Page:United States Statutes at Large Volume 82.djvu/1187

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[82 STAT. 1145]
[82 STAT. 1145]
PUBLIC LAW 90-000—MMMM. DD, 1968

82 STAT. ]

PUBLIC LAW 90-582-OCT. 17, 1968

1145

Public Law 90-582 AN ACT

October 17, 1968

To amend the Federal Farm Loan Act and the Farm Credit Act of 1933, as amended, to expedite retirement of Government capital from Federal intermediate credit banks, production credit associations and banlis for cooperatives, and for other purposes.

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Be it enacted by the Senate and House of Representatlven of the Federal Farm United States of America in Congress assembled, That section 205 Loan Act and (a)(1) of the Federal Farm Loan Act, as amended (12 U.S.C. 1061 Farm credu Act (a)(1)), is amended by adding the following two paragraphs at the °f 1933, amend^ - .1 1

a

merits.

end thereof: 70 Stat. 660; "As to any class A stock held by the Governor of the F a r m Credit 79 Stat. 922. Administration on behalf of the United States at enactment of this paragraph, the Governor may at any time require the bank to retire such class A stock if, in his judgment, the bank has resources available therefor, and he may accept in payment for such stock, such amount not in excess of par as in his judgment and with the concurrence of the Secretary of the Treasury represents a fair value of such stock, or such retirement may be effected upon delivery to the Governor of an amount of United States Government bonds the market value of which on the date of transaction represents the fair value of the class A shares as determined by the Governor with the concurrence of the Secretary of the Treasury. "After all class A stock held by the Governor of the Farm Credit Administration on behalf of the United States has been retired from all of the Federal intermediate credit banks, and full private ownership has thus been achieved, short-term Federal investments in such class A stock to help one or several of the banks to meet emergency credit needs shall not be deemed to change this ownership status: Provided, hoimvev^ That this sentence shall not alter the application of the Government Corporation Control Act, as amended (31 U.S.C. 841870), and section 206(a)(4) of the Federal F a r m Loan Act, as 59 Stat. 597. amended (12 U.S.C. 1072(a)(4)) (relating to payment of a franchise ^° ^*^*- ^^'^• tax to the United States if the bank has outstanding capital stock held by the United States)." SEC. 2. (a) Section 6 of the Farm Credit Act of 1933, as amended ^^J:]:^^^^^ ^^°'= (12 U.S.C. 1131c), is amended by adding the following sentence at canceTiaaon'! the end thereof: "If an association is deemed not to have resources available to retire and cancel any class A stock held by the Governor in such association, but in the judgment of the Governor the Federal intermediate credit bank of the district has resources available to do so, the Governor may require such bank to invest in an equivalent amount of class A stock of said association and the association then shall pay the proceeds thereof into such revolving fund in retirement of the class A stock held by the Governor." (b) Section 16(a) of the Farm Credit Act of 1953, as amended (12 ^efilemem an°d U.S.C. 1131e-l(a)), is amended by adding the following sentence at canceTiauon" the end thereof: "If an association is deemed not to have resources available to retire and cancel any class C stock held by the Governor in such association, but in the judgment of the Governor the Federal intermediate credit bank of the district has resources available to do so, the Governor may require such bank to invest in an equivalent amount of class A or class C stock of said association and the association then shall pay the proceeds thereof into such revolving fund in retirement of the class C stock held by the Governor." SEC. 3. Section 43 of the F a r m Credit Act of 1933 (12 U.S.C. 1134e) Government is amended by adding the following two paragraphs at the end thereof: ^'Is'strtTe"^"*' "As to any class A stock of any such bank held by the Governor of the F a r m Credit Administration on behalf of the United States at