Page:United States Statutes at Large Volume 102 Part 1.djvu/1030

 102 STAT. 992

PUBLIC LAW 100-399—AUG. 17, 1988

(2) by striking out "such principal" and inserting in lieu thereof "such obligation"; (3) in clause (i), by striking out "bank" and inserting in lieu thereof "institution"; and (4) in clause (ii), by striking out "banks" and inserting in lieu thereof "institutions". 12 USC 2278b-6. (u) Section 6.26(d)(l)(E) is amended by striking out "subparagraph (B)" and inserting in lieu thereof "subparagraphs (B) and (C)". (v) Clauses (i) and (iii) of section 6.26(d)(3)(A) are each amended by striking out "this subsection" and inserting in lieu thereof "subsection (cf. (w) The third sentence of section 6.26(d)(3)(B)(iii) is amended by inserting "is prohibited from redeeming or" after "If such institution". (x) Section 6.26(d)(4)(B)(iii) is amended by striking out "5.60" and inserting in lieu thereof "5.60(c)(2)(B)". (y) Section 6.27(a)(l) is amended by striking out "(a) or (b)". 12 USC 2278b-7. (z) Section 6.27(a)(2)(B) is amended— (1) by striking out "Reserve Account Board" and inserting in lieu thereof "Farm Credit System Insurance Corporation"; and (2) by striking out "Board purchases" and inserting in lieu thereof "Insurance Corporation purchases". (aa) Section 6.270k)) is amended by striking out "subsections (a) and Ok))" and inserting in lieu thereof "subsection (a)". Obb) Section 6.280t)X2) is amended— 12 USC 2278b-8. (1) by striking out "this paragraph" and inserting in lieu thereof "paragraph (1) equal; and (2) in subparagraph (A), by striking out "subsection (c)(l)(D)" and inserting in lieu thereof "section 6.26(c)(2)(D)". SEC. 202. AMENDMENT RELATED TO SECTION 202 OF THE 1987 ACT.

12 USC 2151.

Section 4.0 is amended to read as follows: "SEC. 4.0. REVOLVING FUND.

"The revolving fund established by this section (in effect immediately before the date of the enactment of the Agricultural Credit Act of 1987) shall be available to the Farm Credit Administration and the Assistance Board during the periods, and for the purposes, provided for in sections 6.13 and 6.7, respectively.". SEC. 203. AMENDMENTS RELATED TO SECTION 204 OF THE 1987 ACT.

12 USC 2160.

(a) Section 4.9 is amended by adding at the end the following:

contracts.

"(0 SUCCESSION.— "(1) ASSETS AND LIABIUTIES.—The

Corporation shall, by operation of law and without any further action by the Farm Credit Administration, the predecessor Federal Farm Credit Banks Funding Corporation (hereinafter referred to in this subsection as 'the predecessor corporation') chartered under this Act, or any court, succeed to the assets of and assume all debts, obligations, contracts, and other liabilities of the predecessor corporation, matured or unmatured, accrued, absolute, contingent or otherwise, and whether or not reflected or reserved against on balance sheets, books of account, or records of the predecessor corporation. "(2) CONTRACTS.—The existing contractual obligations, security instruments, and title instruments of the predecessor corporation shall, by operation of law and without any further

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