Page:United States Statutes at Large Volume 101 Part 3.djvu/364

 101 STAT. 1662 12 USC 2274.

PUBLIC LAW 100-233—JAN. 6, 1988

"SEC. 5.38. POWER TO REMOVE DIRECTORS AND OFFICERS.

"Notwithstanding any other provision of this Act, a farm credit district board, bank board, or bank officer or employee shall not remove any director or officer of any production credit association or Federal land bank association,". 12 USC 2071

SEC. 433. REASSIGNMENT OF ASSOCIATIONS TO ADJOINING DISTRICTS. (a) PETITION OF BANK.—Notwithstanding any other provision of

this Act, effective for the 12-month period beginning on the date of enactment of the Agricultural Credit Act of 1987, each Federal land bank association or production credit sissociation, whose chartered territory adjoins the territory of another district, may petition the Farm Credit Administration to amend the charters of the association and the adjoining district bank to provide that the territory of the association is part of the adjoining district. (b) REQUIREMENTS OF PETITION.—To be considered under this section, the petition must be signed by not less than 15 percent of the stockholders of the association. Only one such petition may be filed by an association under this subsection. (c) FCA ACTION.—The Farm Credit Administration shall take any action necessary— (1) to amend the charters of the association and the district bank; and (2) to incorporate the petitioning association into the adjoining district if the reassignment is approved by— (A) a majority of the stockholders of the association voting, in person or by proxy, at a duly authorized stockholders' meeting held for such purpose; (B) the board of directors of such adjoining district; (C) the Assistance Board; and (D) the Farm Credit Administration Board. SEC. 434. CONFORMING AMENDMENT.

Effective 6 months after the date of the enactment of this Act, section 1.2 (12 U.S.C. 2002) is amended to read as follows: "SEC. 1.2. THE FARM CREDIT SYSTEM.

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"The Farm Credit System shall include the the Farm Credit Banks, the Federal land bank associations, the production credit associations, the banks for cooperatives, and such other institutions as may be made a part of the System, all of which shall be chartered by and subject to the regulation by the Farm Credit Administration.".

TITLE V—STATE MEDIATION PROGRAMS Subtitle A—Matching Grants for State Mediation Programs 7 USC 5101.

SEC. 501. QUALIFYING STATES.

(a) IN GENERAL.—A State is a qualifying State if the Secretary of Agriculture (hereinafter in this subtitle referred to as the "Secretary") determines that the State has in effect an agricultural loan mediation program that meets the requirements of subsection (c).

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