Sec. 5407. Repeal of obsolete provisions; technical corrections

2,884 words·~13 min read·/bill/115/hr/2/eas/section-5407

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Section 1.1(c) of the Farm Credit Act of 1971 ( 12 U.S.C. 2001(c) ) is amended in the first sentence by striking including any costs of defeasance under section 4.8(b), . Section 1.2 of the Farm Credit Act of 1971 ( 12 U.S.C. 2002 ) is amended by striking subsection

(a)and inserting the following: The Farm Credit System shall include the Farm Credit Banks, the bank for cooperatives, Agricultural Credit Banks, the Federal Land Bank Associations, the Federal Land Credit Associations, the Production Credit Associations, the agricultural credit associations, the Federal Farm Credit Banks Funding Corporation, the Federal Agricultural Mortgage Corporation, service corporations established pursuant to section 4.25, and such other institutions as may be made a part of the Farm Credit System, all of which shall be chartered by and subject to regulation by the Farm Credit Administration. . Section 2.4 of the Farm Credit Act of 1971 ( 12 U.S.C. 2075 ) is amended by striking subsection (d). Section 3.0(a) of the Farm Credit Act of 1971 ( 12 U.S.C. 2121(a) ) is amended— in the third sentence, by striking and a Central Bank for Cooperatives ; and by striking the fifth sentence. Section 3.2 of the Farm Credit Act of 1971 ( 12 U.S.C. 2123 ) is amended— in subsection (a)— in paragraph (1), by striking not merged into the United Bank for Cooperatives or the National Bank for Cooperatives ; and in paragraph (2)(A), in the matter preceding clause (i), by striking (other than the National Bank for Cooperatives) ; by striking subsection (b); in subsection (a)— by striking (a)(1) Each bank and inserting the following: Each bank ; and by striking (2)(A) If approved and inserting the following: If approved ; in subsection (b)(1) (as so designated)— in subparagraph (B), by striking

(B)The total and inserting the following: The total ; and by redesignating clauses

(i)and

(ii)as subparagraphs

(A)and (B), respectively, and indenting appropriately; and in paragraph

(2)(as so designated), by striking paragraph and inserting subsection . Section 3.5 of the Farm Credit Act of 1971 ( 12 U.S.C. 2126 ) is amended in the third sentence by striking district . Section 3.7(a) of the Farm Credit Act of 1971 ( 12 U.S.C. 2128(a) ) is amended by striking the second sentence. Section 3.8(b)(1)(A) of the Farm Credit Act of 1971 ( 12 U.S.C. 2129(b)(1)(A) ) is amended by inserting (or any successor agency) after Rural Electrification Administration . Section 3.9(a) of the Farm Credit Act of 1971 ( 12 U.S.C. 2130(a) ) is amended by striking the third sentence. Section 3.10 of the Farm Credit Act of 1971 ( 12 U.S.C. 2131 ) is amended— in subsection (c), by striking the second sentence; and in subsection (d)— by striking district each place it appears; and by inserting for cooperatives (or any successor bank) before on account . Section 3.11 of the Farm Credit Act of 1971 ( 12 U.S.C. 2132 ) is amended— in subsection (a), in the first sentence, by striking subsections

(b)and

(c)of this section and inserting subsection

(b); in subsection (b)— in the first sentence, by striking district ; and in the second sentence, by striking Except as provided in subsection

(c)below, all and inserting All ; by striking subsection (c); and by redesignating subsections

(d)through

(f)as subsections

(c)through (e), respectively. Part B of title III of the Farm Credit Act of 1971 ( 12 U.S.C. 2141 et seq.) is amended in the part heading by striking . United and Section 3.20 of the Farm Credit Act of 1971 ( 12 U.S.C. 2141 ) is amended— in subsection (a), by striking or the United Bank for Cooperatives, as the case may be ; and in subsection (b), by striking the district banks for cooperatives and the Central Bank for Cooperatives and inserting the constituent banks described in section 413(b) of the Agricultural Credit Act of 1987 ( . 12 U.S.C. 2121 note; Public Law 100–233 ) Section 3.21 of the Farm Credit Act of 1971 ( 12 U.S.C. 2142 ) is repealed. Section 3.28 of the Farm Credit Act of 1971 ( 12 U.S.C. 2149 ) is amended by striking a district bank for cooperatives and the Central Bank for Cooperatives and inserting the constituent banks described in section 413(b) of the Agricultural Credit Act of 1987 ( . 12 U.S.C. 2121 note; Public Law 100–233 ) Section 3.29 of the Farm Credit Act of 1971 ( 12 U.S.C. 2149a ) is repealed. Section 4.0 of the Farm Credit Act of 1971 ( 12 U.S.C. 2151 ) is repealed. Section 4.8 of the Farm Credit Act of 1971 ( 12 U.S.C. 2159 ) is amended— by striking the section designation and heading and all that follows through Each bank in subsection

(a)and inserting the following: Each bank ; and by striking subsection (b). Section 4.9 of the Farm Credit Act of 1971 ( 12 U.S.C. 2160 ) is amended— in subsection (d)— by striking paragraph

(2)and inserting the following: The Farm Credit System Insurance Corporation shall not have representation on the board of directors of the Corporation. ; in the undesignated matter following paragraph (1)(D), by striking In selecting and inserting the following: In selecting ; and in paragraph

(2)(as so designated), by inserting of paragraph

(1)after

(A)and

(B); by striking subsection (e); and by redesignating subsection

(f)as subsection (e). Section 4.9A(c) of the Farm Credit Act of 1971 ( 12 U.S.C. 2162(c) ) is amended— by striking institution, and— in the matter preceding paragraph

(1)and all that follows through the period at the end of paragraph

(2)and inserting institution. ; by striking If an institution and inserting the following: If an institution ; in paragraph

(1)(as so designated), by striking the receiver of the institution and inserting the Farm Credit System Insurance Corporation, acting as receiver, ; and by adding at the end the following: The Farm Credit System Insurance Corporation shall use such funds from the Farm Credit Insurance Fund as are sufficient to carry out this section. . Section 4.12A(a) of the Farm Credit Act of 1971 ( 12 U.S.C. 2184(a) ) is amended by striking paragraph

(1)and inserting the following: A Farm Credit System bank or association shall provide to a stockholder of the bank or association a current list of stockholders of the bank or association not later than 7 calendar days after the date on which the bank or association receives a written request for the stockholder list from the stockholder. . Section 4.14A of the Farm Credit Act of 1971 ( 12 U.S.C. 2202a ) is amended— in subsection (a)— in the matter preceding paragraph (1), by inserting and section 4.36 before the colon at the end; and in paragraph (5)(B)(ii)(I), by striking 4.14C, ; by striking subsection (h); by redesignating subsections

(i)through

(l)as subsections

(h)through (k), respectively; and in subsection

(k)(as so redesignated), by striking production credit . Section 4.14C of the Farm Credit Act of 1971 ( 12 U.S.C. 2202c ) is repealed. Section 4.17 of the Farm Credit Act of 1971 ( 12 U.S.C. 2205 ) is amended in the third sentence by striking Federal intermediate credit banks and . Section 4.19(a) of the Farm Credit Act of 1971 ( 12 U.S.C. 2207(a) ) (as amended by section 5402(a)(2)) is amended— in the first sentence— by striking district ; and by striking Federal land bank association and production credit ; and in the second sentence, by striking units and inserting institutions . Section 4.38 of the Farm Credit Act of 1971 ( 12 U.S.C. 2219c ) is amended by striking The Assistance Board established under section 6.0 and all and inserting All . Section 4.39 of the Farm Credit Act of 1971 ( 12 U.S.C. 2219d ) is amended by striking 8.0(7)) and inserting 8.0) . Section 5.16 of the Farm Credit Act of 1971 ( 12 U.S.C. 2251 ) is amended— by striking the section designation and heading and all that follows through As an alternate in the matter preceding paragraph

(1)and inserting the following: The Farm Credit Administration shall maintain— the principal office of the Farm Credit Administration within the Washington-Arlington-Alexandria, DC–VA–MD–WV Metropolitan Statistical Area, as defined by the Office of Management and Budget; and such other offices in the United States as the Farm Credit Administration determines are necessary. As an alternative ; and in the undesignated matter following paragraph

(5)of subsection

(b)(as so designated)— in the fifth sentence, by striking In actions undertaken by the banks pursuant to the foregoing provisions of this section and inserting the following: In actions undertaken by the banks pursuant to this section ; in the fourth sentence, by striking The plans and inserting the following: The plans ; in the third sentence, by striking The powers and inserting the following: The powers ; in the second sentence, by striking Such advances and inserting the following: The advances of funds described in paragraph

(1); and in the first sentence, by striking The Board and inserting the following: The Board . Section 5.17(a)(2) of the Farm Credit Act of 1971 ( 12 U.S.C. 2252(a)(2) ) is amended by striking the second and third sentences. Section 5.18 of the Farm Credit Act of 1971 ( 12 U.S.C. 2253 ) is repealed. Section 5.19 of the Farm Credit Act of 1971 ( 12 U.S.C. 2254 ) is amended— in subsection (a)— in the first sentence, by striking Except for Federal land bank associations, each and inserting Each ; and by striking the second sentence; and in subsection (b)— by striking (b)(1) Each and inserting

(b)Each ; in the matter preceding paragraph

(2)(as so designated)— in the second sentence, by striking , except with respect to any actions taken by any banks of the System under section 4.8(b), ; and by striking the third sentence; and by striking paragraphs

(2)and (3). Section 5.31 of the Farm Credit Act of 1971 ( 12 U.S.C. 2267 ) is amended in the second sentence by striking 4.14A(i) and inserting 4.14A(h) . Section 5.32(h) of the Farm Credit Act of 1971 ( 12 U.S.C. 2268(h) ) is amended by striking 4.14A(i) and inserting 4.14A(h) . Section 5.35 of the Farm Credit Act of 1971 ( 12 U.S.C. 2271 ) is amended in paragraph

(5)(as redesignated by section 5406(2))— in subparagraph (A), by adding and at the end; by striking subparagraph (B); by redesignating subparagraph

(C)as subparagraph (B); and in subparagraph

(B)(as so redesignated)— by striking after December 31, 1992, ; and by striking by the Farm Credit System Assistance Board under section 6.6 or . Section 5.38 of the Farm Credit Act of 1971 ( 12 U.S.C. 2274 ) is amended by striking a farm and all that follows through land bank and inserting a Farm Credit Bank board, officer, or employee shall not remove any director or officer of any . Section 5.44 of the Farm Credit Act of 1971 ( 12 U.S.C. 2275 ) is repealed. Section 5.58(2) of the Farm Credit Act of 1971 ( 12 U.S.C. 2277a–7(2) ) is amended by striking the second sentence. Section 5.60 of the Farm Credit Act of 1971 ( 12 U.S.C. 2277a–9 ) is amended— in subsection (b), by striking the subsection designation and heading and all that follows through The Corporation in paragraph

(2)and inserting the following: The Corporation ; and in subsection (c)(2), by striking Insurance Fund to— in the matter preceding subparagraph

(A)and all that follows through ensure in subparagraph

(B)and inserting Insurance Fund to ensure . Title VI of the Farm Credit Act of 1971 ( 12 U.S.C. 2278a et seq.) is repealed. Section 7.9 of the Farm Credit Act of 1971 ( 12 U.S.C. 2279c–2 ) is amended by striking subsection (c). Section 7.10(a) of the Farm Credit Act of 1971 ( 12 U.S.C. 2279d(a) ) is amended by striking paragraph

(4)and inserting the following: the institution pays to the Farm Credit Insurance Fund the amount by which the total capital of the institution exceeds 6 percent of the assets; . Section 8.0 of the Farm Credit Act of 1971 ( 12 U.S.C. 2279aa ) is amended— in paragraph (2), by striking means— in the matter preceding subparagraph

(A)and all that follows through the period at the end of the undesignated matter following subparagraph

(B)and inserting means the board of directors established under section 8.2. ; by striking paragraphs

(6)and (8); by redesignating paragraphs (7), (9), and

(10)as paragraphs (6), (7), and (8), respectively; and in subparagraph (B)(i) of paragraph

(7)(as so redesignated), by striking

(b)through

(d)and inserting

(b)and

(c). Section 8.2 of the Farm Credit Act of 1971 ( 12 U.S.C. 2279aa–2 ) is amended— by striking subsection (a); in subsection (b), by striking the subsection designation and heading and all that follows through the period at the end of paragraph

(1)and inserting the following: The Corporation shall be under the management of the board of directors. ; in subsection

(a)(as so designated)— by striking permanent board each place it appears and inserting Board ; by striking paragraph (3); by redesignating paragraphs

(4)through

(10)as paragraphs

(3)through (9), respectively; and in paragraph (3)(A) (as so redesignated), by striking

(6)and inserting

(5); and by redesignating subsection

(c)as subsection (b). Section 8.4(a)(1) of the Farm Credit Act of 1971 ( 12 U.S.C. 2279aa–4(a)(1) ) is amended— in the sixth sentence— by striking Class B and inserting the following: Class B ; and by striking 8.2(b)(2)(B) and inserting 8.2(a)(2)(B) ; in the fifth sentence— by striking Class A and inserting the following: Class A ; and by striking 8.2(b)(2)(A) and inserting 8.2(a)(2)(A) ; in the fourth sentence, by striking The stock and inserting the following: The stock ; by striking the third sentence and inserting the following: The Board shall offer the voting common stock to banks, other financial institutions, insurance companies, and System institutions under such terms and conditions as the Board may adopt. The voting common stock shall be fairly and broadly offered to ensure that— no institution or institutions acquire a disproportionate share of the total quantity of the voting common stock outstanding of a class of stock; and capital contributions and issuances of voting common stock for the contributions are fairly distributed between entities eligible to hold class A stock and class B stock. ; in the second sentence, by striking Each share and inserting the following: Each share ; and in the first sentence, by striking The Corporation and inserting the following: The Corporation . Section 8.6 of the Farm Credit Act of 1971 ( 12 U.S.C. 2279aa–6 ) is amended— by striking subsection (d); by redesignating subsection

(e)as subsection (d); and in paragraph

(2)of subsection

(d)(as so redesignated), by striking 8.0(9)) and inserting 8.0) . Section 8.9 of the Farm Credit Act of 1971 ( 12 U.S.C. 2279aa–9 ) is amended by striking 4.14C, each place it appears. Section 8.11(e) of the Farm Credit Act of 1971 ( 12 U.S.C. 2279aa–11(e) ) is amended by striking 8.0(7)) and inserting 8.0) . Section 8.32(a) of the Farm Credit Act of 1971 ( 12 U.S.C. 2279bb–1(a) ) is amended— in the first sentence of the matter preceding paragraph (1), by striking Not sooner than the expiration of the 3-year period beginning on the date of enactment of the Farm Credit System Reform Act of 1996, the and inserting The ; and in paragraph (1)(B), by striking 8.0(9)(C) and inserting 8.0(7)(C) . Section 8.33(b)(2)(A) of the Farm Credit Act of 1971 ( 12 U.S.C. 2279bb–2(b)(2)(A) ) is amended by striking 8.6(e) and inserting 8.6(d) . Section 8.35 of the Farm Credit Act of 1971 ( 12 U.S.C. 2279bb–4 ) is amended by striking subsection (e). Section 8.38 of the Farm Credit Act of 1971 ( 12 U.S.C. 2279bb–7 ) is repealed. Section 4 of the Agricultural Marketing Act ( 12 U.S.C. 1141b ) is repealed. Section 5 of the Agricultural Marketing Act ( 12 U.S.C. 1141c ) is repealed. Section 6 of the Agricultural Marketing Act ( 12 U.S.C. 1141d ) is repealed. Section 7 of the Agricultural Marketing Act ( 12 U.S.C. 1141e ) is repealed. Section 8 of the Agricultural Marketing Act ( 12 U.S.C. 1141f ) is repealed. Section 14 of the Agricultural Marketing Act ( 12 U.S.C. 1141i ) is repealed. The Act of June 22, 1939 (53 Stat. 853, chapter 239; 12 U.S.C. 1141d–1 ), is repealed. Section 201(e) of the Emergency Relief and Construction Act of 1932 ( 12 U.S.C. 1148 ) is repealed. Section 2 of the Act of July 14, 1953 (67 Stat. 150, chapter 192; 12 U.S.C. 1148a–4 ), is repealed. Section 32 of the Farm Credit Act of 1937 ( 12 U.S.C. 1148b ) is repealed. Section 33 of the Farm Credit Act of 1937 ( 12 U.S.C. 1148c ) is repealed. Section 34 of the Farm Credit Act of 1937 ( 12 U.S.C. 1148d ) is repealed. The Joint Resolution of March 3, 1932 (47 Stat. 60, chapter 70; 12 U.S.C. 1401 et seq.), is repealed.

Connectionstraces to 40

Traces to 40 documents

U.S. Code