Page:United States Statutes at Large Volume 102 Part 1.djvu/1031

 PUBLIC LAW 100-399—AUG. 17, 1988

102 STAT. 993

action by the Farm Credit Administration, the predecessor corporation, or any court, become and be converted into obligations, entitlements, and instruments of the Corporation. "(8) STOCK.—The stock of the predecessor corporation issued before the date of the enactment of this section shall, by operation of law and without any further action by the Farm Credit Administration, the predecessor corporation, or any court, become and be converted into stock of the Corporation established by this section. "(4) TAXATION.—The succession to assets, assumption of liabilities, conversion of obligations, instruments, and stock, and effectuation of any other transaction by the Corporation to carry out this subsection shall not be treated as a taxable event under the laws of any State or political subdivision thereof.". (b) Section 4.9(b)(3) is amended by inserting "predecessor Federal Farm Credit Banks" before "Funding Corporation". (c) Subparagraphs (B) and (C) of section 4.9(d)(2) are each amended by striking out "Federal Farm Credit Banks Funding". (d) Section 4.9(e) is amended to read as follows: "(e) TRANsmoNAL AUTHORITY.—Until a majority of the voting members of the board of directors of the Corporation is elected, which shall occur as soon as is practicable after the enactment of this section— "(1) the Hnance committee established under section 4.5 in effect before the date of the enactment of this section, and the fiscal agency established under section 4.9 in effect before such date of enactment, shall continue to operate as if this section had not been enacted; and "(2) the board of directors of the predecessor Federal Farm Credit Banks Funding Corporation shall be the board of directors of the Financial Assistance Corporation.". (e) Section 4.2(e) is amended— (1) by striking out "their" and inserting in lieu thereof "the"; and (2) by striking out "fiscal agent" each place it appears and inserting in lieu thereof "Federal Farm Credit Banks Funding Corporation". SEC. 204. AMENDMENT RELATED TO SECTION 205 OF THE 1987 ACT. Section 5.19(b)(2) is amended by striking out "this section" and inserting in lieu thereof "the third sentence of paragraph (1)". SEC. 205. AMENDMENTS RELATED TO SECTION 207 OF THE 1987 ACT. Section 5.17(a) is amended by redesignating paragraphs (9), (10), (11), (12), (13), and (14), as paragraphs (8), (9), (10), (11), (12), and (13), respectively.

State and local governments.

12 USC 216O.

12 USC 2153.

12 USC 2254.

12 USC 2252.

TITLE III—AMENDMENTS RELATED TO TITLE III OF THE 1987 ACT SEC. 301. AMENDMENTS RELATED TO SECTION 301 OF THE 1987 ACT. (a) Section 301(a) of the 1987 Act is amended— 12 USC 2154 (1) in paragraph (I)(B), by striking out "be" and inserting in note. lieu thereof "apply to an institution";

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