Page:United States Statutes at Large Volume 101 Part 3.djvu/287

 PUBLIC LAW 100-233—JAN. 6, 1988

101 STAT. 1585

SEC. 110. APPLICATION OF UNINSURED ACCOUNTS.

Part F of title IV (12 U.S.C. 2219 et seq.) is amended by adding at the end thereof the following new section: "SEC. 4.37. APPLICATION OF UNINSURED ACCOUNTS.

12 USC 2219b.

"(a) IN GENERAL.—Money of a borrower held by a Farm Credit System institution in an uninsured voluntary or involuntary account as authorized under regulations issued by the Farm Credit Administration (as in effect immediately before the date of the enactment of this section), including all such other accounts known as 'advanced payment accounts' or 'future prepayment accounts' shall, in the event the institution is placed in liquidation, be immediately applied as payment sigainst the indebtedness of any outstanding loans of such borrower. "(b) REGULATIONS.—The Farm Credit Administration shall promulgate regulations— "(1) that define the term 'uninsured voluntary or involuntary account'; and "(2) to otherwise effectively carry out this section.".

TITLE II—ASSISTANCE TO FARM CREDIT SYSTEM SEC. 201. ASSISTANCE TO FARM CREDIT SYSTEM.

The Farm Credit Act of 1971 (12 U.S.C. 2001 et seq.) is amended by adding at the end thereof the following new title:

"TITLE VI—ASSISTANCE TO FARM CREDIT SYSTEM "Subtitle A—Assistance Board "SEC. 6.0. ESTABLISHMENT OF BOARD.

12 USC 2278a.

"(a) CHARTERS.—On the date which is 15 days after the date of the enactment of this title, the Farm Credit Administration shall revoke the charter of the Farm Credit System Capital Corporation (hereinafter referred to in this title as the 'Capital Corporation') and shall charter the Farm Credit System Assistance Board (hereinafter referred to in this Act as the 'Assistance Board') that, subject to this subtitle, shall be a Federally chartered instrumentality of the United States. "(b) U S E OF CAPITAL CORPORATION STAFF.—During the 90-day Contracts. period beginning on the date of the revocation of the charter of the Capital Corporation, the Assistance Board may temporarily employ, by contract or otherwise under reasonable and necessary terms and conditions, such staff of the Capital Corporation as is necessary to facilitate and effectuate an orderly transition to, and commencement of, the Assistance Board, and the termination of the affairs of the Capital Corporation. "SEC. 6.1. PURPOSES.

"The purposes of the Assistance Board shall be to carry out a program to provide assistance to, and protect the stock of borrowers

12 USC 2278a-l.

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