Page:United States Statutes at Large Volume 102 Part 1.djvu/1040

 102 STAT. 1002

12 USC 2279b. 12 USC 2279c.

12 USC 2279b, 2279c. 12 USC 2279C-1.

PUBLIC LAW 100-399—AUG. 17, 1988

(1) by striking out ''an assignment described in subsection (a)" and inserting in lieu thereof "a transfer described in subsection (a) or (d)"; and (2) in paragraph (2), by striking out "Federal land" the first place it appears. (h) Section 7.6(c) is amended— (1) by striking out "assignments or"; and (2) by striking out the second sentence. (i) The section heading and text of section 7.7 are amended to read as follows: "(d) MANDATORY TRANSFER.—On the merger of one or more production credit associations with one or more Federal land bank associations, the bank supervising the Federal land bank association shall transfer all of the direct lending authority of the bank in the territory served by such Federal land bank association to such merged association.". (j) The provision amended by subsection (i) of this section, as so amended, is hereby transferred to the end of section 7.6, where such transferred provision shall become a new subsection (d). (k) Section 7.8(b)(2) is amended by striking out the second sentence. (1) Section 7.8 is amended by striking out paragraphs (2) and (3) of subsection (c) and subsection (d) and inserting in lieu thereof the following: "(2) CAPITAUZATION.—In accordance with section 4.3A, each merged association shall provide, through bylaws and subject to Farm Oedit Administration regulations, for the capitalization of the association and the manner in which association stock shall be issued, held, transferred, and retired, and association earnings shall be distributed.", (m) Subtitle B of title VII is amended by redesignating chapter 3 as chapter 4, and by inserting before section 7.9 the following: "Chapter 3—Reconsideration'*.

12 USC 2279C-2.

12 USC 2279e.

12 USC 2279f.

(n) Section 7.9(a) is amended— (1) in pars^aph (1), by striking out "section 5.17(a)(2)" and inserting in lieu thereof "this Act"; (2) in paragraph (5), by inserting "or 7.13" before the semicolon; (3) in paragraph (6), by striking out "and" and inserting in lieu thereof "or"; (4) in paragraph (7), by striking out "7.13" and inserting in lieu thereof "7.12"; and (5) by redesignating paragraphs (5), (6), and (7), as paragraphs (4), (5), and (6), respectively. (o) Section 7.9(b)(2) is amended— (1) by striking out the third comma; and (2) by inserting "banks or" after "such". (p) Section 7.11(a)(l) is amended— (1) by striking out "or assignment"; and (2) by striking out "such institutions" and inserting in lieu thereof "the institutions involved". (q) Section 7.12(b) is amended to read as follows: "(b) POWERS AND CAPITAUZATION.—Sections 7.2 and 7.3 shall apply to banks merged under this section.".

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