Page:United States Statutes at Large Volume 94 Part 3.djvu/793

 PUBLIC LAW 96-592—DEC. 24, 1980

94 STAT. 3437

Public Law 96-592 96th Congress A n Act To amend the Farm Credit Act of 1971 to permit Farm Credit System institutions to improve their services to borrowers, and for other purposes.

Dec. 24, 1980 [S. 1465]

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled. That this Act may be Farm Credit Act Amendments of cited as the "Farm Credit Act Amendments of 1980". 1980. TITLE I-FEDERAL LAND BANKS AND ASSOCIATIONS SEC. 101. Section 1.4 of the Farm Credit Act of 1971 is amended by— (1) striking out in paragraph (6) "loans and" and inserting in lieu thereof and participate in loans, make"; (2) inserting before the period at the end of paragraph (12) ", participate with one or more other Farm Credit System institutions in loans made under this title or other titles of this Act on the basis prescribed in section 4.18 of this Act, and participate with lenders which are not Farm Credit System institutions in loans that the bank is authorized to make under this title"; (3) inserting after "System" in the first sentence of paragraph (14) "or any insured State nonmember bank as defined in section 2 of the Federal Deposit Insurance Act"; (4) striking out everything after the second comma in paragraph (15) and inserting in lieu thereof "and, as m ^ be authorized by its board of directors and approved by the Farm Credit Administration, (i) sell to lenders which are not Farm Credit System institutions interests in loans, (ii) buy from and sell to Farm Credit System institutions interests in loans and in other financial assistance extended and nonvoting stock, and (iii) make other investments."; and (5) adding new paragraphs (22) and (23) as follows: "(22) Accept contributions to its capital from Federal land bank associations and account therefor as authorized by the Farm Credit Administration. "(23) As may be authorized by its board of directors and approved by the Farm Credit Administration, agree with other Farm Credit System institutions to share loan and other losses, whether to protect against capital impairment or for any other purpose.". SEC. 102. Section 1.5 of the Farm Credit Act of1971 is amended by— (1) striking out in subsection (b) "hypotheticated" and inserting in lieu thereof "hypothecated"; (2) striking out the first sentence of subsection (d) and inserting in lieu thereof two new sentences as follows: "Nonvoting stock may be issued to the Governor of the Farm Credit Admuiistration, to borrowers as patronage refunds, and may also be issued to Federal land bank associations in amounts that will permit the bank to extend financial assistance to eligible persons other than farmers, ranchers, and producers or harvesters of aquatic products. Nonvoting stock also may be issued to and shall be

12 USC 2001 note.

12 USC 2012.

Post, p. 3446.

12 USC 2013. Nonvoting stock, issuance.

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