Page:United States Statutes at Large Volume 94 Part 3.djvu/796

 94 STAT. 3440

12 USC 2073.

12 USC 2074.

PUBLIC LAW 96-592—DEC. 24, 1980

(1) inserting after "System" in the first sentence of paragraph (12) "or any insured State nonmember bank as defined in section 2 of the Federal Deposit Insurance Act"; (2) striking out in paragraph (13) everything after "agency" the second time it appears and inserting in lieu thereof ", and, as may be authorized by its board of directors and approved by the Farm Credit Administration, (i) buy from and sell to Farm Credit System institutions interests in loans and in other financial assistance extended and nonvoting stock, and (ii) make other investments."; (3) amending paragraph (18) to read as follows: "(18) 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 or other losses, whether to protect against capital impairment or for any other purposes,"; and (4) inserting before the period at the end of paragraph (20) ", and participate with one or more other Farm Credit System institutions in loans made under this title or other titles of this Act on the bsisis prescribed in section 4.18 of this Act". SEC. 202. Section 2.2 of the Farm Credit Act of 1971 is amended by— (1) inserting before the period at the end of the first sentence of subsection (d) ", and may be issued to and, notwithstanding the provisions of subsection (g) of this section, shall be retired for other Farm Credit System institutions as may be authorized by its board of directors and approved by the Farm Credit Administration"; (2) striking out in the second and fourth paragraphs of subsection (g) "fair"; (3) striking out everything through "Governor" in subsection (h) and inserting in lieu thereof "Except with regard to stock or participation certificates held by the Governor or other Farm Credit System institutions"; and (4) striking out in subsection (i) "fair". SEC. 203. Section 2.3 of the Farm Credit Act of 1971 is amended to read as follows: "SEC. 2.3. LOANS; DISCOUNTS; PARTICIPATION; LEASING.—(a)

12 USC 2096.

Post, p. 3446.

The

Federal intermediate credit banks are authorized to make loans and extend other similar financial assistance to, and to discount for or purchase from— "(1) any production credit association, or "(2) any national bank. State bank, trust company, agricultural credit corporation, incorporated livestock loan company, savings institution, credit union, or any association of agricultural producers engaged in the making of loans to farmers and ranchers, and any corporation engaged in the making of loans to producers or harvesters of aquatic products, any note, draft, or other obligation with its endorsement or guarantee, the proceeds of which note, draft, or other obligation have been advanced to persons and for purposes eligible for financing by production credit associations under section 2.15(a)(1), (2), and (3) of this Act. "03) The Federal intermediate credit banks may participate with one or more production credit associations or intermediate credit banks in the making of loans to eligible borrowers and may 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. The banks may own and lease or lease with

�