Page:United States Statutes at Large Volume 106 Part 5.djvu/481

 PUBLIC LAW 102-552—OCT. 28, 1992 106 STAT. 4119 of the requirement under subparagraph (A). Any extension provided under this subparagraph may be conditioned on such terms and conoitions as the Farm Credit Administration determines necessary to ensure that the merger described in the letter of intent is completed by the closing date of the extension. "(ii) COMPLIANCE. —If the Farm Credit Administration grants an extension under clause (i), it shall issue an order under subparagraph (D) immecUatel^ if— "(1) the Federal Intermediate Credit Bank of Jackson, or the Farm Credit Bank that is a si^nator^ to the letter of intent under clause (i), provides written notification to the Farm Credit Administration that the bank does not intend to complete the merger described in the letter of intent; "(11) the Farm Credit Administration determines that the Federal Intermediate Credit Bank of Jackson is not complying with any term or condition on which an extension under clause (i) was conditioned: or "(III) the Farm Credit Administration determines that the Federal Intermediate Credit Bank of Jackson is not pursuing in good faith the merger provided for in the letter of intent. If the Farm Credit Administration issues an order under subparagraph (D) pursuant to this clause, the Federal Intermediate Credit Bank of Jackson shall be deemed to have failed to comply with the requirements of subparagraph (A). "(D) FAILURE TO MERGE; ISSUANCE OF ORDER. — If the Federal Intermediate Credit Bank of Jackson fails to comply, or notifies ithe Farm Credit Administration in writing that it does not intend to comply, with the requirements of subparagraph (A), the Farm Credit Administration shall, within 5 days after the date specified in subparagraph (A), or such other date specified by the Farm Credit Administration under subparagraph (C), issue, notwithstanding any other provision of law, an order requiring the Federal Intermediate Credit Bank of Jackson to merge with the Farm Credit Bank of Texas in accordance with paragraph (2). '(2) ARBITRATED MERGER. — "(A) IN GENERAL.— Not later than 30 days afl^r the issuance of an order by the Farm Credit Administration under paragraph (I)(D), an arbitrator (or panel of arbitrators) shall be named by the American Arbitration Association in accordance with the Commercial Arbitration Rules of the American Arbitration Association to serve as the arbitrator refen'ed to in Uiis paragraph. "(B) DUTIES.— The arbitrator shall determine the terms and conditions of the merger required under an order issued under paragraph (I)(D), such that the terms and conditions are fair and equitable to the two banks, their affiliated associations, the stockholders and borrowers of the associations, and the other institutions of the Farm Credit System, and are designed to protect or enhance the safety and soundness of the Farm Credit System. The 59-194 O—93 16:QL3(Pt. 5)

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