Page:United States Statutes at Large Volume 101 Part 3.djvu/390

 101 STAT. 1688

PUBLIC LAW 100-233—JAN. 6, 1988 "(3) LIABILITY.—

"(A) CORPORATION.—The Corporation shall not be liable <'•>' for any debt or obligation of any other institution of the Farm Credit System. "(B) SYSTEM INSTITUTIONS.—The Farm Credit System and ^ System institutions (other than the Corporation) shall not be liable for any debt or obligation of the Corporation. "(b) DUTIES.—The Corporation shall— "(1) in consultation with originators, develop uniform underwriting, security appraisal, and repayment standards for qualified loans; "(2) determine the eligibility of agricultural mortgage marketing facilities to contract with the Corporation for the provision of guarantees for specific mortgage pools; and "(3) provide guarantees for the timely repayment of principal and interest on securities representing interests in, or obligations backed by, pools of qualified loans. 12 USC

2279aa-2. President of U.S.

'SEC. 8.2. BOARD OF DIRECTORS. "(a) INTERIM BOARD.— "(1) NUMBER AND APPOINTMENT.—Until

the permanent board of directors established in subsection (b) first meets with a quorum of its members present, the Corporation shall be under the management of an interim board of directors composed of 9 members appointed by the President within 90 days after the effective date of this title as follows: "(A) 3 members appointed from among persons who are representatives of banks, other financial institutions or entities, and insurance companies. "(B) 3 members appointed from among persons who are j_^^. representatives of the Farm Credit System institutions. "(C) 2 members appointed from among persons who are farmers or ranchers who are not serving, and have not fv served, as directors or officers of any financial institution or entity, of which not more than 1 may be a stockholder of any Farm Credit System institution. "(D) 1 member appointed from among persons who represent the interests of the general public and are not serving, and have not served, as directors or officers of any financial institution or entity. "(2) PouTiCAL AFFiuATiON.—Not morc than 5 members of the interim board shall be of the same political party. "(3) VACANCY.—A vacancy in the interim board shall be filled in the manner in which the original appointment was made. "(4) CONTINUATION OF MEMBERSHIP.—If—

"(A) any member of the interim board who was appointed to such board from among persons who are representatives of banks, other financial institutions or entities, insurance companies, or Farm Credit System institutions ceases to be such a representative; or "(B) any member who was appointed from among persons who are not or have not been directors or officers of any financial institution or entity becomes a director or an officer of any financial institution or entity; such member may continue as a member for not longer than the 45-day period beginning on the date such member ceases to be

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