Page:United States Statutes at Large Volume 99 Part 2.djvu/570

 99 STAT. 1680

PUBLIC LAW 99-205—DEC. 23, 1985

the commencement of such an action, the court having jurisdiction of any other action or enforcement proceeding authorized under this Act to which the institution is a party shall stay such action or proceeding during the pendency of the action for removal of the conservator or receiver.'. FARM CREDIT SYSTEM CAPITAL CORPORATION

SEC. 103. Title IV of the Farm Credit Act of 1971 is amended by inserting, after section 4.28, the following: "PART D1—FARM CREDIT SYSTEM CAPITAL CORPORATION

12 USC 2216. Ante, p. 1678.

12 USC 2211. Report.

12 USC 2216a.

12 USC 2216b.

"SEC. 4.28A. EXISTENCE OF CORPORATION.—The Farm Credit Administration, not later than 60 days after enactment of the Farm Credit Amendments Act of 1985, shall (1) charter the Farm Credit System Capital Corporation (referred to in this Act as 'the Capital Corporation'), which, subject to the provisions of this part and the regulations of the Farm Credit Administration, shall be a federally chartered instrumentality of the United States and an institution of the Farm Credit System, and (2) revoke the charter for the Farm Credit System Capital Corporation issued under part D of this title. The charter issued to the Farm Credit System Capital Corporation pursuant to this paragraph shall be reviewed on December 31, 1987. The Farm Credit Administration Board shall submit to Congress by December 31, 1987, a report and analysis of the Capital Corporation together with any recommendations for legislation to extend the charter of the Farm Credit System Capital Corporation. "SEC. 4.28B. PURPOSES.—For the sole purpose of carrying out a program of financial and technical assistance to institutions within the Farm Credit System (and their borrowers) which are experiencing financial difficulties, the Capital Corporation shall, in accordance with this part— "(1) carry out a program of financial sissistance among institutions of the Farm Credit System; "(2) acquire from other Farm Credit System institutions and participate with such institutions in nonperforming assets of such institutions; "(3) hold, restructure, collect, and otherwise administer nonperforming assets acquired from or participated in with other Farm Credit System institutions, and guarantee performing and nonperforming assets held by other Farm Credit institutions; "(4) provide technical assistance and related services to other Farm Credit System institutions in connection with the administration of their loan portfolios; "(5) provide assistance and related services to Farm Credit System institutions to assist them in restructuring or refinancing loans of their member-borrowers; and (6) receive and administer financial assistance for Farm Credit System institutions that originates outside of the Farm Credit System. "SEC. 4.28C. BOARD OF DIRECTORS OF THE CAPITAL CORPORATION.— (a)(1) The Board of Directors of the Capital Corporation shall consist of five members, of which— "(A)(i) three members shall be elected by the farm credit banks that own the voting stock in the Corporation, with—

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