Page:United States Statutes at Large Volume 99 Part 2.djvu/601

 PUBLIC LAW 99-205—DEC. 23, 1985

99 STAT. 1711

ommendations for legislation providing for a sound, reasonable, and primarily self-supporting credit program for farmers and ranchers as the Commission considers appropriate, to Congress. (e) The Commission shall be comprised of volunteers and no Federal funds shall be expended by the Commission. TITLE VI—MISCELLANEOUS AMENDMENTS SEC. 601. Section 1.5 of the Farm Credit Act of 1971 is amended by adding at the end the following: "(h) Nothing in this section limits the power of the Farm Credit Administration to provide general direction to Federal land banks with regard to the payment of dividends and patronage refunds.". SEC. 602. Subsection (a) of section 1.17 of the Farm Credit Act of 1971 is amended to read as follows: "(a) Federal land banks shall be required to carry a reserve account. Such reserve account shall be kept in accordance with standards set by the Farm Credit Administration.". SEC. 603. Section 1.18 of the Farm Credit Act of 1971 is amended by(1) amending subsection (a) to read as follows: "(a) Federal land bank associations shall be required to carry a reserve account. Such reserve account shall be kept in accordance with standards set by the Farm Credit Administration."; and (2) adding at the end of subsection (b) the following: "Nothing in this subsection limits the power of the Farm Credit Administration to provide general direction to Federal land bank associations with regard to the payment of dividends and patronage refunds.". SEC. 604. Subsection (f) of section 2.2 of the Farm Credit Act of 1971 is amended by adding at the end thereof the following: "Federal intermediate credit banks shall be subject to the general direction of the Farm Credit Administration with regard to the payment dividends.". SEC. 605. Section 2.14 of the Farm Credit Act of 1971 is amended

12 USC 2013.

Ante, p. 1705.

by—

12 USC 2095.

12 USC 2051.

12 USC 2052.

Ante, p. 1704. 12 USC 2073.

(1) striking out the parenthetical matter in subsection (a) and inserting in lieu thereof the following: "(including provision for valuation reserves against loan assets in an amount equal to one-half of 1 percent of the loans outstanding at the end of the fiscal year to the extent that such earnings in such year in excess of other operating expenses permit, or in such greater amounts as are deemed necessary under generally accepted accounting principles, until such reserves equal or exceed 3 ¥2 percent of the loans outstanding at the end of the fiscal year, beyond which SV2 percent further additions to such reserves may be made, if deemed necessary under generally accepted accounting principles)"; (2)(A) in the first sentence of subsection (b), striking out "so provide," and inserting in lieu thereof "so provide and subject to the general directions of the Farm Credit Administration,; and (B) in the second sentence of subsection (b), striking out "Any" and inserting in lieu thereof "In accordance with the foregoing, any". SEC. 606. Section 3.4 of the Farm Credit Act of 1971 is amended by Ante, p. 1705. adding before the period at the end thereof the following: ", subject 12 USC 2125. to the general direction of the Farm Credit Administration".

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