12 U.S.C. § 2279d: Termination of System institution status

the institution provides written notice to the Farm Credit Administration Board not later than 90 days prior to the proposed termination date; the termination is approved by the Farm Credit Administration Board; the appropriate Federal or State authority grants approval to charter the institution as a bank, savings and loan association, or other financial institution; the institution pays to the Farm Credit Insurance Fund the amount by which the total capital of the institution exceeds 6 percent of the assets; the institution pays or makes adequate provision for payment of all outstanding debt obligations of the institution; the termination is approved by a majority of the stockholders of the institution voting, in person or by written proxy, at a duly authorized stockholders’ meeting, held prior to giving notice to the Farm Credit Administration Board; and the institution meets such other conditions as the Farm Credit Administration Board by regulation considers appropriate. the Farm Credit Administration Board shall revoke the charter of the institution; and the institution shall no longer be an instrumentality of the United States under this chapter.