Page:United States Statutes at Large Volume 101 Part 3.djvu/306

 101 STAT. 1604

PUBLIC LAW 100-233—JAN. 6, 1988

reflect the ability of the banks and associations to pay, except that— "(A) the total amount of stock purchased by banks and associations in the district under this paragraph shall equal the total amount of stock required to be purchased by the banks and associations under paragraph (1); and "(B) the board may not impair the stock of an association ^' in carrying out this paragraph; and "(C) a district board's authority to reallocate stock purchases under this paragraph shall be limited to reallocation J among like associations of the amount of stock required to ' be purchased by such associations; reallocation of the amount of stock required to be purchased by production credit associations among such associations and the district Federal intermediate credit bank; and reallocation of the amount of stock required to be purchased by Federal land ' bank associations among such associations and the district Federal land bank. Other reallocations than those enumerl ated above shall not be permitted. "(b) COMPUTATIONS.—For purposes of subsection (a), the unallocated retained earnings and assets of a System institution shall be computed in accordance with generally accepted accounting principles on the basis of the flnancial statement of the institution on December 31, 1986. "(c) NOTICE.—Within 15 days after the retirement of the obligations of the Capital Corporation under section 6.9— "(1) the Financial Assistance Corporation shall notify each System institution of the amount of stock such institution is ^ required to purchase under subsection (a); or "(2) in the case of a district in which the district board has •; reallocated the stock purchase requirement in accordance with ' subsection (a)(2), the district board shall notify each System institution in the district of the amount of stock such institution is required to purchase under subsection (a). "' "(d) INSTITUTION REQUIREMENTS AFTER NOTICE.—Within 15 days after a System institution is notified of the amounts due under subsection (c), the institution shall purchase from the Financial Assistance Corporation the amount of stock required to be purchased by the institution under this section. No further stock purr,- .. chases, obligations, or assessments shall be required beyond that provided in section 6.26 and this section. "(e) JURISDICTION OVER ACTIONS.—Notwithstanding any other provision of law, the United States district court for the District of Columbia shall have exclusive jurisdiction over any action brought under or arising out of this section. No suit or proceeding shall be maintained for the recovery of any amount of stock alleged to have been erroneously or illegally purchased, and no suit or proceeding shall be maintained to enjoin or otherwise prevent or impede the giving of notice or the purchase of stock required under this section, unless the amount of stock required to be purchased under this section has been purchased and paid for in full, 12 USC
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"SEC. 6.30. EXEMPTION FROM TAXATION.

State and local governments,

"(^) AssETS.—The Financial Assistance Corporation, and the capital, reserves, and surplus thereof, and the income derived therefrom, shall be exempt from Federal, State, municipal, and local taxation, except taxes on real estate held by the Financial Assist-

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