2015 US Code
Title 12 - Banks and Banking (Sections 1 - 5710)
Chapter 23 - Farm Credit System (Sections 2001 - 2279cc)
Subchapter VIII - Agricultural Mortgage Secondary Market (Sections 2279aa - 2279cc)
Part B - Regulation of Financial Safety and Soundness of Federal Agricultural Mortgage Corporation (Sections 2279bb - 2279bb-7)
Sec. 2279bb-5 - Mandatory actions applicable to level II
| Publication Title | United States Code, 2012 Edition, Supplement 3, Title 12 - BANKS AND BANKING |
| Category | Bills and Statutes |
| Collection | United States Code |
| SuDoc Class Number | Y 1.2/5: |
| Contained Within | Title 12 - BANKS AND BANKING CHAPTER 23 - FARM CREDIT SYSTEM SUBCHAPTER VIII - AGRICULTURAL MORTGAGE SECONDARY MARKET Part B - Regulation of Financial Safety and Soundness of Federal Agricultural Mortgage Corporation Sec. 2279bb-5 - Mandatory actions applicable to level II |
| Contains | section 2279bb-5 |
| Date | 2015 |
| Laws In Effect As Of Date | January 3, 2016 |
| Positive Law | No |
| Disposition | standard |
| Source Credit | Pub. L. 92-181, title VIII, §8.36, as added Pub. L. 102-237, title V, §503(b)(2), Dec. 13, 1991, 105 Stat. 1876. |
| Statutes at Large Reference | 105 Stat. 1876 |
| Public and Private Law | Public Law 92-181, Public Law 102-237 |
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If the Corporation is classified as within level II, the Corporation shall, within the time period determined by the Director, submit to the Director a capital restoration plan and, after approval, carry out the plan.
(b) Restriction on dividendsIf the Corporation is classified as within level II, the Corporation may not make any payment of dividends that would result in the Corporation being reclassified as within level III or IV.
(c) Reclassification from level II to level IIIThe Director shall immediately reclassify the Corporation as within level III (and the Corporation shall be subject to the provisions of section 2279bb–6 of this title), if—
(1) the Corporation is within level II; and
(2)(A) the Corporation does not submit a capital restoration plan that is approved by the Director; or
(B) the Director determines that the Corporation has failed to make, in good faith, reasonable efforts necessary to comply with such a capital restoration plan and fulfill the schedule for the plan approved by the Director.
(d) Effective dateThis section shall take effect upon the expiration of the 30-month period beginning on December 13, 1991.
(Pub. L. 92–181, title VIII, §8.36, as added Pub. L. 102–237, title V, §503(b)(2), Dec. 13, 1991, 105 Stat. 1876.)
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