations set forth in part 1202 of this chapter. The application shall include, at a minimum, the following:
(v) If the Constituent Banks contemplate that the proposed merger will be one of two or more related transactions, a summary of the material features of any related transactions and the bearing that the consummation of, or failure to consummate, the related transactions is expected to have upon the proposed merger;
(a) Standards. In determining whether to approve a merger of Banks under the authority of §1278.2, the Director shall take into consideration the financial and managerial resources of the Constituent Banks, the future prospects of the Continuing Bank, and the effect of the proposed merger on the safety and soundness of the Continuing Bank and the Bank system.
(b) Determination by Director. After FHFA determines that a merger application is complete, as provided in §1278.4(c), the Director shall, within 30 days, either approve or deny the merger application. An approval of a merger application may include any conditions the Director determines to be appropriate, and shall in all cases be conditioned on each Constituent Bank demonstrating that it has obtained its members' ratification of the merger agreement in accordance with the requirements of §1278.6 by submitting to FHFA:
(a) Requirements for member vote. No merger of Banks under the authority of §1278.2 may be consummated unless a merger agreement meeting the requirements of §1278.3 has been ratified by the affirmative vote of the members of each Constituent Bank in a voting process that meets the following requirements:
(1) Evidence acceptable to the Director that all conditions imposed in connection with the approval of the merger application under §1278.5 have been satisfied, including the items specified in §§1278.5(b)(1) and (2); and
(b) Acceptance of organization certificate. Upon determining that all conditions have been satisfied and that the organization certificate meets the requirements of §1278.7(a)(2), the Director shall accept the organization certificate of the Continuing Bank by endorsing thereon the date of acceptance and the Effective Date, which date shall be:
(c) Effectiveness of merger. After the Director has accepted the organization certificate of the Continuing Bank as provided in §1278.7(b), and as of the commencement of the Effective Date specified on such organization certificate: