Page:United States Statutes at Large Volume 101 Part 3.djvu/294

 101 STAT. 1592

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,

Contracts.

PUBLIC LAW 100-233—JAN. 6, 1988

wise, and whether or not reflected or reserved against on balance sheets, books of account, or records of the Capital Corporation. "(b) CONTRACTS.—The existing contractual obligations, security instruments, and title instruments of the Capital Corporation shall, by operation of law and without any further action by the Farm Credit Administration, the Capital Corporation, or any court, become and be converted into obligations, entitlements, and instruments of the Assistance Board chartered under this subtitle, "(c) ADJUSTMENT OF ASSESSMENTS.—Not later than 15 days after the issuance of the charter of the Assistance Board, the Board shall retire all debt and equity obligations issued to any System institution under section 4.28G(a)(14) or 4.28H (as in effect immediately before the date of the enactment of this title) at the book value of such obligations (determined as of such date of enactment) and shall pay such amounts to the holders of such debt and equity obligations. (d) SURPLUS FuNDS.—To the extent that, on the extinguishing of liabilities assumed by the Assistance Board under this section, and on full performance or other final disposition of contract obligations of the Assistance Board, there remain surplus funds attributable to such obligations or contracts, the Assistance Board shall distribute such surplus funds among the System institutions that contributed funds to the Capital Corporation on the basis of the relative amount of funds so contributed by each institution. "(e) PRESERVATION AGREEMENTS.— "(1) TRANSFER OF OBLIGATIONS.—Notwithstanding

any other provision of this Act or the terms and conditions of the ThirtySeven Banks Capital Preservation Agreement, the Federal Land Banks Capital Preservation Agreement, the Federal Inter." mediate Credit Banks Capital Preservation Agreement, and the Banks for Cooperatives Loss Sharing Agreement— "(A) at the time the receiving bank receives funds from the Financial Assistance Corporation in an equal and equivalent amount in accordance with this subsection, any < amounts received by, or that remain accrued to, any System »., bank in accordance with the activation of any such agreement for the calendar quarter ending on September 30, .^rt.. r 1986, shall be— 'n«s^, .1 "(i) repaid to the contributing bank by the bank that /? received such payments; or "(ii) cancelled; "(B) on the date the Financial Assistance Corporation is chartered, the accounts payable of each contributing bank under such agreements for the calendar quarter ending on September 30, 1986, shall, by operation of law and without any further action by such contributing bank, any other bank, or any court, become and be converted into accounts payable of the Financial Assistance Corporation to each i. receiving bank under such agreement for such calendar ?' quarter in the same amounts as previously carried on the books of each such receiving bank; and "(C) on the date the Financial Assistance Corporation is '
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chartered, the accounts receivable of each receiving bank 5 under such agreements for the calendar quarter ending September 30, 1986, shall, by operation of law and without ^ any further action by such receiving bank or any other bank, or any court, become and be converted into accounts •.^. receivable to such receiving bank from the Financial Assist-

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