Page:United States Statutes at Large Volume 101 Part 3.djvu/412

 101 STAT. 1710

PUBLIC LAW 100-233—JAN. 6, 1988

Development Act, as added by subsection (a), until the final regulations governing the administration of such paragraph take effect.

TITLE VIII—MISCELLANEOUS SEC. 801. OWNERSHIP RESERVE PROGRAM.

REQUIREMENT

UNDER

THE CONSERVATION

Section 1235(a)(1) of the Food Security Act of 1985 (16 U.S.C. 3835(a)(1)) is amended— (1) by striking out "or" at the end of subparagraph (B); (2) by striking out the period at the end of subparagraph (C) and inserting in lieu thereof "; or" and (3) by adding at the end thereof the following new subparagraph: "(D) the ownership change occurred due to foreclosure on the land and the owner of the land immediately before the foreclosure exercises a right of redemption from the mortgage holder in accordance with State law.". SEC. 802. REPEAL OF PREAPPROVAL AND RELATED AUTHORITIES. (a) APPROVAL OF AMENDMENTS TO FEDERAL LAND BANK CHAR-

TERS.—Section 1.3 (12 U.S.C. 2011) is amended by striking out the second sentence and inserting in lieu thereof ' The Farm Credit Administration shall approve amendments consistent with this Act to charters of Federal land banks.". (b) FEDERAL LAND BANK POWERS.—Section 1.4 (12 U.S.C. 2012) is amended— (1) in paragraph (15), by striking out "and approved by" and inserting in lieu thereof "in accordance with regulations of; (2) in paragraph (21), by striking out "as" and by inserting in lieu thereof 'in accordance with generally accepted accounting principles, except as may be"; and (3) in paragraph (22), by striking out "and approved by the Farm Credit Administration". (c) LAND BANK STOCK.—Section 1.5 (12 U.S.C. 2013) is amended—

(1) in subsection (a), by striking out "with the approval of the Farm Credit Administration"; (2) in subsection (d), by striking out "and approved by the Farm Credit Administration"; and (3) in subsection (f), by striking out "the Farm Credit Administration may approve" and inserting in lieu thereof "may be approved by the board of directors of the bank". (d) SECURITY FOR FEDERAL LAND BANK LOANS.—Section 1.9

(12

U.S.C. 2017) is amended— (1) in the first sentence, by striking out "approved by" and inserting in lieu thereof "prescribed by regulations of'; and (2) in the second sentence, by striking out "and approved by" and inserting in lieu thereof "in accordance with regulations of. (e) FCA AUTHORITY OVER FEDERAL LAND BANK ASSOCIATIONS.—

The last sentence of section 1.13 (12 U.S.C. 2031) is amended— (1) by striking out "or by approving bylaws of the association,"; (2) by striking out "direct at any time changes in" and inserting in lieu thereof "approve amendments to"; and (3) by striking out "as" and all that follows through "Act".

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