7 USC 950a: Liquidation or dissolution of telephone bank
Text contains those laws in effect on January 7, 2011
From Title 7-AGRICULTURECHAPTER 31-RURAL ELECTRIFICATION AND TELEPHONE SERVICESUBCHAPTER IV-RURAL TELEPHONE BANK
§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, §411, as added
Effective Date
Section effective May 7, 1971, see section 7 of