Page:United States Statutes at Large Volume 101 Part 3.djvu/305

 PUBLIC LAW 100-233—JAN. 6, 1988

101 STAT. 1603

stock that the Board purchases or otherwise acquires under section 6.26(d)(3)(B)(iii) or section 6.26(d)(4)(B)(ii), to establish for such stock a stated dividend rate equal to the current market yield on outstanding, marketable obligations of the United States with maturities of 30 years, plus a premium to reflect the cost of capital for institutions in financial ,,. distress. "(3) VOTING RIGHTS.—A holder of stock issued under this subsection shall have no voting rights with respect to the stock. "Qa) PURCHASE.—The Financial Assistance Corporation shall purchase shares of stock issued by certified System institutions under subsections (a) and (h) to the extent that the issuance of such stock is approved by the Assistance Board. "SEC. 6.28. PAYMENTS.

12 USC 2278b-8.

"(a) IN GENERAL.—Beginning in fiscal year 1989, the Secretary of the Treasury shall reimburse the Financial Assistance Corporation for any amounts such Corporation pays in interest charges under section 6.26(c) during fiscal year 1988, and thereafter the Secretary shall pay the Financial Assistance Corporation any amounts due from the Secretary to such Corporation under section 6.26(c). "(b) REPAYMENT OF INTEREST PAID BY SECRETARY OF TREASURY.—

"(1) IN GENERAL.—Any amounts paid into the Assistance Fund by the Secretary of the Treasury pursuant to subsection (a) exceeding $2,000,000,000 shall be repaid by System institutions in accordance with a schedule to be established by the Farm Credit Administration Board. "(2) ALLOCATION.—Until such repa3niient is completed, each System institution shall pay a proportionate share of the amount due under this paragraph to— "(A) the amount of the performing loan volume of the institution, determined in accordance with subsection (c)(l)(D) Glased on the average loan volume for the preceding year); divided by "(B) the total performing loan volume of the System for the preceding year. "(c) AUTHORIZATION OF APPROPRIATIONS.—There is authorized to be appropriated to the Secretary of the Treasury such sums on an annual basis as may be necessary to carry out this subtitle. "SEC. 6.29. ONE-TIME STOCK PURCHASE. "(a) AMOUNT OF STOCK PURCHASE.—

"(1) IN GENERAL.—Except as provided in paragraph (2), for the purpose of obtaining funds for the Trust Fund, each System institution shall purchase from the Financial Assistance Corporation stock issued in accordance with section 6.23 in an amount equal to the amount by which the unallocated retained earnings of the institution (after taking into account any funds received by the institution under section 6.9(c)) exceeds— "(A) in the case of a System bank, 5 percent of assets; or "(B) in the case of a production credit association or a Federal land bank association, 13 percent of assets. "(2) REALLOCATION.—The district board of a district, subject to the unanimous consent of the bank and associations in the district that would be affected by the reallocation, may reallocate the amount of stock required to be purchased by banks and associations in the district under paragraph (1) to equitably

12 USC 2278b-9.

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