Page:United States Statutes at Large Volume 101 Part 3.djvu/324

 101 STAT. 1622

PUBLIC LAW 100-233—JAN. 6, 1988

SEC. 306. CONSERVATORS AND RECEIVERS. Section 4.12(b) (12 U.S.C. 2183(b)) is amended— (1) by striking out the period at the end of paragraph (5) and inserting in lieu thereof a semicolon; (2) by inserting after paragraph (5) the following new paragraph: "(6) the institution is unable to timely pay principal or interest on any insured obligation (as defined in section 5.51(3)) issued by the institution."; and (3) in the second sentence by inserting before the period at the end thereof the following: ", and such receiver or conservator, after the 5-year period beginning on the date of the enactment of the Agricultural Credit Act of 1987, shall be the Farm Credit System Insurance Corporation".

TITLE IV—RESTRUCTURING THE FARM CREDIT SYSTEM Subtitle A—Creation of Farm Credit Banks Effective date. 12 USC 2011 ^° ^

SEC. 401. FARM CREDIT BANKS AND ASSOCIATIONS CHARTERS. Effective 6 months after the date of enactment of this Act, titles I and II of the Farm Credit Act of 1971 (12 U.S.C. 2000 et seq.) are amended to read as follows:

"TITLE I—FARM CREDIT BANKS 12 USC 2011.

12 USC 2012.

"SEC. 1.3. ESTABLISHMENT, CHARTERS. TITLES, BRANCHES. "(a) ESTABLISHMENT.—The banks established pursuant to the merger of each District Federal Intermediate Credit Bank and Federal Land Bank (hereinafter referred to in this title as 'Farm Credit Banks') shall be Federally chartered instrumentalities of the United States. "(b) CHARTERS.—The charters or organization certificates of Farm Credit Banks may be modified from time to time by the Farm Credit Administration Board, not inconsistent with the provisions of this title, as may be necessary or expedient to implement this Act. "(c) TITLE.—Each Farm Credit Bank may include in its title the name of the city in which it is located or other geographical designation. "(d) BRANCHES.—Each Farm Credit Bank may establish such branches or other offices as may be appropriate for the effective operation of its business. "SEC. 1.4. BOARD OF DIRECTORS. "Each Farm Credit Bank shall elect from its voting stockholders a board of directors of such number, for such term, in such manner, and with such qualifications, as may be required in its bylaws, except that, at least one member shall be elected by the other directors, which member shall not be a director, officer, employee, or stockholder of a System institution.

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