AMENDMENTS RELATED TO THE FIRST SECTION 415 OF THE 1987 ACT.

SEC. 407. AMENDMENTS RELATED TO THE FIRST SECTION 415 OF THE 1987 ACT. (a) Section 3.20(a) is amended— (1) by striking out “in this section”; and (2) by inserting “, established under section 413 of the Agricultural Credit Act of 1987,” before “shall”. (b) Section 3.20(b) is amended by inserting “except” before “as otherwise”. (c) Section 3.21(b)(2) is amended by adding at the end the following: “(C) Third member.—The nomination and election of the third member from each district shall be carried out in accordance with procedures prescribed in the bylaws of the consolidated bank.”. (d) Section 3.21(b)(2)(B)(i)(I) is amended to read as follows: “(I) at the close of the immediately preceding fiscal year of the consolidated bank; or”. (e) Section 3.22 is amended— (1) by striking out “United Bank for Cooperatives or the National Bank for Cooperatives” and inserting in lieu thereof “consolidated bank”; and (2) by striking out “merger” and inserting in lieu thereof “establishment of the bank under section 413 of the Agricultural Credit Act of 1987”. (f) Section 3.25 is amended to read as follows: 102 STAT. 1001 “SEC. 3.25. CAPITALIZATION. “In accordance with section 4.3A, each consolidated bank shall provide, through bylaws and subject to Farm Credit Administration regulations, for the capitalization of the bank and the manner in which bank stock shall be issued, held, transferred, and retired and bank earnings distributed.”. (g) Section 3.27 is amended by striking out “taxable institution” and inserting in lieu thereof “cooperative”.