Source: https://www.law.cornell.edu/uscode/text/12/2278a%E2%80%935
Timestamp: 2018-05-27 12:04:41
Document Index: 623221489

Matched Legal Cases: ['§ 2278', '§ 2278', '§\u202f2278', '§\u202f6', '§\u202f201', '§\u202f201', '§\u202f201', '§\u202f201']

12 U.S. Code § 2278a–5 - Assistance | US Law | LII / Legal Information Institute
12 U.S. Code § 2278a–5 - Assistance
§ 2278a–5.
(a) In generalThe Assistance Board shall assist an institution that has been certified under section 2278a–4 of this title by—
authorizing the institution to issue preferred stock under section 2278b–7 of this title, in amounts necessary to maintain the book value of stock, participation certificates, and other similar equities of the institution, at the level provided for in subsection (c);
(b) “High-cost debt” defined
For purposes of subsection (a)(2), the term “high-cost debt” means securities or similar obligations issued before January 1, 1986, that mature on or after December 31, 1987, and bear a rate of interest in excess of the then current market rate for similar securities or obligations.
(c) Minimum equity valueThe Assistance Board shall authorize a certified institution to issue amounts of preferred stock under section 2278b–7 of this title sufficient to—
Except as provided in section 410(c) of the Agricultural Credit Act of 1987, no assistance shall be provided in connection with a merger until the stockholders and the institutions involved have approved the merger and the Farm Credit Administration has given final approval to the merger plan.
(Pub. L. 92–181, title VI, § 6.5, as added Pub. L. 100–233, title II, § 201, Jan. 6, 1988, 101 Stat. 1588; amended Pub. L. 100–399, title II, § 201(d), (e), Aug. 17, 1988, 102 Stat. 991.)
Section 410(c) of the Agricultural Credit Act of 1987, referred to in subsec. (d), is section 410(c) of Pub. L. 100–233, which is set out as a note under section 2011 of this title.
1988—Subsecs. (a)(1) to (3), (c). Pub. L. 100–399, § 201(e), struck out “the appropriate provision of” after “under” wherever appearing.
Subsec. (d). Pub. L. 100–399, § 201(d), substituted “Except as provided in section 410(c) of the Agricultural Credit Act of 1987, no” for “No”.