Page:United States Statutes at Large Volume 94 Part 3.djvu/800

 94 STAT. 3444 12 USC 2126.

PUBLIC LAW 96-592—DEC. 24, 1980

SEC. 303. Section 3.5 of the Farm Credit Act of 1971 is amended by C striking out the first three sentences and inserting in lieu D thereof three new sentences as follows: "Any nonvoting stock held by the Governor of the Farm Credit Administration shall be 12 USC 2151. retired to the extent required by section 4.0(b) of this Act before any other outstanding voting or nonvoting stock or participation certificates shall be retired except as may be otherwise authorized by the Farm Credit Administration. When those requirements have been satisfied, nonvoting investment stock and participation certificates may be called for retirement at par. With the approval of the issuing bank, the holder may elect not to have the called stock or participation certificates retired in response to a call, reserving the right to have such stock or participation certificates included in the next call for retirement.; and (2) striking out in the fourth sentence "fair book value not exceeding". 12 USC 2128. SEC. 304. Section 3.7 of the Farm Credit Act of 1971 is amended by C adding the designation "Ca)" before the text, and inserting D before "collateral custody" in the first sentence, "currency exchange necessary to service individual transactions that may be financed under subsection Cb) of this section,", and inserting before the period at the end of the third sentence "and may make or participate in loans or commitments and extend other technical and financial assistance to other domestic parties for the acquisition of equipment and facilities to be leased to such stockholders for use in their operations in the United States"; and Lending powers. (2) adding new subsections (b), Cc), Cd), and Ce) as follows: "Cb) A bank for cooperatives is authorized to make or participate in loans and commitments to, and to extend other technical and financial assistance to CD a domestic or foreign party with respect to its transactions with an association that is a voting stockholder of the bank for the export or import of agricultural commodities, farm supplies, or aquatic products through purchases, sales or exchanges, and C2) a domestic or foreign party in which such an association has at least the minimum ownership interest approved under regulations of the Farm Credit Administration for the purpose of facilitating the association's export or import operations of the type described in clause CD of this subsection: Provided, That a bank for cooperatives determines, under regulations of the Farm Credit Administration, that the voting stockholder will benefit substantially as a result of such loan, commitment, or assistance. "Cc) Loans, commitments, and assistance authorized by subsection Cb) of this section shall be extended in accordance with policies adopted by the board of directors of the bank under regulations of the Farm Credit Administration. "Cd) The regulations of the Farm Credit Administration implementing subsection Cb) of this section and the other provisions of this title relating to the authority under subsection Oa) of this section may not confer upon the banl^ for cooperatives powers and authorities greater than those specified in this title. The Farm Credit Administration shall, during the formulation of such regulations, closely consult on a continuing basis with the Board of Governors of the Federal Reserve System to ensure that such regulations conform to national banking policies, objectives, and limitations. "Ce) Notwithstanding any other provision of this title, the banks for cooperatives shall not make or participate in loans or commitments

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