Page:United States Statutes at Large Volume 102 Part 1.djvu/1041

 PUBLIC LAW 100-399—AUG. 17, 1988

102 STAT. 1003

(r) Section 7.12(c)(2)(B) is amended by striking out "members" and 12 USC 2279f. inserting in lieu thereof "directors". (s) Section 7.13(a)(4) is amended by striking out "Bank" and 12 USC 2279f-l. inserting in lieu thereof "Banks involved". (t) Section 7.13(b) is amended by striking out "(\>), (c), and (d)" and inserting in lieu thereof "(b) and (c)". (u) Title V n is amended by adding at the end the following new subtitle:

"Subtitle E—Taxation of Merger Transactions "SEC. 7.14. TRANSACTIONS TO ACCOMPLISH MERGERS EXEMPT FROM CERTAIN STATE TAXES. "No State or political subdivision thereof may treat the merger or consolidation of two or more institutions of the Farm Credit System under this title or title IV of the Agricultural Credit Act of 1987 as resulting in a change of ownership of any property owned by any of such merging or consolidating institutions, for purposes of any law of such State or poUtical subdivision providing for reassessment of property on the occurrence of a change of ownership or imposing a tax on the ownership or transfer of property.". SEC. 409. AMENDMENTS RELATED TO THE SECOND SECTION 414 AND SECOND SECTION 415 OF THE 1987 ACT. (a) Subtitle B of title IV of the 1987 Act is amended by redesignating the second section 414 and the second section 415, as sections 417 and 418, respectively. (b) The table of contents of the 1987 Act is amended by striking out the items relating to the second section 414 and the second section 415, and inserting in lieu thereof the following: "Sec. 417. Nondiscrimination. "Sec. 418. Conforming amendments.". (c) Subsection (c) of section 418 of the 1987 Act (as so redesignated by subsection (a) of this section) is hereby repealed, and the Farm Credit Act of 1971 shall be applied and administered, and the amendments made by sections 430 and 802(u) of the 1987 Act shall take effect, as if such subsection (c) had not been enacted. (d) Sections 5.1 through 5.6 are hereby repealed. (e) Section 5.17(a)(2) is amended— (1) by inserting "approve" before "the consolidation"; and (2) by striking out "that they serve" and inserting in lieu thereof "of institutions". SEC. 410. AMENDMENT RELATED TO SECTION 421 OF THE 1987 ACT. Section 3.8(b)(l)(C) is amended by striking out "make" and inserting in lieu thereof "makes". SEC. 411. AMENDMENTS RELATED TO SECTION 422 OF THE 1987 ACT. (a) Section 4.29(a)(l) is amended by striking out "sections 1.11, 1.15, 2.5, and 2.16" and inserting in lieu thereof "titles I and II". (b) Section 4.29(a)(2) is amended by striking out "Federal intermediate credit banks" and inserting in lieu thereof "Farm Credit Banks".

1 USC 2279g 2

Real property.

12 USC 2153, 2181-2183, 2222-2227, 2252.

12 USC 2222-2227, 2222 note.

12 USC 2222^-2227. 12 USC 2258.

12 USC 2129.

12 USC 2218.

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