Page:United States Statutes at Large Volume 85.djvu/654

 624

PUBLIC LAW 92-181-DEC. 10, 1971

[85 STAT.

examiners as may be directed by the F a r m Credit Administration; and State banks, trust companies, and savings associations may be required in like manner to file a written consent that reports of their examination by constituted State authorities may be furnished by such authorities upon the request of the Farm Credit Administration. SEC. 5.23. REPORTS ON CONDITIONS OF INSTITUTIONS RECEIVING LOANS

O DEPOSITS.—The executive departments, boards, commissions, and R independent establishments of the Government of the United States, the Federal Deposit Insurance Corporation, the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Reserve banks are severally authorized under such conditions as they may prescribe, upon request of the F a r m Credit Administration, to make available to it or to any institution of the System in confidence all reports, records, or other information relating to the condition of any organization to which such institution of the System has made or contemplates making loan or for which it has or contemplates discounting paper^ or which it is using or contemplates using as a custodian of securities or other credit instruments, or a depository. The Federal Reserve banks in their capacity as depositories, agents, and custodians for bonds, debentures, and other obligations issued by the banks of the System or book entries thereof are also authorized and directed, upon request of the F a r m Credit Administration, to make available for audit by farm credit examiners all appropriate books, accounts, financial records, files, and other papers. SEC. 5.24. JURISDICTION.—Each institution of the System shall for the purposes of jurisdiction be deemed to be a citizen of the State, commonwealth, or District of Columbia in which its principal office is located. Xo district court of the United States shall have jurisdiction of any action or suit by or against any production credit association upon the ground that it was incorporated under this Act or prior Federal law, or that the United States owns any stock thereof,,nor shall any district court of the United States have jurisdiction, by removal or otherwise, of any suit by or against such association except in cases by or against the United States or by or against any officer of the United States or against any person over whom the courts of the State have no jurisdiction, and except in cases by or against any receiver or conservator of any such association appointed in accordance with the provisions of this Act. SEC. 5.25. STATE LEGISLATION.—Whenever it is determined by

the

F a r m Credit Administration, or by judicial decision, that a State law is applicable to the obligations and securities authorized to be held by the institutions of the System under this Act, which law would provide insufficient protection or inadequate safeguards against loss in the event of default, the F a r m Credit Administration may declare such obligations or securities to be ineligible as collateral for the issuance of new notes, bonds, debentures, and other obligations under this Act, 12 USC 641 and SEC. 5.26. REPEAL.— (a) The Federal Farm Loan Act, as amended; note, section 2 of the Act of March 10, 1924 (Public Numbered 35, Sixty12 USC 672a. eighth Congress, 43 Stat. IT), as amended; section 6 of the Act of January 23, 1932 (Public Numbered 3, Seventy-second Congress, 47 12 USC 665, Stat. 14), as amended; the F a r m Credit Act of 1933, as amended; sec639 note. tions 29 and 40 of the Emergency F a r m Mortgage Act of 1933; Act 12 USC 810, 636. of June 18, 1934 (Public Numbered 381, Seventy-third Congress, 48 12 USC 1131g-2, Stat. 983); Act of June 4, 1936 (Public Numbered 644, Seventy-fourth 12 USC 773a. Congress, 49 Stat. 1461), as amended; sections 5, 6, 20, 25(b) and 39 12 USC 640aof the F a r m Credit Act of 1937, as amended; sections 601 and 602 of 640^, 656a, 724, the Act of September 21, 1944 (Public Law 425, Seventy-eighth Con1040, 12 USC 832, gress, 58 Stat. 740, 741), as amended; sections 1, 2, 3, 4, 5, 6, 7, 8, 16,

833,

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