Page:United States Statutes at Large Volume 94 Part 3.djvu/795

 PUBLIC LAW 96-592—DEC. 24, 1980

94 STAT. 3439

SEC. 109. Section 1.12 of the Farm Credit Act of 1971 is amended by striking out the designation "(a)". SEC. 110. Section 1.15 of the Farm Credit Act of 1971 is amended byCD striking out in paragraph (13) "shall"; (2) striking out in paragraph (14) "may" the second time it appears; and (3) adding a new paragraph (21) as follows: "(21) Contribute to the capital of the bank.". SEC. 111. Section 1.16 of the Farm Credit Act of 1971 is amended by(1) striking out in the sixth sentence of subsection (a) "fair"; and (2) adding a new subsection (c) as follows: "(c) Notwithstanding the provisions of subsection (a) of this section, the purchase of stock need not be required with respect to that part of any loan (1) made by a Federal land bank which it sells to a lender which is not a Farm Credit System institution, or (2) that such lender retains or acquires in participating in the loan with a Federal land bank.". SEC. 112. Section 1.17 of the Farm Credit Act of 1971 is amended by(1) striking out in the last sentence of subsection (a) "exess ' and inserting in lieu thereof "excess"; and (2) amending subsection (b) by inserting ", and pay patronage refunds, or do any of them, as provided in its bylaws," after "dividends", and striking out "with" and inserting in lieu thereof "the". SEC. 113. Section 1.18(b) of the Farm Credit Act of 1971 is amended to read as follows: "(b) Any association may declare a dividend or dividends and pay patronage refunds, or do any of them, as provided in its bylaws, out of the whole or any part of its net earnings available therefor which remain after (1) maintenance of the reserve required in subsection (a) of this section and (2) bank approval. All patronage refunds shall be paid on the proportionate patronage basis approved by the bank. Dividends shall be noncumulative, and the rate of dividends may be different between classes and issues of stock and participation certificates on the basis of the comparative contributions of the holders thereof to the capital or earnings of the Federal land bank by such classes and issues, but otherwise dividends shall be without preference.". SEC. 1 1 4. Section 1.19 of the Farm Credit Act of 1971 is amended by adding at the end thereof a new sentence as follows: "As may be authorized by the bank in accordance with regulations of the Farm Credit Administration, associations also may enter into agreements with other Farm Credit System institutions to share loan and other losses, whether to protect against capital impairment or for any other purpose.". SEC. 115. Section 1.20 of the Farm Credit Act of 1971 is amended by inserting after "stock" the second time it appears "or participation certificates," and inserting "or other Farm Credit System institutions" after "Administration".

12 USC 2020. 12 USC 2033.

12 USC 2034.

12 USC 2051.

Dividends. 12 USC 2052.

12 USC 2053.

[ 12 USC 2054.

TITLE II—FEDERAL INTERMEDIATE CREDIT BANKS AND PRODUCTION CREDIT ASSOCIATIONS SEC. 201. Section 2.1 of the Farm Credit Act of 1971 is amended by— 12 USC 2072.

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