Dissenting stockholders' rights.

CFR · 2024-01-01 · US · Title 12

(a) (1) Was eligible to vote on the termination resolution and voted against termination; (2) Was an equity holder on the voting record date but was not eligible to vote; or (3) Became an equity holder after the voting record date. (b) (c) (d) (1) Deduct any taxes due to the termination that you have not yet recorded; (2) Deduct the amount of the exit fee; and (3) Make any adjustments described under § 611.1250(c) that we may require as we deem appropriate. (e) (1) Pay cash for the par or face value of purchased stock, less any impairment; (2) For equities other than purchased equities, you may: (i) Pay cash; (ii) Cause or otherwise provide for the successor institution to issue, on the date of termination, subordinated debt to the stockholder with a face value equal to the value of the remaining equities. This subordinated debt must have a maturity date of 7 years or less, must have priority in liquidation ahead of all equity, and must carry a rate of interest not less than the rate (at the time of termination) for debt of comparable maturity issued by the U.S. Treasury plus 1 percent; or (iii) Provide for a combination of cash and subordinated debt as described above. (f) (g) (1) A description of the rights of dissenting stockholders set forth in this section and the approximate value per share that a dissenting stockholder can expect to receive. State whether the successor institution will require borrowers to be stockholders or whether it will require stockholders to be b

official document · source cfr-2024 · id 12:§ 611.1280