Page:United States Statutes at Large Volume 106 Part 5.djvu/465

 PUBLIC LAW 102-552—OCT. 28, 1992 106 STAT. 4103 Sec. 514. Financial disclosiire and conflict of interest reporting by directors, officers, and employees of Farm Credit System institutions. Sec. 515. One-time EFAP assistance. Sec. 516. Technical corrections. SEC. 2. REFERENCES TO THE FARM CREDIT ACT OF 1971. Whenever in this Act an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the Farm Credit Act of 1971 (12 U.S.C. 2001 et seq.), except to the extent otherwise provided. TITLE I—IMPROVEMENTS TO FARM CREDIT SYSTEM SAFETY AND SOUND- NESS SEC. 101. DEFINITION OF PERMANENT CAPITAL. Paragraph (1) of section 4.3A(a) (12 U.S.C. 2154a(a)(l)) is amended to read as follows: "(1) PERMANENT CAPITAL. — The term 'permanent capital' means— "(A) current year retained earnings; "(B) allocated and unallocated earnings (which, in the case of earnings allocated in any form by a System bank to any association or other recipient and retained by the bank, shall be considered, in whole or in part, permanent capital of the bank or of any such association or other recipient as provided under an agreement between the bank and each such association or otifier recipient); "(C) all surplus (less allowances for losses); "(D) stock issued by a System institution, except— "(i) stock that may be retired by the holder of the stock on repayment of the holder's loan, or otherwise at the option or request of the holder; or "(ii) stock that is protected under section 4.9A or is otherwise not at risk; and "(E) any other debt or equity instnunents or other accounts that the Farm Credit Administration determines appropriate to be considered permanent capital.". SEC. 102. QUALIFICATIONS OF FARM CREDIT ADMINISTRATION BOARD MEMBERS. Section 5.8 (12 U.S.C. 2242) is amended by adding at the end the following new subsection: "(e) The President shall appoint members of the Board who— President. "(1) are experienced or knowledgeable in agricultural economics and financial reporting and dieclosure; "(2) are experienced or knowledgeable in the regulation of financial entities; or 'X3) have a strong financial, legal, or regulatory backgroimd.".

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