[Code of Federal Regulations]

[Title 12, Volume 6]

[Revised as of January 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 12CFR611.1020]



[Page 60]

 

                       TITLE 12--BANKS AND BANKING

 

                 CHAPTER VI--FARM CREDIT ADMINISTRATION

 

PART 611_ORGANIZATION--Table of Contents

 

      Subpart F_Bank Mergers, Consolidations and Charter Amendments

 

Sec. 611.1020  Requirements for mergers or consolidations of banks.



    (a) As authorized under sections 7.0 and 7.12 of the Act, a bank may 

merge or consolidate with one or more banks operating under the same or 

different titles of the Act.

    (b) Where two or more banks plan to merge or consolidate, the banks 

shall jointly submit to the Farm Credit Administration the documents 

itemized in Sec. Sec. 611.1122(a)(1) through (4), (6), (7), 

611.1122(e), and 611.1123. In interpreting those sections, the word 

``bank'' shall be read for the word ``association.''

    (c) No bank director, officer, or employee shall make any untrue or 

misleading statement of a material fact, or fail to disclose any 

material fact necessary under the circumstances to make statements made 

not misleading, to any stockholder of the bank in connection with a bank 

merger or consolidation.

    (d) Upon approval of a proposed bank merger or consolidation by the 

stockholders of each constituent bank, the following documents shall be 

submitted from the constituent banks to the Farm Credit Administration 

for final approval and issuance of the appropriate charters or 

amendments to charter:

    (1) A certified copy of the stockholders' resolution, on which the 

stockholders cast their votes, from each constituent bank;

    (2) A certification of the stockholder vote from the corporate 

secretary of each bank or from an independent third party;

    (3) An Agreement of Merger or Consolidation duly executed by those 

authorized to sign on behalf of each constituent bank.