Page:United States Statutes at Large Volume 101 Part 3.djvu/321

 PUBLIC LAW 100-233—JAN. 6, 1988

101 STAT. 1619

States, or by any State, county, municipality, or local taxing authority, except that any real property of the Corporation shall be subject to State, county, municipal, and local taxation to the same extent according to its value as other real property is taxed. "SEC. 5.64. REPORTS.

"(a) IN GENERAL.—The Corporation annually shall prepare and submit to Congress a report of the operations of the Corporation, as soon as practicable after the first day of January in each calendar year. "(b) CONTENTS.—Reports submitted under subsection (a) shall include information concerning the— "(1) aggregate amount in the Insurance Fund at the close of the preceding calendar year; "(2) projections of the costs to be incurred by the Corporation during the calendar year; and "(3) estimates of the aggregate amount to be collected as premiums during the calendar year. "SEC. 5.65. PROHIBITIONS. "(a) CORPORATE NAME.— "(1) USE OF CORPORATE NAME.—It

shall be unlawful for any person or entity to use the words 'Farm Credit System Insurance Corporation' or any combination of such words that would have the effect of leading the public to believe that there is any connection between such person or entity and the Corporation, by virtue of the name under which such person or entity does business. "(2) FALSE REPRESENTATION.— "(A) BY OUTSIDE PERSON OR ENTITIES.—It

shall be unlawful for any person or entity to falsely represent by any device, that the notes, bonds, debentures, or other obligations of the person or entity are insured or in any way guaranteed by the Corporation. "(B) SYSTEM BANKS.—It shall be unlawful for any insured System bank or person that markets insured obligations to falsely represent the extent to which or the manner in which such obligations are insured by the Corporation. "(3) PENALTY.—Any person or entity that willfully violates any provision of this subsection shall be fined not more than $1,000, imprisoned for not more than 1 year, or both. "(b) PAYMENTS OR DISTRIBUTIONS WHILE IN DEFAULT.—

"(1) IN GENERAL.—It shall be unlawful for any insured System bank to pay any dividends on bank stock or participation certificates or interest on the capital notes or debentures of such bank (if such interest is required to be paid only out of net profits) or distribute any of the capital assets of such bank while the bank remains in default in the payment of any premium due to the Corporation. "(2) LIABILITY OF DIRECTORS.—Each director or officer of any insured System bank who willfully participates in the declaration or payment of any dividend or interest or in any distribution in violation of this subsection shall be fined not more than $1,000, imprisoned not more than 1 year, or both. "(3) APPLICABILITY.—This subsection shall not apply to any default that is due to a dispute between the insured System bank and the Corporation over the amount of such premium if

91-194 O - 90 -11: QL.3 Part 3

12 USC

2277a-13.

12 USC

2277a-14.

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