Examples of Member Excess Stock Account in a sentence
In such an event, the Member shall not be permitted to purchase additional shares of Class B Stock; and the Member’s Member Excess Stock Account shall be reduced by the number of shares of Member Excess Stock reallocated to its Activity Stock Account.
All shares of Class B Stock shall be allocated to the consolidated institution’s stock accounts pursuant to Section VI.2. hereof and any share of Class B Stock thereby in such consolidated institution’s Member Excess Stock Account may be redeemed in a manner consistent with the terms and conditions of this Capital Plan.
Each Member’s Class B Stock shall be allocated by the Bank to one (1) of three (3) distinct accounts: a Membership Stock Account, an Activity Stock Account, and a Member Excess Stock Account.
Otherwise, if after a decrease in a Member’s Mission Asset Activity, the number of shares in the Member’s Activity Stock Account is greater than the number of shares required to capitalize the Member’s remaining Mission Asset Activity at the applicable maximum Activity Stock Requirement for the different types of Mission Asset Activity, the extra shares shall be allocated to the Member’s Member Excess Stock Account that will be available to the Member to use in supporting new Mission Asset Activity.
Debit with amount of taxes rejected by State Comptroller.Credit with payment of any items after rejection by State Comptroller, and before transmission to supervisors.52 UNIFORM SYSTEM OF ACCOUNTS Items of rejected taxes remaining unpaid are required to be relevied against specific parcels or upon the tax district in which originally assessed (Tax Law, section 106).
A Member receiving such Stock Dividends, and having incremental shares of Class B Stock in its Member Excess Stock Account as a result of such Stock Dividends, shall have, for the three- (3)- month period immediately following the Stock Dividend payment, exclusive rights to utilize such Stock Dividends to capitalize the Member’s (and only the Member’s) incremental Mission Asset Activity.
This amount was exclusive of the par value of the Member’s Member Excess Stock Account.
Once a Member’s Membership Stock Account requirement is satisfied, the Member’s remaining Class B Stock shall be next allocated to its Activity Stock Account, and then to its Member Excess Stock Account.
For Mission Asset Activity originated prior to January 1, 2021, if, after a decrease in a Member’s Mission Asset Activity that was capitalized by the use of any Bank Excess Stock, the applicable Bank Excess Stock shall be retired with no payment due to the Member and no allocation to a Member’s Member Excess Stock Account.
If, after a Member’s Membership Stock Account is satisfied and the total number of shares in its Activity Stock Account satisfies the Maximum Allocation Percentages for each type of the Member’s Mission Asset Activity, the Member has additional shares of Class B Stock resulting from a Stock Dividend, such shares shall be allocated to the Member’s Member Excess Stock Account.