Page:United States Statutes at Large Volume 94 Part 3.djvu/805

 PUBLIC LAW 96-592—DEC. 24, 1980

94 STAT. 3449

following: "and one of which districts may, if authorized by the Federal Farm Credit Board, include the Virgin Islands of the United States: Provided, That the extension of credit and other services authorized by this Act in the Virgin Islands of the United States shall be undertaken only if determined to be feasible under regulations of the Farm Credit Administration". SEC. 502. Section 5.2 of the Farm Credit Act of 1971 is amended by— (1) striking out in the last sentence of subsection (b) "three" and inserting in lieu thereof "two"; and (2) striking out in the first sentence of subsection (c) "three" and inserting in lieu thereof "two". SEC. 503. Section 5.8(h) of the Farm Credit Act of 1971 is amended by striking out in the first sentence "the sum of $100 a day" and inserting in lieu thereof "compensation at a rate equal to the daily equivalent of the rate prescribed for grade GS-18 under section 5332 of title 5 of the United States Code". SEC. 504. Section 5.10 of the Farm Credit Act of 1971 is amended by inserting after the second sentence a new sentence as follows: "Pursuant to a policy statement adopted by the Federal Farm Credit Board, the Governor of the Farm Credit Administration shall consult on a regular basis with the Secretary of the Treasury in connection with the exercise by the System and the Governor of the powers conferred under section 4.2 of this Act, and with the Board of Governors of the Federal Reserve System in connection with the effect of System lending activities on national monetary policy.". SEC. 505. Section 5.15 of the Farm Credit Act of 1971 is amended by adding at the end thereof a new sentence as follows: "The Farm Credit Administration may dispose of property so acquired and any amounts collected from the disposition of such property shall be deposited in the special fund provided for in section 5.160t)) of this Act and shall be available to the Administration in the same manner and for the same purposes as the funds collected under section 5.16(a) of this Act." SEC. 506. Section 5.17 of the Farm Credit Act of 1971 is amended by adding at the end thereof the following new clause (5) and inserting a new sentence immediately thereafter: "(5) To sell or otherwise dispose of any interest in property leased or acquired under the foregoing if authorized by the Board. In actions undertaken by the banks pursuant to the foregoing provisions of this section, the Farm Credit Administration may act as agent for the banks.". SEC. 507. Section 5.18 of the Farm Credit Act of 1971 is amended by adding at the end of paragraph (3) a new sentence as follows: "The annual reports shall include a summary and analysis of the reports submitted to the Farm Credit Administration by the Federal land banks and Federal intermediate credit banks under section 4.19(b) of this Act relating to programs for serving young, beginning, and small farmers and ranchers.". SEC. 508. Section 5.18 of the Farm Credit Act of 1971 is amended by inserting "(a)" immediately after the section designation and adding at the end thereof the following new subsections (b) and (c): "Ob)(l) At least thirty days prior to publishing any proposed regulation in the Federal Register, the Farm Credit Administration shall transmit a copy of the regulation to the Committee on Agriculture of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate. The Farm Credit Administration shall also transmit to such committees a copy of any final regulation prior to its publication in the Federal Register.

12 USC 2223.

12 USC 2242.

12 USC 2244.

12 USC 2153.

Property disposal. 12 USC 2249. 12 USC 2250.

Property interests, sale and disposal. 12 USC 2251.

Annual reports. 12 USC 2252.

Ante, p. 3446. Proposed and final regulations. 12 USC 2252. Transmittal to congressional committees.

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