; and (D) thereafter to the full amount set forth in paragraph (1), with the Board of Governors of the Federal Reserve System conducting periodic assessments of the Bank’s operations and submitting similar reports to those specified in subparagraphs (A) through (C) following the end of each fifth fiscal year beginning with the Bank’s tenth full fiscal year. (c) Preferred stock (1) In general All subscribed capital shall be exchanged for an equivalent in preferred stock, or shares, in the Bank, callable only by the Bank at the current market value of the shares during a period of 20 years following finalization of a stock purchase agreement. Notwithstanding any other provision of law, a guarantee of redemption at the then current market price of the shares shall be included in the stock purchase agreement along with a contractual obligation by the United States Treasury to fund the redemption. Preferred shareholders shall have no voting rights in the Bank. (2) Dividends on preferred stock The Bank shall pay dividends on its preferred stock semiannually at the following rates: (A) For stock acquired in exchange for Treasury securities by an individual, by an entity that is not exempt from tax under section 501 of the Internal Revenue Code of 1986, or by the United States Treasury, the same annual rate as the Treasury security exchanged for the stock. (B) For stock acquired in exchange for securities by an organization that is exempt from tax under section 501 of the Internal Revenue Code of 1986, the same annual rate as the Treasury security exchanged for the stock plus one half of one percent (0.5%). (C) For stock purchased in exchange for cash by an individual or an entity that is not exempt from tax under section 501 of the Internal Revenue Code of 1986 and for stock acquired in exchange for municipal bonds, the same annual rate payable on Treasury bonds with a 30-year maturity purchased from the Treasury on the day the stock purchase agreement is finalized. (D) For stock purchased in exchange for cash by an