[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: 12CFR611.1245]



[Page 77]

 

                       TITLE 12--BANKS AND BANKING

 

                 CHAPTER VI--FARM CREDIT ADMINISTRATION

 

PART 611_ORGANIZATION--Table of Contents

 

           Subpart P_Termination of System Institution Status

 

Sec. 611.1245  Stockholder reconsideration.



    (a) Right to reconsider termination. Voting stockholders have the 

right to reconsider their approval of the termination if a petition 

signed by 15 percent of the stockholders is filed with us within 35 days 

after you mail notices to stockholders that the termination was 

approved. If we determine that the petition complies with the 

requirements of section 7.9 of the Act, you must call a special 

stockholders' meeting to reconsider the vote. The meeting must occur 

within 60 days after the date on which you mailed to stockholders the 

results of the termination vote. If a majority of the stockholders 

voting, in person or by proxy, vote against the termination, the 

termination may not take place.

    (b) Stockholder list and expenses. You must, at your expense, timely 

give stockholders who request it a list of the names and addresses of 

stockholders eligible to vote in the reconsideration vote. The 

petitioners must pay all other expenses for the petition. You must pay 

expenses that you incur for the reconsideration vote.