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S , O N A L 4 ,
VOLUME 18

19 34

tAilTEO

NUMBER 202

Washington, Thursday, October 15, 1953

TITLE 6 AGRICULTURAL CREDIT
Chapter 4 Farm Credit Administra tion, Department of Agriculture Subchapter E Production Credit System F C A Order 582
P art 50 R u l e s a n d R e g u l a t io n s fo r P r o d u c t io n C r e d it A s s o c ia t io n s CONSOLIDATION OR MERGER OF PRODUCTION
CREDIT ASSOCIATIONS

Section 50.20 of the rules and regula tions for Production Credit Associations is hereby amended to read as follows:
50.20 Consolidation or merger of associations a Agreement.
1 By resolution, the board of directors of each association constituent to a consolida tion or merger shall authorize the execu tion of, and shall approve, an agreement in the form prescribed by the corpo ration with the approval of the Farm Credit Administration designating the charter of one of the constituent asso ciations as the charter of the consoli dated association or of the continuing association in the case of a merger, pro viding for a date on which the consoli dation or merger shall be effective, and setting forth the terms and conditions thereof, and the mode of carrying the same into effect.
2 If the associations are to be con solidated, the agreement shall also pro vide that the shares of class A stock of the respective constituent associations shall be converted at the par value thereof into like shares of the consoli dated association; that the shares of class B stock of the respective constitu ent associations which have a fair book value equal to or greater than the par value thereof shall be converted at the par value thereof into like shares of the consolidated association; that the shares of class B stock of the respective con stituent associations which have a fair book value of less than par shall be con verted into $5.00 par value shares of class B stock of the consolidated asso ciation having an aggregate value equal in each instance to the aggregate fair book value of such shares of such con stituent associations.
3 If the associations are to be merged, the agreement shall also provide that the shares of class A stock of the association associations which is are merged into the continuing association
shall be converted at the par value CONTENTS
thereof into like shares in the continu ing association; that the shares of class Agriculture Department B stock in the merged association asso See also Commodity Credit Corpo ciations which have a fair book value ration; Farm Credit Adminis equal to or greater than the par value tration; Production and M a r thereof shall be converted at the par keting Administration.
value thereof into like shares of the con Notices:
tinuing association; and that the shares Kansas, delineation and certifi of Class B stock in the merged associa cation of counties contained tion associations which have a fair in drought area of; disaster book value of less than par shall be con assistance_____________________
verted into $5.00 par value shares of class Air Force Department B stock of the continuing association having an aggregate value equal in each Rules and regulations:
Procurement; requests for re instance to the aggregate fair book value laxation of State labor legis of such shares of such merged associ lation; Davis-Bacon Act------ations.
b Approval of agreement. In order Army Department to become effective, the agreement must Rules and regulations:
Payment of bills and accounts;
be approved:
1 By a two-thirds vote of the class advance payments and mis B stockholders of each association con cellaneous special cases------- stituent to the consolidation or merger Civil Aeronautics Administra who are present at a meeting duly called tion for the purpose provided the stockhold Notices :
ers so present constitute a quorum ;
Organization and functions;
2 By the president of the corpora Aviation Safety D i s t r i c t tion; and Offices-------------- -------------------3 By the Farm Credit Administra Rules and regulations:
tion.
Alterations:
c Effectiveness of agreement. 1
Danger areas-----------------------W hen so approved, the consolidation or Standard instrument ap merger agreement shall be filed with the proach procedures_________
corporation and shall become effective as of its effective date. As of such date, Civil Aeronautics Board in the case of consolidation, the separate Notices:
American Airlines, Inc., and existence of the constituent associations Eastern Air Lines, Inc.; short shall cease, and the consolidated asso haul coach fare investigation.
ciation shall succeed, without other transfer, to all rights and property of Commerce Department the constituent associations and shall be See Civil Aeronautics Administra obligated to discharge all the debts, lia tion; International Trade Office.
bilities, and duties thereof in the same Commodity Credit Corporation manner and to the same extent as if such consolidated association had origi Notices:
gales of certain commodities at nally incurred them.
fixed prices; October 1953 ex 2
In case of merger, the separate port and domestic price lists existence of the merged association as sociations shall cease, and the continu Defense Department ing association shall succeed, without See Air Force Department; Army other transfer, to all rights and property Department.
of the merged association associations Defense Materials Procurement and shall be obligated to discharge all Agency the debts, liabilities, and duties thereof in the same manner and to the same ex Rules and regulations:
Editorial note___________________
tent as if such continuing association had originally incurred them.
Farm Credit Administration d Supervisory duties of corporation. Rules and regulations:
It shall be the duty of the corporation Production Credit Associations, consolidation or merger of Continued on next page 6555

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