Page:United States Statutes at Large Volume 101 Part 3.djvu/363

 PUBLIC LAW 100-233—JAN. 6, 1988

101 STAT. 1661

"(2) APPORTIONMENTS.—On the basis of the determinations made under paragraph (1), the Farm Credit Administration shall— "(A) apportion the amount of such assessment among the System institutions on a basis that is determined to be equitable by the Farm Credit Administration; "(B) assess and collect such apportioned amounts from time to time during the fiscal year as determined necessary by the Farm Credit Administration; and "(C) assess and collect from the Mortgage Corporation, from time to time during the fiscal year, the amount specified in paragraph dXC).

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"(b) DEPOSITS INTO FUND.— "(1) TREASURY FUND.—The

amounts collected under subsection (a) shall be deposited in the Farm Credit Administration Administrative Expense Account. The Expense Account shall be maintained in the Treasury of the United States and shall be available, without regard to the Balanced Budget and Emergency Deficit Control Act of 1985 (2 U.S.C. 901 note) or any other law, to pay the expenses of the Farm Credit Administration. "(2) NONGOVERNMENT FUNDS.—The funds contained in the Expense Account shall not be construed to be Federal Government funds or appropriated moneys. "(3) INVESTMENT.—

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"(A) AUTHORITY.—On request of the Farm Credit Administration, the Secretary of the Treasury shall invest and reinvest such amounts contained in the Expense Account as, in the determination of the Farm Credit Administration, are in excess of the amounts necessary for current expenses of the Farm Credit Administration. (B) RETURNS.—All income earned from such investments and reinvestments shall be deposited in the Expense Account. "(C) TYPE.—Such investments shall be made in public debt securities with maturities suitable to the needs of the Expense Account, as determined by the Farm Credit Administration, and bearing interest at rates determined by the Secretary of the Treasury, taking into consideration current market yields on outstanding marketable obligations of the United States of comparable maturities.".

(b) EXAMINATION OF FEDERAL LAND BANK ASSOCIATIONS.—Section

5.19(a) (12 U.S.C. 2253(a)) is amended— 12 USC 2254. (1) in the first sentence, by striking out "Each" and inserting I in lieu thereof "Except for Federal land bank associations, t each"; (2) by inserting after the first sentence the following new sentence: "Each Federal land bank association shall be examined by Farm Credit Administration examiners at such times as the Farm Credit Administration Board may determine, except that each such association shall be examined at least once every 5 years."; and (3) by striking out "the Chairman o f each place it appears in such subsection. (c) POWER TO REMOVE DIRECTORS AND OFFICERS.—Part C of title V (12 U.S.C. 2260) is amended by adding at the end thereof the following new section:

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