Page:United States Statutes at Large Volume 102 Part 1.djvu/1036

 102 STAT. 998

12 USC 2077. Taxes. 12 USC 2091.

12 USC 2093.

Real property.

PUBLIC LAW 100-399—AUG. 17, 1988

Credit Administration Board, on request of such association, may permit such association to provide credit and technical assistance to any borrower who is denied credit by the other production credit association in the district if the Board determines that such other production credit association in the district is unduly restrictive in the application of credit standards. "(2) TIMING OP DETERMINATION.—If the Farm Credit Administration Board approves the extension of credit and technical assistance under paragraph (1), the association shall approve or deny the application for credit within 90 days after receipt of the application from the borrower.". (r) Section 2.6 is amended— (1) by inserting a comma after "interest"; and (2) by inserting ", except that interest on such obligations shall be subject to Federal income taxation in the hands of the holder" before the period. (s) Section 2.10(b) is amended— (1) in paragraph (1), by inserting "under section 1.7(a)" before the first comma; and (2) by amending paragraph (2)(D)(i) to read as follows: "(i) the individual's eligilsility and request for a Farm Credit Bank loan;". (t) Section 2.10(c) is amended to read as follows: "(c) FCA AUTHORITY ON ORGANIZATION.—The Farm Credit Administration shall have power, in the terms of the charter, under rules and regulations prescribed by the Farm Credit Administration— "(1) to provide for the organization of the association; "(2) to provide for the initial amount of stock of the association; "(3) to provide for the territory within which the association may carry on its operations; and "(4) to approve amendments to the charter of such association.". (u) Section 2.12 is amended— (1) in paragraph (7)— (A) by striking out "elect by its board of directors" and insert in lieu thereof "provide by its board of directors for"; and (B) by striking out "be elected or designated" and inserting in lieu thereof "serve as"; (2) by amending paragraph (8) to read as follows: "(8) prescribe, by its board of directors, its bylaws that shall be consistent with law, and that shall provide for— "(A) the classes of its stock and the manner in which such stock shall be issued, transferred, and retired; and "(B) the manner in which it is to— "(i) select officers and employees; "(ii) acquire, hold, and transfer property; "(iii) conduct general business; and "(iv) exercise and enjoy the privileges granted to it by law;"; (3) in paragraph (12), by striking out "or delegated to" and inserting in lieu thereof "by"; (4) in paragraph (20), by striking out "and";

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