Pub. L. 84-809, tit. I, sec. 107

Sec. 107. (a) Section 8 of the Farm Credit Act of 1953 is amended by striking out the words “production credit corporation”, wherever they appear therein, and substituting in lieu thereof the words “Federal intermediate credit bank”. (b) Subsection (a) of section 16 of the Farm Credit Act of 1953 is amended to read as follows: “(a) Any other provisions of law to the contrary notwithstanding, after the effective date of this Act any production credit association may, with the approval of the Farm Credit Administration, issue nonvoting preferred stock, to be known as class C stock, which may be purchased and held by the Governor of the Farm Credit Administration and by investors: Provided, That the issuance of such stock shall 70 Stat. 667be authorized by vote of not less than two-thirds of the outstanding shares of class A stock of the association (other than shares held by the Governor of the Farm Credit Administration) by the holders thereof in person or by proxy and by vote of not less than two-thirds of the outstanding shares of class B stock of the association by the holders thereof in person or by proxy; and for this purpose holders of class A stock (other than the Governor of the Farm Credit Administration) and holders of class B stock shall be entitled to one vote for each share of stock held by them. Payments for such stock purchased by the Governor shall be made out of the revolving fund created by section 5 (a) of the Farm Credit Act of 1933, as amended, and the proceeds from the retirement of any such stock shall be paid into such revolving fund.”