REASSIGNMENT OF ASSOCIATIONS TO ADJOINING DISTRICTS.

SEC. 433. REASSIGNMENT OF ASSOCIATIONS TO ADJOINING DISTRICTS. (a) Petition of Bank.— Notwithstanding any other provision of this Act, effective for the 12-month period beginning on the date of enactment of the Agricultural Credit Act of 1987, each Federal land bank association or production credit association, whose chartered territory adjoins the territory of another district, may petition the Farm Credit Administration to amend the charters of the association and the adjoining district bank to provide that the territory of the association is part of the adjoining district. (b) Requirements of Petition.— To be considered under this section, the petition must be signed by not less than 15 percent of the stockholders of the association. Only one such petition may be filed by an association under this subsection. (c) FCA Action.— The Farm Credit Administration shall take any action necessary— (1) to amend the charters of the association and the district bank; and (2) to incorporate the petitioning association into the adjoining district if the reassignment is approved by— (A) a majority of the stockholders of the association voting, in person or by proxy, at a duly authorized stockholders’ meeting held for such purpose; (B) the board of directors of such adjoining district; (C) the Assistance Board; and (D) the Farm Credit Administration Board.