Page:United States Statutes at Large Volume 101 Part 3.djvu/297

 PUBLIC LAW 100-233—JAN. 6, 1988

101 STAT. 1595

"(d) REPAYMENT.—The Financial Assistance Corporation shall pay to the Farm Credit Administration the full amount of all financial assistance provided by the Farm Credit Administration in accordance with this section, from the proceeds from the sale of the first issue of obligations by the Financial Assistance Corporation in accordance with section 6.26.

"Subtitle B—Financial Assistance Corporation "SEC. 6.20. ESTABLISHMENT OF CORPORATION.

12 USC 2278b.

"Not later than 5 days after the date of the enactment of this title, the Farm Credit Administration shall charter the Farm Credit System Financial Assistance Corporation (hereinafter referred to in this Act as the 'Financial Assistance Corporation') which shall be— "(1) an institution of the Farm Credit System; and "(2) a Federally chartered instrumentality of the United States. "SEC. 6.21. PURPOSE.

12 USC 2278b-l.

"The purpose of the Financial Assistance Corporation shall be to carry out a program to provide capital to institutions of the Farm Credit System that are experiencing financial difficulty. "SEC. 6.22. BOARD OF DIRECTORS.

12 USC 2278b-2.

"(a) BOARD OF DIRECTORS.—

"(1) COMPOSITION.—The Board of Directors of the Financial Assistance (Corporation (hereinafter referred to in this Act as the 'Board of Directors') shall consist of the Board of Directors of the Federal Farm Credit Banks Funding Corporation. "(2) CHAIRMAN.—The Board of Directors shall elect annually a Chairman from among the members of the Board. "(3) COMPENSATION.—The members of the Board of Directors shall receive compensation for the time devoted to meetings and other activities of the Board and reasonable allowances for necessary expenses of travel, lodging, and subsistence incurred in attending meetings and other activities of the Board of Directors in amounts not exceeding levels set by the Farm Credit Administration Board. "(b) RULES AND RECORDS.—The Board of Directors shall adopt such rules as it may deem appropriate for the transaction of its business and shall keep permanent and accurate records and minutes of its acts and proceedings.

..;

"(c) QUORUM REQUIRED.—No business may be conducted at a

meeting of the Board of Directors unless a quorum of the members of the Board is present, and a vote to approve an action requires a majority vote of the members voting. "(d) CHIEF EXECUTIVE OFFICER.—A chief executive officer of the Financial Assistance (Corporation shall be selected by the Board of Directors and shall serve at the pleasure of the Board. "SEC. 6.23. STOCK.

"The Financial Assistance Corporation shall issue stock with a par value of $5 to System institutions, as provided for in this subtitle, and such stock shall not be transferable.

12 USC 2278b-3.

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