(Pub. L. 92–181, § 1.2, formerly §§ 1.2, 5.0, Dec. 10, 1971, 85 Stat. 583, 614; Pub. L. 96–592, title V, § 501,Dec. 24, 1980, 94 Stat. 3448; Pub. L. 99–205, title II, § 205(c), (g)(1),Dec. 23, 1985, 99 Stat. 1703, 1706; Pub. L. 100–233, title IV, § 434, title VIII, § 805(a), (v),Jan. 6, 1988, 101 Stat. 1662, 1715, 1716; Pub. L. 100–399, title IX, § 901(q)–(s), Aug. 17, 1988, 102 Stat. 1008.)
Pub. L. 100–399
, § 901(r), transferred section
.0 of Pub. L. 92–181
, which was classified to section
of this title, to subsec. (b) of this section.
1988—Subsec. (a). Pub. L. 100–399
, § 901(s), designated existing provisions as subsec. (a), inserted heading, and substituted “regulation” for “the regulation”.
Pub. L. 100–233
, § 434, amended provisions generally. Prior to amendment, provisions read as follows: “The Farm Credit System shall include the Federal land banks, the Federal land bank associations, the Federal intermediate credit banks, the production credit associations, the banks for cooperatives, 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.”
Pub. L. 100–233
, § 805(a), substituted “subject to regulation” for “subject to the regulation”.
Subsec. (b). Pub. L. 100–399
, § 901(q), (r), designated section
of this title as subsec. (b), inserted heading, and substituted “boards of the banks in each district” for “district boards”.
Pub. L. 100–233
, § 805(v), substituted “section
of this title” for “section
of this title”.
1985—Subsec. (a). Pub. L. 99–205
, § 205(c), substituted “regulation by” for “supervision of”.
Subsec. (b). Pub. L. 99–205
, § 205(g)(1), substituted “Farm Credit Administration” for “Federal Farm Credit Board” in first and second sentences, and made a technical amendment to reference to section
of this title to reflect the renumbering of the corresponding section of the original act.
1980—Subsec. (b). Pub. L. 96–592
inserted provisions relating to Virgin Islands of the United States.
Effective Date of 1988 Amendments
Section 1001 ofPub. L. 100–399
“(a) General Rule.—Except as provided in subsection (b), the amendments made by this Act [see Tables for classification] shall take effect as if enacted immediately after the enactment of the 1987 Act [Pub. L. 100–233
, which was enacted Jan. 6, 1988].
“(b) Exceptions.—The amendments made by sections
(other than by subsections (a), (b), (c), (e), (f), and (g) thereof) of this Act [see Tables for classification] shall take effect immediately after the amendment made by section 401 of the 1987 Act takes effect [section 401 ofPub. L. 100–233
, effective 6 months after Jan. 6, 1988].”
Section 434 ofPub. L. 100–233
provided in part that the amendment of this section by section 434 ofPub. L. 100–233
is effective 6 months after Jan. 6, 1988.
Effective Date of 1985 Amendment
Amendment by Pub. L. 99–205
effective thirty days after Dec. 23, 1985, see section 401 ofPub. L. 99–205
, set out as a note under section
of this title.
Consolidation of District Farm Credit Banks
Section 412 ofPub. L. 100–233
, as amended by Pub. L. 100–399
, title IV, § 404,Aug. 17, 1988, 102 Stat. 999
, provided that:
“(a) Submission of Proposal.—
“(1) Special committee.—
“(A) In general.—Not later than 6 months after the date of the enactment of this section [Jan. 6, 1988], a special committee shall be selected pursuant to regulations of the Farm Credit Administration for the purpose of developing a proposal for the consolidation of Farm Credit System districts.
“(B) Composition.—The special committee selected under subparagraph (A) shall be composed of one representative from each Farm Credit Bank board and the members of the Board of Directors of the Assistance Board.
“(2) Development of proposal.—Not later than 6 months after the formation of the special committee, the committee shall develop a proposal to consolidate the Farm Credit Banks into no less than six financially viable Farm Credit Banks through inter-district mergers.
“(3) Report.—Not later than the end of each calendar quarter beginning at least 6 months after the selection of the special committee, such committee shall prepare and submit, to the Committee on Agriculture of the House of Representatives, and the Committee on Agriculture, Nutrition, and Forestry of the Senate, a report on the progress of the committee in developing a proposal under this subsection.
“(b) Prerequisites to Consolidation.—
“(1) FCA review of proposal.—Prior to the submission of the proposal developed under subsection (a)(2) to the stockholders under paragraph (3), the proposal together with all information to be presented to the stockholders, shall be submitted to the Farm Credit Administration for approval.
“(2) Prerequisites.—The proposal developed under subsection (a)(2) shall not be submitted to stockholders under paragraph (3) unless the proposal is approved by—
“(A) a majority of the members of the Board of Directors of the Assistance Board; and
“(B) the members of the special committee that represent the districts affected by the terms of the proposal.
“(3) Submission to stockholders.—Not later than the end of the 18-month period after the date of enactment of this Act [Jan. 6, 1988], each Farm Credit Bank involved, in consultation with the special committee, shall submit the proposed merger affecting such bank to the voting stockholders of each such bank.
“(4) Stockholder vote.—Each association shall be entitled to cast a number of votes equal to the number of voting stockholders of such association.”
[For termination, effective May 15, 2000, of reporting provisions in section 412(a)(3) ofPub. L. 100–233
, set out above, see section 3003 ofPub. L. 104–66
, as amended, set out as a note under section
, Money and Finance, and page 166
of House Document No. 103–7
Applicability of Laws Enacted After January 1, 1960
Pub. L. 86–168
, title II, § 203(b),Aug. 18, 1959, 73 Stat. 390
, provided that: “Any Act of Congress enacted after the effective date of this title [Jan. 1, 1960] and which states that it shall be applicable to agencies or instrumentalities of the United States or to corporations controlled or owned, in whole or in part, by the United States, or to officers and employees of the United States or such agencies or instrumentalities or corporations, shall not be applicable to a Federal land bank, Federal intermediate credit bank, or bank for cooperatives, or to its directors, officers, or employees unless such Act specifically so provides by naming such banks.”