[Federal Register Volume 77, Number 240 (Thursday, December 13, 2012)]
[Notices]
[Page 74183]
From the Federal Register Online via the Government Publishing 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