Page:United States Statutes at Large Volume 101 Part 3.djvu/309

 PUBLIC LAW 100-233—JAN. 6, 1988

101 STAT. 1607

Corporation may designate one of its directors to serve as a nonvoting representative to the board of directors of the Federal Farm Credit Banks Funding Corporation. "(C) MEETINGS.—The persons so designated by the Assistance Board and by the Farm Credit System Insurance Corporation may attend and participate in all deliberations of the board of directors of the Federal Farm Credit Banks Funding Corporation. "(e) TRANSITIONAL AUTHORITY.—Until a quorum of the board of directors of the Corporation is elected or appointed, the finance committee established under section 4.5 in effect before the date of the enactment of this section, and the fiscal agency established under section 4.9 in effect before such date of enactment, shall continue to operate as if this section had not been enacted.". (b) CONFORMING REPEALER.—Section 4.5

(12

U.S.C.

2156)

-

^

is

repealed.



SEC. 205. REGULATORY ACCOUNTING PROCEDURES.

(a) DATES FOR PURCHASE AND SALE OF OBLIGATIONS.—Section 4.8(b) (12 U.S.C. 2159(b)) is amended by striking out "1988" each place it appears and inserting in lieu thereof "1992". (b) ANNUAL REPORTS.—Section 5.19(b) (12 U.S.C. 22530))) is 12 USC 2254. amended— (1) by inserting "(1)" after the subsection designation; and (2) by adding at the end thereof the following new paragraphs: "(2) In accordance with the regulations of the Farm Credit Administration, for the period ending December 31, 1992, System institutions are authorized to use the authorities contained in this section except as otherwise provided in section 6.6. "(3) Any preferred stock issued under section 6.27 shall be subordinated to, and impaired before, other stock or equities of the institution.". SEC. 206. FINANCIAL REPORT.

12 USC 2278b

During the period beginning September 30, 2001, and ending December 31, 2001, the Farm Credit Administration shall review and evaluate the financial condition of the Farm Credit System and report to the Secretary of the Treasury and the appropriate committees of Congress on— (1) the general financial condition of each System institution; (2) the total outstanding principal of debt obligations issued under section 6.26 of the Farm Credit Act of 1971 (as added by section 201 of this Act); and (3) the ability of each System institution to retire, at par value, preferred stock issued by the institution in accordance with section 6.27 of the Farm Credit Act of 1971 (as added by section 201 of this Act). SEC. 207. CONFORMING AMENDMENTS.

(a) REPEAL.—The following provisions are hereby repealed: (1) Section 4.1 (12 U.S.C. 2152). (2) Section 5.17(a)(8) (12 U.S.C. 2252(a)(8)). (3) Part Dl of title IV (12 U.S.C. 2216 et seq.). (b) EFFECTIVE DATE.—The repeals made by subsection (a) shall 12 USC 2152 take effect 15 days after the date of the enactment of this Act. "°t^

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