Page:United States Statutes at Large Volume 99 Part 2.djvu/581

 PUBLIC LAW 99-205—DEC. 23, 1985

99 STAT. 1691

(7) redesignating section 5.18 as section 5.17 and amending 12 USC 2252. subsection (a) thereof to read as follows: "(a) The Farm Credit Administration shall have the following powers, functions, and responsibilities in connection with the institutions of the Farm Credit System and the administration of this Act: "(1) Modify the boundaries of farm credit districts, with due regard for the farm credit needs of the country, as approved by the Board, with the concurrence of the district boards involved. "(2) Where necessary or appropriate to carry out the policy Discrimination, and objectives of this Act, issue and amend or modify Federal prohibition, charters of institutions of the System; approve change in names of banks operating under this Act; approve the merger of districts when agreed to by the boards of the districts involved and by a majority vote of the voting stockholders and contributors to the guaranty funds of each bank for each of such districts, voting in the same manner as is provided in section 4.10 of this Act; approve mergers of banks operating under the 12 USC 2181. same title of this Act, merger of Federal land bank associations, merger of production credit associations, and the consolidation or division of the territories that they serve when agreed to by a majority vote of the voting stockholders or contributors to the guaranty fund of each of the institutions involved; and approve consolidations of boards of directors or management agreements when agreed to by a majority vote of the voting stockholders or contributors to the guaranty fund of each of the institutions involved. In issuing charters and certificates of territory for districtwide mergers of associations where stockholders of one or more associations did not approve the merger, the charter of the new or merged association shall not include the territory of the disagreeing association or associations; charters issued during calendar year 1985 for districtwide new or merged associations which included the territory of a disagreeing association shall be revoked and reissued to exclude such terri,, tory, unless subsequently agreed to by the board of directors of such association or associations; and the Farm Credit Administration shall ensure that the board of directors of district banks does not discriminate against the disapproving associations in exercising its supervisory authorities. Such associations shall not be (i) charged any assessment under this Act at a rate higher than that charged other like associations in the district or (ii) discriminated against in the provision of any financial service and assistance (including, but not limited to, access to credit and rates of interest on loans and discounts) by a district Farm Credit bank to the association and its member-borrowers. The Chairman of the Farm Credit Administration Board, after consultation with the respective district board or boards and the board of directors of the Capital Corporation may require two or more banks of the Farm Credit System (other than Central Banks for Cooperatives) operating under the same title to merge if the Chairman determines that one of such banks has failed to meet outstanding obligations of such bank. "(3) Make annual reports directly to Congress on the condi- Reports, tion of the System and its institutions, based on the examinations carried out under section 5.19 of this Act, and on the Post, p. 1693. manner and extent to which the purposes and objectives of this Act are being carried out and, from time to time, recommend

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