Page:United States Statutes at Large Volume 102 Part 1.djvu/1027

 PUBLIC LAW 100-399—AUG. 17, 1988

102 STAT. 989

Public Law 100-399 100th Congress An Act To make technical corrections to the agricultural credit laws.

Aug. 17, 1988 [H.R. 3980]

Be it enacted by the Senate and House of Representatives of the Agricultural United States of America in Congress assembled, SECTION 1. SHORT TITLE.

This Act may be cited as the "Agricultural Credit Technical Corrections Act of 1988". SEC. 2. REFERENCES. (a) FARM CREDIT ACT OF 1971.—Except as otherwise specifically provided, whenever in this Act an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the Farm Credit Act of 1971 (12 U.S.C. 2001 et seq.). (b) THE 1987 ACT.—As used in this Act, the term "the 1987 Act" means the Agricultural Credit Act of 1987.

Credit Technical Corrections Act of 1988. Banks and banking. Rural areas. Securities. 12 USC 2001 note.

TITLE I—AMENDMENTS RELATED TO TITLE I OF THE 1987 ACT SEC. 101. AMENDMENTS RELATED TO SECTION 101 OF THE 1987 ACT.

(a) Section 4.9A, as in effect immediately before the enactment of 12 USG 216I. the 1987 Act, is hereby repealed. (b) Section 4.9A(a), as added by section 101 of the 1987 Act, is 12 USC 2162. amended by striking out the second sentence. (c) Section 4.9A(c), as added by section 101 of the 1987 Act, is amended to read as follows: "(c) INABILITY TO RETIRE STOCK AT PAR VALUE.—If an institution is unable to retire eligible borrower stock at par value due to the liquidation of the institution, the receiver of the institution shall retire such stock at par value as would have been retired in the ordinary course of business of the institution, and— "(1) during the 5-year period beginning on the date of the enactment of the Agricultural Credit Act of 1987, the Assistance Board shall direct the Financial Assistance Corporation to provide the receiver with sufficient funds to enable the receiver to carry out this subsection; and "(2) after such 5-year period, the Farm Credit System Insurance Corporation shall provide the receiver with sufficient funds from the Farm Credit Insurance Fund to enable the receiver to carry out this subsection.". (d) Section 4.9A(d)(2)(B), as added by section 101 of the 1987 Act, is amended— (1) by striking out "required" and all that follows through "made ' and inserting in lieu thereof "issued or allocated"; and

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