Sec. 5501. Elimination of obsolete references

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Section 1.2(a) of the Farm Credit Act of 1971 ( 12 U.S.C. 2002(a) ) is amended to read as follows: The Farm Credit System shall include the Farm Credit Banks, banks 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 of this Act, and such other institutions as may be made a part of the System, all of which shall be chartered by and subject to regulation by the Farm Credit Administration. .

Section 2.4 of such Act ( 12 U.S.C. 2075 ) is amended by striking subsection (d). Section 3.0 of such Act ( 12 U.S.C. 2121 ) is amended— in the 3rd sentence, by striking and a Central Bank for Cooperatives ; and by striking the 5th sentence. Section 3.2(a)(1) of such Act ( 12 U.S.C. 2123(a)(1) ) is amended— by striking not merged into the United Bank for Cooperatives or the National Bank for Cooperatives ; and by adding at the end the following: Section 7.12(c) shall apply to the board of directors of a merged bank for cooperatives. .

Section 3.2(a)(2)(A) of such Act ( 12 U.S.C. 2123(a)(2)(A) ) is amended by striking (other than the National Bank for Cooperatives) . Section 3.2 of such Act ( 12 U.S.C. 2123 ) is amended— by striking subsection (b); in subsection (a)(2)(B), by striking paragraph and inserting subsection ; by striking (a)(1) and inserting

(a); by striking (2)(A) and inserting (b)(1) ; by striking

(i)and inserting

(A); by striking

(ii)and inserting

(B); and by striking

(B)and inserting

(2). Section 3.5 of such Act ( 12 U.S.C. 2126 ) is amended by striking district . Section 3.7(a) of such Act ( 12 U.S.C. 2128(a) ) is amended by striking the second sentence. Section 3.8(b)(1)(A) of such Act ( 12 U.S.C. 2129(b)(1)(A) ) is amended by inserting (or successor agency) after Rural Electrification Administration . Section 3.9(a) of such Act ( 12 U.S.C. 2130(a) ) is amended by striking the 3rd sentence. Section 3.10(c) of such Act ( 12 U.S.C. 2131(c) ) is amended by striking the second sentence. Section 3.10(d) of such Act ( 12 U.S.C. 2131(d) ) is amended— by striking district each place it appears; and by inserting for cooperatives or successor bank before on account of such indebtedness . Section 3.11 of such Act ( 12 U.S.C. 2132 ) is amended— in subsection (a), by striking subsections

(b)and

(c)and inserting subsection

(b); in subsection (b)— by striking district ; and by striking Except as provided in subsection

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

(c)and redesignating subsections

(d)through

(f)as subsections

(c)through (e), respectively. The heading for part B of title III of such Act is amended by striking . United and Section 3.20(a) of such Act ( 12 U.S.C. 2141(a) ) is amended by striking or the United Bank for Cooperatives, as the case may be . Section 3.20(b) of such Act ( 12 U.S.C. 2141(b) ) is amended by striking the district banks for cooperatives and the Central Bank for Cooperatives and inserting all constituent banks referred to in section 413 of the Agricultural Credit Act of 1987 . Section 3.21 of such Act ( 12 U.S.C. 2142 ) is repealed. Section 3.28 of such Act ( 12 U.S.C. 2149 ) is amended by striking a district bank for cooperatives and the Central Bank for Cooperatives and inserting its constituent banks referred to in section 413 of the Agricultural Credit Act of 1987 . Section 3.29 of such Act ( 12 U.S.C. 2150 ) is repealed. Section 4.0 of such Act ( 12 U.S.C. 2151 ) is repealed. Section 5.60(b) of such Act ( 12 U.S.C. 2277a-9(b) ) is amended to read as follows: The Corporation shall deposit in the Insurance Fund all premium payments received by the Corporation under this part. . Section 4.8 of such Act ( 12 U.S.C. 2159 ) is amended— by striking

(a); and by striking subsection (b). Section 1.1(c) of such Act ( 12 U.S.C. 2001(c) ) is amended by striking including any costs of defeasance under section 4.8(b), . Section 4.9(d)(2) of such Act ( 12 U.S.C. 2160(d)(2) ) is amended to read as follows: The Farm Credit System Insurance Corporation shall have no representation on the board of directors of the Corporation. . Section 4.9 of such Act ( 12 U.S.C. 2160 ) is amended by striking subsection

(e)and redesignating subsection

(f)as subsection (e). Section 4.9A(c) of such Act ( 12 U.S.C. 2162(c) ) is amended to read as follows: If an institution is unable to retire eligible borrower stock at par value due to the liquidation of the institution, the Farm Credit System Insurance Corporation, acting as receiver, shall retire such stock at par value as would have been retired in the ordinary course of business of the institution. The Farm Credit System Insurance Corporation shall make use of sufficient funds from the Farm Credit Insurance Fund to carry out this section. . Section 4.12A(a)(1) of such Act ( 12 U.S.C. 2184(a)(1) ) is amended to read as follows: Every Farm Credit System bank or association shall provide a current list of its stockholders, within 7 calendar days after receipt of a written request by a stockholder, to the requesting stockholder. . Section 4.14A(a) of such Act ( 12 U.S.C. 2202a(a) ) is amended by inserting and section 4.36 after As used in this part . Section 4.14A of such Act ( 12 U.S.C. 2202a ) is amended— in subsection (l), by striking production credit ; and by striking subsection

(h)and redesignating subsections

(i)through

(l)as subsections

(h)through (k), respectively. Section 5.31 of such Act ( 12 U.S.C. 2267 ) is amended by striking 4.14A(i) and inserting 4.14A(h) . Section 5.32(h) of such Act ( 12 U.S.C. 2268(h) ) is amended by striking 4.14A(i) and inserting 4.14A(h) . Section 4.14C of such Act ( 12 U.S.C. 2202c ) is repealed. Section 4.14A(a)(5)(B)(ii)(I) of such Act ( 12 U.S.C. 2202a(a)(5)(B)(ii)(I) ) is amended by striking 4.14C, . Section 8.9 of such Act ( 12 U.S.C. 2279aa–9 ) is amended by striking 4.14C, each place it appears. Section 4.17 of such Act ( 12 U.S.C. 2205 ) is amended by striking Federal intermediate credit banks and . Section 4.19(a) of such Act ( 12 U.S.C. 2207(a) ) is amended— by striking district ; by striking Federal land bank association and production credit ; and by striking units and inserting institutions . Section 4.38 of such Act ( 12 U.S.C. 2219c ) is amended by striking The Assistance Board established under section 6.0 and all and inserting All . Section 5.17(a)(2) of such Act ( 12 U.S.C. 2252(a)(2) ) is amended by striking the second and 3rd sentences. Section 5.18 of such Act ( 12 U.S.C. 2253 ) is repealed. Section 5.19(a) of such Act ( 12 U.S.C. 2254(a) ) is amended— by striking Except for Federal land bank associations, each and inserting Each ; and by striking the second sentence. Section 5.19(b) of such Act ( 12 U.S.C. 2254(b) ) is amended— in the second sentence of paragraph (1), by striking except with respect to any actions taken by any banks of the System under section 4.8(b), ; by striking the third sentence of paragraph (1); by striking (b)(1) and inserting

(b); and by striking paragraphs

(2)and (3). Section 5.35(4) of such Act ( 12 U.S.C. 2271(4) ) is amended— in subparagraph (C)— by striking after December 31, 1992, ; and by striking by the Farm Credit System Assistance Board under section 6.6 or ; and by striking subparagraph

(B)and redesignating subparagraph

(C)as subparagraph (B). Section 5.38 of such Act ( 12 U.S.C. 2274 ) is amended by striking a farm credit district board, bank board, or bank officer or employee shall not remove any director or officer of any production credit association or Federal land bank association and inserting a Farm Credit Bank board, officer, or employee shall not remove any director or officer of any association . Section 5.44 of such Act ( 12 U.S.C. 2275 ) is repealed. Section 5.58(2) of such Act ( 12 U.S.C. 2277a–7 ) is amended by striking the second sentence. Subtitle A of title VI of such Act (12 U.S.C. 2278a-2278a–11) is repealed. Title VI of such Act (12 U.S.C. 2278a-2278b–11) is amended by adding at the end the following: The authority provided in this subtitle shall terminate on December 31, 2018. . Section 7.9 of such Act ( 12 U.S.C. 2279c–2 ) is amended by striking subsection (c). Section 7.10(a)(4) of such Act ( 12 U.S.C. 2279d(a)(4) ) is amended to read as follows: 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(2) of such Act ( 12 U.S.C. 2279aa(2) ) is amended to read as follows: The term Board means the board of directors established under section 8.2. . Section 8.0 of such Act ( 12 U.S.C. 2279aa ) is amended by striking paragraphs

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

(10)as paragraphs

(6)through (8), respectively. Section 4.39 of such Act ( 12 U.S.C. 2219d ) is amended by striking 8.0(7) and inserting 8.0(6) . Section 8.6(e)(2) of such Act ( 12 U.S.C. 2279aa–6(e)(2) ) is amended by striking 8.0(9) and inserting 8.0(7) . Section 8.11(e) of such Act ( 12 U.S.C. 2279aa–11(e) ) is amended by striking 8.0(7) and inserting 8.0(6) . Section 8.32(a)(1)(B) of such Act ( 12 U.S.C. 2279bb–1(a)(1)(B) ) is amended by striking 8.0(9)(C) and inserting 8.0(7)(C) . Section 8.2 of such Act ( 12 U.S.C. 2279aa-2 ) is amended— in subsection (b)— in the subsection heading, by striking and inserting Permanent Board ; Board of Directors by striking paragraph

(1)and inserting the following: The Corporation shall be under the management of the Board of Directors. ; by striking paragraph

(3)and redesignating paragraphs

(4)through

(10)as paragraphs

(3)through (9), respectively; and by striking permanent each place it appears in paragraphs (2), and

(3)through

(9)(as so redesignated); and by striking subsection

(a)and redesignating subsections

(b)and

(c)as subsections

(a)and (b), respectively. Section 8.4(a)(1) of such Act ( 12 U.S.C. 2279aa–4 ) is amended— by striking the 3rd sentence; by inserting after the 1st sentence the following: Voting common stock shall be offered to banks, other financial entities, insurance companies, and System institutions under such terms and conditions as the Board may adopt. The voting stock shall be fairly and broadly offered to ensure that no institution or institutions acquire a disproportionate amount of the total amount of voting common stock outstanding of a class and that capital contributions and issuances of voting common stock for the contributions are fairly distributed between entities eligible to hold Class A and Class B stock, as provided under this paragraph. ; by striking 8.2(b)(2)(A) and inserting 8.2(a)(2)(A) ; and by striking 8.2(b)(2)(B) and inserting 8.2(a)(2)(B) . Section 8.6 of such Act ( 12 U.S.C. 2279aa–6 ) is amended by striking subsection

(d)and redesignating subsection

(e)as subsection (d). Paragraph (7)(B)(i) of section 8.0 of such Act ( 12 U.S.C. 2279aa ), as redesignated by subsection (ss)(1), is amended by striking through

(d)and inserting and

(c). Section 8.33(b)(2)(A) of such Act ( 12 U.S.C. 2279bb–2(b)(2)(A) ) is amended by striking 8.6(e) and inserting 8.6(d) . Section 8.32(a) of such Act ( 12 U.S.C. 2279bb–1(a) ) is amended 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 . Section 8.35 of such Act ( 12 U.S.C. 2279bb–4 ) is amended by striking subsection (e). Section 8.38 of such Act ( 12 U.S.C. 2279bb–7 ) is repealed.

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