12 2 STA T . 11 60PUBLIC LA W 110 – 2 34—M A Y 22 , 200 8short-andi nt e r m ediate-term l oans u nder title I Iinthe g eogra p hi c area descri b ed in subsection ( b ) ma y ma k e long- term loans and other w ise operate , directly or through a subsidiary association, as a F ederal land bank association or Federal land credit association under title I in the geographic area .‘ ‘( C )F ARMC R EDITB A NK . —N otwithstanding section 5 . 17 (a), the Farm Credit B ank with which any association had a written f inancing agreement as of J anuary 1, 20 07, may make loans and e x tend other comparable financial assistance with respect to, and may purchase, any loans made under the new authority pro v ided under subpara- graph ( A ) or (B) by an association exercising such authority. ‘‘(2) R E QU IRED A P PR OV A LS .—An association may exercise the additional authority provided for in paragraph (1) only after the exercise of the authority is approved by— ‘‘(A) the board of directors of the association
and ‘‘(B) a ma j ority of the voting stockholders of the associa- tion (or, if the association is a subsidiary of another associa- tion, the voting stockholders of the parent association) voting, in person or by proxy, at a duly authori z ed meeting of stockholders in accordance with the process described in section 7.11. ‘‘(b) APPLICABILIT Y .— T his section applies only to associations the chartered territory of which was within the geographic area served by the Federal intermediate credit bank immediately prior to its merger with a Farm Credit Bank under section 4 10(e)(1) of the Agricultural Credit Act of 1 98 7 (12 U . S .C. 2011 note; P ublic L aw 100 – 2 3 3). ’ ’. (b) C H ARTER AMENDMENTS.—Section 5.17(a) of the Farm Credit Act of 1971 (12 U.S.C. 2252(a)) is amended by adding at the end the following
‘‘(15)(A) Approve amendments to the charters of institutions of the Farm Credit System to implement the e q ualization of loan-making powers of a Farm Credit System association under section 7.7. ‘‘(B) Amendments described in subparagraph (A) to the charters of an association and the related Farm Credit Bank shall be approved by the Farm Credit Administration, subject to any conditions of approval imposed, by not later than 30 days after the date on which the Farm Credit Administration receives all approvals required by section 7.7(a)(2).’’. (c) CON F ORMIN G AMENDMENTS.— (1) Section 5.17(a)(2) of the Farm Credit Act of 1971 (12 U.S.C. 2252(a)(2)) is amended— (A) by striking ‘‘(2)(A)’’ and inserting ‘‘(2)’’; and (B) by striking subparagraphs (B) and (C). (2) SECTION 410 OF THE 1987 ACT.—Section 410(e)(1)(A)(iii) of the Agricultural Credit Act of 1987 (12 U.S.C. 2011 note; Public Law 100–233) is amended by inserting ‘‘(except section 7.7 of that Act)’’ after ‘‘(12 U.S.C. 2001 et seq.)’’. (3) SECTION 401 OF THE 199 2 ACT.—Section 401(b) of the Farm Credit Banks and Associations Safety and Soundness Act of 1992 (12 U.S.C. 2011 note; Public Law 102–552) is amended— (A) by inserting ‘‘(except section 7.7 of the Farm Credit Act of 1971)’’ after ‘‘provision of law’’; and
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