Sec. 5408. DEFINITION OF INSTITUTION-AFFILIATED PARTY
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## SEC. 5408 DEFINITION OF INSTITUTION-AFFILIATED PARTY Section 5.35 of the Farm Credit Act of 1971 (12 U.S.C. 2271) is amended— ####
(1)in paragraph (3), by striking “and” at the end; ####
(2)by redesignating paragraph
(4)as paragraph (5); and ####
(3)by inserting after paragraph
(3)the following: > > #### “(4) > > the term ‘institution-affiliated party’ means— > > > ##### “(A) > > a director, officer, employee, shareholder, or agent of a System institution; > > > ##### “(B) > > an independent contractor (including an attorney, appraiser, or accountant) who knowingly or recklessly participates in— > > > ###### “(i) > > a violation of law (including regulations) that is associated with the operations and activities of 1 or more System institutions; > > > ###### “(ii) > > a breach of fiduciary duty; or > > > ###### “(iii) > > 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 > > > ##### “(C) > > 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. 5408
DEFINITION OF INSTITUTION-AFFILIATED PARTY
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