Page:United States Statutes at Large Volume 102 Part 1.djvu/1039

 PUBLIC LAW 100-399—AUG. 17, 1988

102 STAT. 1001

"SEC. 3.25. CAPITALIZATION,

"In accordance with section 4.3A, each consolidated bank shall provide, through bylaws and subject to Farm Credit Administration regulations, for the capitalization of the bank and the manner in which bank stock shall be issued, held, transferred, and retired and bank earnings distributed.". (g) Section 3.27 is amended by striking out "taxable institution" 12 USC 2148. and inserting in lieu thereof "cooperative". SEC. 408. AMENDMENTS RELATED TO SECTION 416 OF THE 1987 ACT.

(a) The title heading of title VII is amended to read as follows:

"TITLE VII—RESTRUCTURING OF SYSTEM INSTITUTIONS" 12 USC 2279a. (b) Section 7.0 is amended— (1) by striking out "Two or more" and inserting in lieu thereof "The"; and (2) in paragraph (3), by striking out "in accordance" and all that follows through "by" and inserting in lieu thereof "with each association entitled to cast a number of votes equal to the number of its voting". (c) Section 7.1 is amended to read as follows: 12 USC 2279a-l. "SEC. 7.1. BOARD OF DIRECTORS.

"Each merged bank shall elect a board of directors of such number, for such term, in such manner, and with such qualifications, as may be required in its bylaws, except that at least one member shall be elected by the other directors, which member shall not be a director, officer, employee, or stockholder of a System institution.". (d) Subtitle A of title VII is amended by striking out sections 7.3 12 USC 2279a-3, 2279a-4. and 7.4 and inserting in lieu thereof the following: "SEC. 7.3. CAPITALIZATION.

"In accordance with section 4.3A, each merged bank shall provide, through bylaws and subject to Farm Credit Administration regulations, for the capitalization of the bank and the manner in which bank stock shall be issued, held, transferred, and retired and bank earnings distributed.". (e) Subtitle A of title VII is amended by redesignating section 7.5 12 USC 2279a-5, as section 3.29, and by transferring such section, as so amended, to 2149a. the end of part B of title III. 12 USC 2279b. (0 Section 7.6(a) is amended— (1) by striking out "ASSIGNMENTS.—" and inserting in lieu thereof "VOLUNTARY TRANSFERS.—";

(2) by striking out "assign" and inserting in lieu thereof "transfer"; (3) by striking out "sections 1.6 through 1.9" and inserting in lieu thereof "this Act"; (4) by striking out "assignment" and inserting in lieu thereof "transfer"; and (5) in paragraph (3), by striking out "7.6" and inserting in lieu thereof "7.8, respectively". (g) Section 7.6(b) is amended—

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