Page:United States Statutes at Large Volume 94 Part 1.djvu/1362

 94 STAT. 1312

PUBLIC LAW 96-365—SEPT. 26, 1980

Public Law 96-365 96th Congress

An Act Sept. 26, 1980 [S. 1125] Federal Crop Insurance Act of 1980. 7 USC 1501 note.

To improve and expand the Federal crop insurance program, and for other purposes.

Be it enacted by the Senate and House of Repivsentatives of the United States of America in Congress assembled. That this Act may be cited as the "Federal Crop Insurance Act of 1980". TITLE I—FEDERAL CROP INSURANCE PROGRAM CAPITAL STOCK

Appropriation authorization. 7 USC 1504.

Receipts for payments, cancellation.

SEC. 101. (a) Effective October 1, 1980, section 504(a) of the Federal Crop Insurance Act is amended by striking out "$200,000,000" and inserting in lieu thereof "$500,000,000". (b) Section 504 of the Federal Crop Insurance Act is amended by adding after subsection (c) a new subsection (d) as follows: "(d) Within thirty days after the date of enactment of the Federal Crop Insurance Act or 1980, the Secretary of the Treasury shall cancel, without consideration, receipts for payments for or on account of the stock of the Federal Crop Insurance (Corporation outstanding on such date of enactment and such receipts shall cease to be liabilities of the Corporation.". BOARD OF DIRECTORS: MEMBERSHIP AND COMPENSATION

7 USC 1505.

Vacancies.

SEC. 102. (a) Section 505(a) of the Federal Crop Insurance Act is amended by— (1) amending the second sentence to read as follows: "The Board shall consist of the manager of the Corporation, the Under Secretary or Assistant Secreta^ of Agriculture re^nsible for the Federal crop insurance program, the Under Secretary or Assistant Secretary of Agriculture responsible for the larm credit programs of the Department of Agriculture, one person experienced in the crop insurance business who is not otherwise employed by the Federal Government, and three active fanners who are not otherwise employed by the Federal Government."; and (2) adding at the end thereof a new sentence as follows: "The Secretary, in appointing the three active farmers who are not otherwise employed by the Federal Government, shall ensure that such members are policyholders and are from different geographic areas of the United States, in order that diverse agricultural interests in the United States are at all times represented on the Board.". (b) Section 505(b) of the Federal Crop Insurance Act is amended by striking out "three" wherever that word appears therein and insert* ing in lieu thereof "four". (c) The second sentence of section 505(c) of the Federal Crop Insurance Act is amended to read as follows: "The Directors of the

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