§ 950a. — Liquidation or dissolution of telephone bank.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 7USC950a]
TITLE 7--AGRICULTURE
CHAPTER 31--RURAL ELECTRIFICATION AND TELEPHONE SERVICE
SUBCHAPTER IV--RURAL TELEPHONE BANK
Sec. 950a. Liquidation or dissolution of telephone bank
In the case of liquidation or dissolution of the telephone bank,
after the payment or retirement, as the case may be, first, of all
liabilities; second, of all class A stock at par; third, of all class B
stock at par; fourth, of all class C stock at par; then any surpluses
and contingency reserves existing on the effective date of liquidation
or dissolution of the telephone bank shall be paid to the holders of
class A and class B stock issued and outstanding before the effective
date of such liquidation or dissolution, pro rata.
(May 20, 1936, ch. 432, title IV, Sec. 411, as added Pub. L. 92-12,
Sec. 2, May 7, 1971, 85 Stat. 37.)
Effective Date
Section effective May 7, 1971, see section 7 of Pub. L. 92-12, set
out as a note under section 921a of this title.
