§ 1277.20 Classes of capital stock.

The authorized capital stock of a Bank shall consist of the following instruments: (a) Class A stock, which shall: (1) Have a par value as determined by the board of directors of the Bank and stated in the Bank's capital plan; (2) Be issued, redeemed, and repurchased only at its stated par value; and (3) Be redeemable in cash only on six-months written notice to the Bank. (b) Class B stock, which shall: (1) Have a par value as determined by the board of directors of the Bank and stated in the Bank's capital plan; (2) Be issued, redeemed, and repurchased only at its stated par value; (3) Be redeemable in cash only on five-years written notice to the Bank; and (4) Confer an ownership interest in the retained earnings, surplus, undivided profits, and equity reserves of the Bank. (c) Any one or more subclasses of Class A or Class B stock, each of which may have different rights, terms, conditions, or preferences as may be authorized in the Bank's capital plan, provided, however, that each subclass of stock shall have all of the characteristics of its respective class, as specified in paragraph (a) or (b) of this section.