Page:United States Statutes at Large Volume 70.djvu/723

 70

STAT.]

PUBLIC LAW 809-JULY 26,?966

be authorized by vote of not less than two-thiras of the outstanding shares of class A stock of the association (other than shares held by the Governor of the Farm Credit Administration) by the holders thereof in person or by proxy and by vote of not less than two-thirds of the outstanding shares of class B stock of the association by the holders thereof in person or by proxy; and for this purpose holders of class A stock (other than the Governor of the Farm Credit Administration) and holders of class B stock shall be entitled to one vote for each share of stock held by them. Payments for such stock purchased by the Governor shall be made out of the revolving fund created by section 5 (a) of the F a r m Credit Act of 1933, as amended, and the proceeds from the retirement of any such stock shall be paid into such revolving fund." SEC. 108. Section 601 of the Department of Agriculture Organic Act of 1944, as amended, is hereby amended (1) by striking from subsection (a) the words "production credit corporations,", wherever they appear therein, and the word "corporations,"; (2) by striking from subsection (b) the words "the Federal intermediate credit banks, and the production credit corporations" and substituting in lieu thereof the words "and the Federal intermediate credit banks"; and (3) by striking from subsections (b) and (c) the words "and corporation", "and corporations", and "corporation,", wherever they appear therein. SEC. 109. Sections 658 and 1014 of title 18, United States Code, are hereby amended by striking from each such section the words "or in which a production credit corporation holds stock".

667

H use 832.*

62stat.729,7sz

TITLE II—MISCELLANEOUS PROVISIONS SEC. 201. (a) The Government Corporation Control Act, as amended, ^^59 Stat. S97,6oo, is amended (1) by striking from section 101 the words "Federal Inter- 31 USC 846,856, mediate Credit Banks; Production Credit Corporations;"; (2) by *^''®^®' inserting in section 201 immediately following " (3) " the words "Federal Intermediate Credit Banks, (4) "; (3) by changing " (4) " in section 201 to " (5) "; and (4) by striking from sections 302 and 303 the words "production credit corporations,". (b) After the effective date of this subsection, the Federal intermediate credit banks may utilize their funds for administrative expenses without regard to the limitations contained in any other Act of Congress governing the expenditure of appropriated funds. (c) Paragraph Seventh of section 5136 of the Revised Statutes as ^^ ^®^ 2'*' amended, is amended (1) by inserting in next to the last sentence immediately before the words "Federal Home Loan Banks", the words "thirteen banks for cooperatives or any of them or the"; and (2) by changing the last sentence to read as follows: "The limitations and restrictions herein contained as to dealing in and underwriting investment securities shall not apply to obligations issued by the International Bank for Reconstruction and Development which are at the time eligible for purchase by a national bank for its own account: Provided, That no association shall hold obligations issued by said bank as a result of underwriting, dealing, or purchasing for its own account (and for this purpose obligations as to which it is under commitment shall be deemed to be held by it) in a total amount exceeding at any one time 10 per centum of its capital stock actually paid in and unimpaired and 10 per centum of its unimpaired surplus fund." SEC. 202. (a) This Act shall become effective on January 1, 1957, Effective dates, except subsections (a) and (b) of section 201, which shall become effective January 1, 1959. (b) For purposes of applying the amendment in section 103 of this Act, that part of the fiscal year 1957 preceding the effective date of this Act shall be deemed to be a separate fiscal year.

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