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FEDERAL
VOLUME 4

REGISTER

4 , 1934

aiiteo

NUMBER 109

,
Washington, Wednesday June 7, 1939
Rules, Regulations , Orders TITLE 6AGRICULTURAL CREDIT
FARM CREDIT ADMINISTRATION
FCA 137
Procedure for C onsolidation of N a tional F arm L oan A ssociations
1. Subsections 1, 3, and 4 of section 11.2228 of Title 6, Code of Federal Regulations, are amended to read as fol lows:
1 Agreement and articles of asso ciation; action by directors. The board of directors of each of the associations proposing to consolidate which associa tions are hereinafter termed the constit uent associations shall at a regular or duly called meeting adopt a resolution authorizing its president or vice president to execute on behalf of the association subject to the approval of the members, an agreement of consolidation, specifying the terms on which the associations shall be consolidated, and also to execute ap propriate articles of association for the organization of a consolidated national form loan association, and authorizing the secretary-treasurer of the association to do all acts necessary to effect the con solidation.
3 Action by stockholders. Meetings of members of each constituent associa tion shall be called for the purpose of considering the consolidation and the adoption of a resolution ratifying and approving both the resolution which the directors have adopted with respect to the consolidation and the agreement of consolidation and articles of association executed by the officers on behalf of the associations. Where one or more of the constituent associations are operating under section 25 b of the Farm Credit Act of 1937 and have ten or more bor rowers admitted to membership in the association pursuant to that section whose loans are in good standing, as
defined by the Farm Credit Administra tion, and aggregate not less than $20,000, separate meetings shall be called in each such association of the members holding association stock which was issued prior to the date on which the first member was admitted to the association pursuant to said section 25 b and of the mem bers who were admitted pursuant to that section. The members of the asso ciation, if any, who have not been issued stock because their loans are not in good standing, as defined by the Farm Credit Administration, shall be eligible to vote with other members admitted pursuant to section 25 b. The approval of twothirds of the members present and vot ing at each meeting at which the con solidation is considered, provided a quorum under the associations bylaws is present, shall be necessary before the consolidation can be effected. The no tices of the meetings must contain a statement that a consolidation will be voted on.
4 Examination of associations; ex ception. Each of the constituent asso ciations shall be examined as soonas possible after the consolidation agree ment has been approved by the mem bers of all the constituent associations, unless the Farm Credit Administration, upon recommendation of the Federal land-bank of the district, shall decide that such an examination is not neces sary. In cases where the bank believes that a special examination would not be justified, it should ask at the time the consolidation is submitted for final ap proval that the examination be dis pensed with and should give its reasons for the request.

Sec. 6, 47 Stat. 14, Sec. 29, 39 Stat. 381;
12 U.S.C. 665, 965 Revision No. 67, Manual for Federal Land Banks, June 5, 1939
seal
A. S. G o ss ,
Land Bank Commissioner.
F. R. Doc. 39-1957; Filed, June 6, 1939;
12:01 p. m. .

CONTENTS
RULES, REGULATIONS, ORDERS
Title 6 A gricultural Credit :

Farm Credit Administration:
-Ohsolidation of national farm loan associations_______
T itle 9 A nimals P roducts:

and
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A nimal
Bureau of Animal Industry:
Montevideo Livestock Sales, Tnc., notice under Packers and Stockyards Act____
T itle 17C ommodity and S ecuri ties
Page
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E xchanges:

Securities and Exchange Com mission:
Public Utility Holding Com pany Act of 1935:
Rjjle U3A3-1 and Form fr U - 3A3- 1 , r e v i s i o n adopted____________
"Sule U9A 2-1, am en d m en tT itle 24 H ousing C redit :

Federal Home Loan Bank Board:
Appraisals upon loans beyond , jJLariiles from home office ------of Federal savings and loan association________ ;
Federal Savings and Loan In surance Corporation:
""Appraisals upon loans beyond 50 miles from principal office of insured institu tion___________________
Branch office advertising to state location of principal office_________ ______ _
T itle 47 T elecommunication :
Federal/Communications Com mission:
, Iiiterstate and foreign com munication service, con struction, filing and post ing of schedules of charges_____ _________
Tariffs, repeal of rules gov erning posting and filing o f ____________________
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