Sec. 5406. Definition of institution-affiliated party
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Section 5.35 of the Farm Credit Act of 1971 ( 12 U.S.C. 2271 ) is amended— in paragraph (3), by striking and at the end; by redesignating paragraph
(4)as paragraph (5); and by inserting after paragraph
(3)the following: the term institution-affiliated party means— a director, officer, employee, shareholder, or agent of a System institution; an independent contractor (including an attorney, appraiser, or accountant) who knowingly or recklessly participates in— a violation of law (including regulations) that is associated with the operations and activities of 1 or more System institutions; a breach of fiduciary duty; or an unsafe practice that causes or is likely to cause more than a minimum financial loss to, or a significant adverse effect on, a System institution; and any other person, as determined by the Farm Credit Administration (by regulation or on a case-by-case basis) who participates in the conduct of the affairs of a System institution; and .
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Sec. 5406
Definition of institution-affiliated party
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