Farm Credit Administration Board Action To Approve a Plan of Voluntary Liquidation for, and To Cancel the Charter of, the Farm Credit Finance Corporation of Puerto Rico, 74183 [2012-30134]

Download as PDF Federal Register / Vol. 77, No. 240 / Thursday, December 13, 2012 / Notices Docket No. Filed date 3. ER13–351–000 EL13–21–000 ................................................................................................. 4. ER13–185–000 ......................................................................................................................... 5. P–2342–000 ............................................................................................................................. 11–29–12 12–4–12 12–4–12 74183 Presenter or requester Robert Weisenmiller 3 CT General Assembly 4 Kate Valdez 1 Email record. record. 3 Email record. 4 Hons. Rob Kane and Arthur O’Neill. 2 Phone Dated: December 7, 2012. Kimberly D. Bose, Secretary. [FR Doc. 2012–30062 Filed 12–12–12; 8:45 am] BILLING CODE 6717–01–P FARM CREDIT ADMINISTRATION Farm Credit Administration Board Action To Approve a Plan of Voluntary Liquidation for, and To Cancel the Charter of, the Farm Credit Finance Corporation of Puerto Rico Farm Credit Administration. Notice. AGENCY: ACTION: On August 22, 2012, the Farm Credit Administration (FCA) Board authorized the voluntary liquidation of the Farm Credit Finance Corporation of Puerto Rico (FCFCPR) without the appointment of a receiver, and the cancellation of FCFCPR’s charter arising out of the voluntary liquidation of the corporation. The Farm Credit Administration (FCA) Board also granted preliminary and final approval of the proposed Plan of Liquidation for the FCFCPR under 12 CFR 627.2795— Voluntary Liquidation of FCA regulations. SUMMARY: DATES: Effective Date: August 22, 2012. srobinson on DSK4SPTVN1PROD with FOR FURTHER INFORMATION CONTACT: Thomas R. Risdal, Senior Policy Analyst, Office of Regulatory Policy, Farm Credit Administration, McLean, VA 22102–5090, (703) 883–4257, TTY (703) 883–4434; or Rebecca S. Orlich, Senior Counsel, Office of General Counsel, Farm Credit Administration, McLean, VA 22102–5090, (703) 883–4020, TTY (703) 883–4020. SUPPLEMENTARY INFORMATION: The FCFCPR was a service corporation chartered by the FCA on November 26, 1984, as a wholly-owned subsidiary of AgFirst Farm Credit Bank (AgFirst), for the purpose of providing a lower-cost funding source for the operations of Farm Credit of Puerto Rico, ACA. This was based on tax provisions in the Internal Revenue Code in effect at the time of chartering. On October 25, 2005, FCFCPR submitted to FCA certified VerDate Mar<15>2010 16:21 Dec 12, 2012 Jkt 229001 copies of Resolutions of the Boards of Directors of AgFirst and FCFCPR suspending the operations of the FCFCPR, effective December 31, 2005. As stated in the resolutions, the Board of Directors of the FCFCPR determined that there was insufficient financial benefit resulting from island-based tax treatment of the corporation to justify continuing its operations. By letter dated July 17, 2012, AgFirst, as sole stockholder of FCFCPR, stated its intent to liquidate the corporation in a voluntary liquidation. The service corporation had been inactive for more than 6 years, and at the time of deactivation there were no outstanding claims and no assets or active financial affairs that required winding down or reconciliation. AgFirst stated further that there was no active board for the FCFCPR and that AgFirst would be responsible for any claims arising against FCFCPR following cancellation of the charter. On August 22, 2012, the FCA Board authorized the voluntary liquidation of FCFCPR without the appointment of a receiver pursuant to 12 CFR 627.2795(a), and the cancellation of FCFCPR’s charter arising out of the corporation’s voluntary liquidation. The text of the FCA Board action is set forth below: FARM CREDIT SYSTEM INSURANCE CORPORATION The Farm Credit Administration (FCA) Board grants preliminary and final approval of the proposed Plan of Liquidation for the Farm Credit Finance Corporation of Puerto Rico under FCA’s regulation § 627.2795— Voluntary Liquidation and authorizes publication of Notice of the approval and cancellation of the Charter in the Federal Register. Open Session Signed by Leland A. Strom, Chairman, Farm Credit Administration Board, on August 22, 2012. Dated: December 7, 2012. Dale L. Aultman, Secretary, Farm Credit Administration Board. Farm Credit System Insurance Corporation Board; Regular Meeting Farm Credit System Insurance Corporation. SUMMARY: Notice is hereby given of the regular meeting of the Farm Credit System Insurance Corporation Board (Board). AGENCY: The meeting of the Board will be held at the offices of the Farm Credit Administration in McLean, Virginia, on December 13, 2012, from 1:00 p.m. until such time as the Board concludes its business. FOR FURTHER INFORMATION CONTACT: Dale L. Aultman, Secretary to the Farm Credit System Insurance Corporation Board, (703) 883–4009, TTY (703) 883– 4056. ADDRESSES: Farm Credit System Insurance Corporation, 1501 Farm Credit Drive, McLean, Virginia 22102. SUPPLEMENTARY INFORMATION: Parts of this meeting of the Board will be open to the public (limited space available) and parts will be closed to the public. In order to increase the accessibility to Board meetings, persons requiring assistance should make arrangements in advance. The matters to be considered at the meeting are: DATE AND TIME: A. Approval of Minutes • September 13, 2012 B. Business Reports • September 30, 2012 Financial Reports • Report on Insured and Other Obligations • Quarterly Report on Annual Performance Plan Closed Session [FR Doc. 2012–30134 Filed 12–12–12; 8:45 am] • Confidential Report on System Performance • Audit Plan for the Year Ended December 31, 2012 BILLING CODE 6705–01–P Executive Session PO 00000 • Executive Session of the FCSIC Board Audit Committee with the External Auditor Frm 00020 Fmt 4703 Sfmt 4703 E:\FR\FM\13DEN1.SGM 13DEN1

Agencies

[Federal Register Volume 77, Number 240 (Thursday, December 13, 2012)]
[Notices]
[Page 74183]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-30134]


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FARM CREDIT ADMINISTRATION


Farm Credit Administration Board Action To Approve a Plan of 
Voluntary Liquidation for, and To Cancel the Charter of, the Farm 
Credit Finance Corporation of Puerto Rico

AGENCY: Farm Credit Administration.

ACTION: Notice.

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SUMMARY: On August 22, 2012, the Farm Credit Administration (FCA) Board 
authorized the voluntary liquidation of the Farm Credit Finance 
Corporation of Puerto Rico (FCFCPR) without the appointment of a 
receiver, and the cancellation of FCFCPR's charter arising out of the 
voluntary liquidation of the corporation. The Farm Credit 
Administration (FCA) Board also granted preliminary and final approval 
of the proposed Plan of Liquidation for the FCFCPR under 12 CFR 
627.2795--Voluntary Liquidation of FCA regulations.

DATES: Effective Date: August 22, 2012.

FOR FURTHER INFORMATION CONTACT: 

Thomas R. Risdal, Senior Policy Analyst, Office of Regulatory Policy, 
Farm Credit Administration, McLean, VA 22102-5090, (703) 883-4257, TTY 
(703) 883-4434; or
Rebecca S. Orlich, Senior Counsel, Office of General Counsel, Farm 
Credit Administration, McLean, VA 22102-5090, (703) 883-4020, TTY (703) 
883-4020.

SUPPLEMENTARY INFORMATION: The FCFCPR was a service corporation 
chartered by the FCA on November 26, 1984, as a wholly-owned subsidiary 
of AgFirst Farm Credit Bank (AgFirst), for the purpose of providing a 
lower-cost funding source for the operations of Farm Credit of Puerto 
Rico, ACA. This was based on tax provisions in the Internal Revenue 
Code in effect at the time of chartering. On October 25, 2005, FCFCPR 
submitted to FCA certified copies of Resolutions of the Boards of 
Directors of AgFirst and FCFCPR suspending the operations of the 
FCFCPR, effective December 31, 2005. As stated in the resolutions, the 
Board of Directors of the FCFCPR determined that there was insufficient 
financial benefit resulting from island-based tax treatment of the 
corporation to justify continuing its operations. By letter dated July 
17, 2012, AgFirst, as sole stockholder of FCFCPR, stated its intent to 
liquidate the corporation in a voluntary liquidation. The service 
corporation had been inactive for more than 6 years, and at the time of 
deactivation there were no outstanding claims and no assets or active 
financial affairs that required winding down or reconciliation. AgFirst 
stated further that there was no active board for the FCFCPR and that 
AgFirst would be responsible for any claims arising against FCFCPR 
following cancellation of the charter.
    On August 22, 2012, the FCA Board authorized the voluntary 
liquidation of FCFCPR without the appointment of a receiver pursuant to 
12 CFR 627.2795(a), and the cancellation of FCFCPR's charter arising 
out of the corporation's voluntary liquidation. The text of the FCA 
Board action is set forth below:

    The Farm Credit Administration (FCA) Board grants preliminary 
and final approval of the proposed Plan of Liquidation for the Farm 
Credit Finance Corporation of Puerto Rico under FCA's regulation 
Sec.  627.2795--Voluntary Liquidation and authorizes publication of 
Notice of the approval and cancellation of the Charter in the 
Federal Register.


    Signed by Leland A. Strom, Chairman, Farm Credit Administration 
Board, on August 22, 2012.

    Dated: December 7, 2012.
Dale L. Aultman,
Secretary, Farm Credit Administration Board.
[FR Doc. 2012-30134 Filed 12-12-12; 8:45 am]
BILLING CODE 6705-01-P
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