Requirements for association mergers or consolidations.

CFR · 2024-01-01 · US · Title 12

(a) Where two or more associations plan to merge or consolidate, or where the funding bank board has adopted a reorganization plan for the associations in the district, the associations involved must jointly submit a request to the funding bank containing the following: (1) In the case of a merger, a copy of the charter of the continuing association reflecting any proposed amendments. In the case of consolidation, a copy of the proposed charter of the new association; (2) A statement of the reasons for the proposed merger or consolidation, the impact of the proposed transaction on the associations and their stockholders, and the planned effective date of the merger or consolidation; (3)(i) A certified copy of the resolution of the board of directors of each association recommending approval of the merger or consolidation; or (ii) In the case of a district reorganization plan, a certified copy of the resolution of the board of directors of each association recommending either approval or disapproval of the proposal. (4) A copy of the agreement of merger or consolidation; (5) Two signed copies of the continuing or proposed Articles of Association; (6) All of the information specified in paragraph (e) of this section; (7) Any additional information or documents each association wishes to submit in support of the request; and (8) All additional information and documentation that the funding bank or the FCA requests. (b) Upon receipt of a request for approval of an association mer

official document · source cfr-2024 · id 12:§ 611.1122