12 U.S.C. § 2279d

1. (a)A System institution may terminate the status of the institution as a System institution if—
   1. (1)the institution provides written notice to the Farm Credit Administration Board not later than 90 days prior to the proposed termination date;
   2. (2)the termination is approved by the Farm Credit Administration Board;
   3. (3)the appropriate Federal or State authority grants approval to charter the institution as a bank, savings and loan association, or other financial institution;
   4. (4)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;
   5. (5)the institution pays or makes adequate provision for payment of all outstanding debt obligations of the institution;
   6. (6)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
   7. (7)the institution meets such other conditions as the Farm Credit Administration Board by regulation considers appropriate.
2. (b)On termination of its status as a System institution—
   1. (1)the Farm Credit Administration Board shall revoke the charter of the institution; and
   2. (2)the institution shall no longer be an instrumentality of the United States under this chapter.