Page:United States Statutes at Large Volume 85.djvu/653

 85 STAT. ]

PUBLIC LAW 92-181-DEC. 10, 1971

623

Administration with respect to and over a Federal land bank or Federal land bank associations, their officers and employees, in the farm credit district wherein such Federal land bank is located, as may be determined to be in the interest of effective administration; and, in like manner, to delegate to a Federal intermediate credit bank such of the duties, powders, and authority of the F a r m Credit Administration with respect to and over a Federal intermediate credit bank or production credit associations, their officers and employees, in the farm credit district wherein such Federal intermediate credit bank is located, as may be determined to be in the interest of effective administration; to authorize the redelegation thereof; and, in either case the duties, powers, and authority so delegated or redelegated shall be performed and exercised under such conditions and requirements and upon such terms as the F a r m Credit Administration may specify. Any Federal land bank or Federal intermediate credit bank to which any such duties, powers, or authority may be delegated or any association to which any power may be redelegated, is authorized and empowered to accept, perform, and exercise such duties, powers, and authority as may be so delegated to it. SEC.

5.20.

EXAMINATIONS AND

REPORTS.—Except

as

provided

herein, each institution of the System, and each of their agents, at such times as the Governor of the Farm Credit Administration may determine, shall be examined and audited by farm credit examiners under the direction of an independent chief F a r m Credit Administration examiner, but each bank and each production credit association shall be examined and audited not less frequently than once each year. Such examinations shall include objective appraisals of the effectiveness of management and application of policies in carrying out the provisions of this Act and in servicing all eligible borrowers. If the Governor determines it to be necessary or appropriate, the required examinations and audits may be made by independent certified public accountants, certified by a regulatory authority of a State, and in accordance with generally accepted auditing standards. Upon request of the Governor or any bank of the System, farm credit examiners shall also make examinations and Avritten reports of the condition of any organization, other than national banks, to which, or with which, any institution of the System contemplates making a loan or discounting paper of such organization. For the purposes of this Act, examiners of the Farm Credit Administration shall be subject to the same requirements, responsibilities, and penalties as are applicable to examiners under the National Bank Act, the Federal Eeserve Act, the Federal Deposit ] | |J^J* ^^'j Insurance Act, and other provisions of law and shall have the same 12 usVas and powers and privileges as are vested in such examiners by law. "°t«» 226 and SEC. 5.21. CONDITIONS OF OTHER BANKS AND LENDING INSTITU- "°64*Stat. 373. TiONS.—The Comptroller of the Currency is authorized and directed, 12 USC is 11 upon request of the F a r m Credit Administration to furnish for confi- "°*^* dential use of an institution of the System such reports, records, and other information as he may have available relating to the financial condition of national banks through, for, or with which such institution of the System has made or contemplates making discounts or loans and to make such further examination, as may be agreed, of organizations through, for, or with which such institution of the F a r m Credit System has made or contemplates making discounts or loans. SEC.

5.22.

CONSENT TO THE AVAILABILITY OF REPORTS AND TO

EXAMINATIONS.—Any organization other than State banks, trust companies, and savings associations shall, as a condition precedent to securing discount privileges with a bank of the F a r m Credit System, file with such bank its written consent to examination by farm credit

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