Pub. L. 84-347, tit. II, sec. 202

Sec. 202, Section 22 of the Farm Credit Act of 1933 is amended to read as follows: “Sec. 22. (a) Each production credit association shall, at. the end of each fiscal year, apply the amount of its earnings in excess of operating expenses (including provision for reasonable valuation reserves) during such fiscal year, first, to the restoration of the impairment, if any, of capital; and, second, to the establishment and maintenance of a surplus account, the minimum amount of which shall be prescribed by the production credit corporation. “(b) A production credit association may pay dividends of not to exceed 7 per centum per annum when such payments are approved by the production credit corporation of the district and are consistent with policies established under regulations issued by the Farm Credit Administration.”