Page:United States Statutes at Large Volume 102 Part 3.djvu/182

 102 STAT. 2266

Effective date.

Securities.

PUBLIC LAW 100-460—OCT. 1, 1988

program, and if the State has determined that such a procedure would lower costs and enable more eligible persons to be served (without interference with the delivery of nutritious foods to recipients) and has not initiated action to implement such procedures. The Secretary may extend the effective date of implementation on a case-by-case basis where necessary. SKC. 646. Effective October 1, 1989, section 6.29 of the Farm Credit Act of 1971 (12 U.S.C. 2278b-9) is amended by— (1) in subsection (a)(D, striking out '"Elxcept as provided in paragraph (2)," and inserting in lieu thereof "Except as provided in paragraphs (2) and (3),", (2) adding at the end of subsection (a) the following new paragraph: "(3) PraiODic PURCHASES.—(A) Notwithstanding any other provision of this section, the Financial Assistance Corporation shall establish a prc^ram under which Sj^tem institutions shall purchase, as debt obligations are issued under section 6.26(a), stock of the Corporation in amounts described in this paragraph. "(B) The prc^ram shall provide, with respect to each issuance of debt obligations under section 6.26(a), that each System institution or^inaUy required to purchase stock under paragraph (1), or the successor thereto, shall purchase Corporation stock in an amount determined by multiplying the amount of stock such institution was originally required to purchase under that paragraph by a percentage equaJ to the percentage which the amount of the issuance bears to $4,000,000,000. "iC) The F^ancial Assistance (Corporation shall promptly rescind purchases of stock of the Corporation made under paragraph (1) or (2) by System institutions and refund to such institutions, or their successors, the purchase price for the stock, except that, with respect to each issuance of debt obligations that occurs before October 1, 1988, the Corporation shall deduct from any refund due any System institution, and retain, the amount payable by such institution.", (3) in subsection (c)— (A) striking out "Within" and inserting in lieu thereof "(1) Within", (B) striking out "(1) the" and inserting in lieu thereof "(A) the ", and (C) striking out "(2) in the case" and inserting in lieu thereof "(B) in the case", and (4) adding at the end thereof the following new paragraph:

�