Page:United States Statutes at Large Volume 101 Part 3.djvu/313

 PUBLIC LAW 100-233—JAN. 6, 1988

101 STAT. 1611

"PART E—FARM CREDIT SYSTEM INSURANCE CORPORATION "SEC. 5.51. DEFINITIONS.

12 USC 2277a.

"As used in this part: "(1) BOARD OF DIRECTORS.—The term 'Board of Directors' means the Board of Directors of the Corporation. "(2) CORPORATION.—The term 'Corporation' means the Farm Credit System Insurance Corporation established in section 5.52. "(3) INSURED OBLIGATION.—The term 'insured obligation' means any note, bond, debenture, or other obligation issued under subsection (c) or (d) of section 4.2— "(A) on or before the date of the enactment of this part, on behalf of any System bank; and "(B) after such date, on behalf of any insured System bank. "(4) INSURED SYSTEM BANK.—The term 'insured System bank* means any System bank whose participation in notes, bonds, debentures, and other obligations issued under subsection (c) or (d) of section 4.2 is insured under this part. "(5) RECEIVER.—The term 'receiver' means a receiver or conservator appointed by the Farm Credit Administration to liquidate a System institution. "(6) STATE.—The term 'State' means any of the 50 States, the District of Columbia, any Territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, or the Virgin Islands. "SEC. 5.52. ESTABLISHMENT OF FARM CREDIT SYSTEM INSURANCE 12 USC 2277a-l. CORPORATION.

"There is hereby established the Farm Credit System Insurance Corporation which shall insure, in accordance with this part, the timely payment of principal and interest on notes, bonds, debentures, and other obligations issued under subsection (c) or (d) of section 4.2 on behalf of one or more System banks all of which are entitled to the benefits of insurance under this part. "SEC. 5.53. BOARD OF DIRECTORS.

"(a) ESTABLISHMENT.—The Corporation shall be managed by a Board of Directors that shall consist of the members of the Farm Credit Administration Board. "(b) CHAIRMAN.—The Board of Directors shall be chaired by any Board member other than the Chairman of the Farm Credit Administration Board. "SEC. 5.54. COMMENCEMENT OF INSURANCE.

"Effective beginning on January 1, 1989, or 12 months after the date of the enactment of this part, whichever is later, each System bank shall be an insured System bank and shall be subject to this part. Each System bank that is authorized to commence or resume operations under a title of this Act shall be an insured System bank from the time of such authorization. A bank resulting from the merger or consolidation of insured System banks shall be an insured System bank.

12 USC 2277a-2.

- -' - s;

12 USC 2277a-3.

�