Page:United States Statutes at Large Volume 106 Part 5.djvu/493

 PUBLIC LAW 102-552 —OCT. 28, 1992 106 STAT. 4131 cooperatives having one vote, plus a number of votes (or fractional part thereof) equal to^ "(i) the number of stockholders eligible to vote; multiplied by "(ii) the percentage (or fractional part thereof) of the total equity interest (incluoing allocated, but not unallocated, suiplus and reserves) in the bank of all stockholders held by the individual voting stockholder at the close of the immediately preceding fiscal year of the bank. "(B) The total number of votes under this paragraph shall be the number of voting stockholders of a bank for cooperatives multiplied by two. ". SEC. 504. TECHNICAL AMENDMENT. The first sentence of section 3.7(a) (12 U.S.C. 2128(a)) is amended by inserting "at any time (whether or not they have a loan from the bank outstanding)" after "technical and financial assistance". SEC. 505. EXPANSION OF WATER AND SEWER LENDING AUTHORITY OF BANKS FOR COOPERATIVES. Section 3.7(f) (12 U.S.C. 2128(f)) is amended— (1) by striking "the installation, expansion, or improvement of" and inserting "installing, maintaining, expanding, improving, or operating^; and (2) by striking "to extend" and inserting "extending". SEC. 506. ELIGmiLITY TO BORROW FROM A BANK FOR COOPERA- TIVES. Section 3.8(b)(l) (12 U.S.C. 2129(b)(l)) is amended by adding at the end the following new subparagraph: " (E) Any creditworthy private entity that satisfies the requirements for a service cooperative under paragraphs (1), (2), and (4) of subsection (a) and subsidiaries of the entity, if the entity is organized to benefit agriculture in furtherance of the welfare of its farmer-members and is operated on a not-for-profit basis.". SEC. 507. NON -VOTING REPRESENTATIVE ON BOARD OF FUNDING CORPORATION. Paragraph (2) of section 4.9(d) (12 U.S.C. 2160(d)(2)) is amended to read as follows: "(2) NON-VOTING REPRESENTATIVES. — "(A) ASSISTANCE BOARD. — During the period in which the Assistance Board is in existence, the board of directors of the Assistance Board shall designate one of its directors to serve as a non-voting representative to the board of directors of the Corporation. "(B) MEETINGS.—The person designated by the Assistance Board under subparagraph (A) may attend and participate in all deliberations of the board of directors of the Corporation. "(C) TERMINATION OF ASSISTANCE BOARD. —After termination of the Assistance Board, neither the Assistance Board nor its successor, the Farm Credit System Insurance Corporation, shall have any representation on the board of directors of the Corporation.".

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