{"data":{"id":"us/12-cfr-615.5245","jurisdiction":"us","citation":"12 CFR 615.5245","heading":"Limitations on association preferred stock.","body":"(a) The board of directors of each association offering preferred stock must adopt a policy that addresses the association's conditions or limits on the amount of preferred stock that any one holder, or small number of holders may acquire.\n(b) Each association offering preferred stock must make the stock available for purchase to each of its members on the same basis.\n(c) An association may not extend credit for purchases of preferred stock in the association.","path":["Title 12—Banks and Banking","CHAPTER VI—FARM CREDIT ADMINISTRATION","SUBCHAPTER B—FARM CREDIT SYSTEM","PART 615—FUNDING AND FISCAL AFFAIRS, LOAN POLICIES AND OPERATIONS, AND FUNDING OPERATIONS","Subpart I—Issuance of Equities"],"source_url":"https://www.ecfr.gov/api/versioner/v1/full/2026-08-25/title-12.xml","current_through":"2026-08-25","vintage":"","retrieved_at":"2026-08-27T02:24:16Z","sha256":"fc906f7811aacf98f43a776967f5828ed7dbefedade502f4bfd42cbdc37664ea","source_id":"us-cfr","stale":true,"prev":"us/12-cfr-615.5240","next":"us/12-cfr-615.5250"},"notice":"GroundRules: Original legal text. Not legal advice."}