REGULATORY ACCOUNTING PROCEDURES.

SEC. 205. REGULATORY ACCOUNTING PROCEDURES. (a) Dates for Purchase and Sale of Obligations.— Section 4.8(b) (12 U.S.C. 2159(b)) is amended by striking out “1988” each place it appears and inserting in lieu thereof “1992”. (b) Annual Reports.— Section 5.19(b) (12 U.S.C. 2253(b)) is amended— (1) by inserting “(1)” after the subsection designation; and (2) by adding at the end thereof the following new paragraphs: “(2) In accordance with the regulations of the Farm Credit Administration, for the period ending December 31, 1992, System institutions are authorized to use the authorities contained in this section except as otherwise provided in section 6.6. “(3) Any preferred stock issued under section 6.27 shall be subordinated to, and impaired before, other stock or equities of the institution.”.