Type: FCA Regulation
PART 611 - ORGANIZATION
Subpart F - Bank Mergers, Consolidations and Charter Amendments
§ 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 §§ 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 stockholder's 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.
[53 FR 50393, Dec. 15, 1988]
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