Incorporation of service corporations.

CFR · 2024-01-01 · US · Title 12

(a) (b) (i) One or more Farm Credit banks and associations; and (ii) Persons that are not Farm Credit banks or associations, provided that at least 80 percent of the voting stock is at all times held by Farm Credit banks or associations. (2) For the purposes of this subpart, we define persons as individuals or legal entities organized under the laws (c) (1) The certified resolution of the board of each organizing bank or association authorizing the incorporation; (2) A request signed by the president(s) of the organizing bank(s) or association(s) to us to issue a charter, supported by a detailed statement demonstrating the need and the justification for the proposed entity; and (3) The proposed articles of incorporation addressing, at a minimum, the following: (i) The name of your corporation; (ii) The city and state where the principal offices of your corporation are to be located; (iii) The general purposes for the formation of your corporation; (iv) The general powers of your corporation; (v) The procedures for a Farm Credit bank or association or persons that are not Farm Credit institutions to become a stockholder; (vi) The procedures to adopt and amend your corporation's bylaws; (vii) The title, par value, voting and other rights, and authorized amount of each class of stock that your corporation will issue and the procedures to retire each class; (viii) The notice and quorum requirement for a meeting of shareholders, and the vote required for shareholder action on vari

official document · source cfr-2024 · id 12:§ 611.1135