Pub. L. 100-399, tit. I, sec. 101

AMENDMENTS RELATED TO SECTION 101 OF THE 1987 ACT.

EnactedYear: 1988Length: 246 wordsOfficial source
SEC. 101. AMENDMENTS RELATED TO SECTION 101 OF THE 1987 ACT. (a) Section 4.9A, as in effect immediately before the enactment of the 1987 Act, is hereby repealed. (b) Section 4.9A(a), as added by section 101 of the 1987 Act, is amended by striking out the second sentence. (c) Section 4.9A(c), as added by section 101 of the 1987 Act, is amended to read as follows: “(c) Inability to Retire Stock at Par Value.—If an institution is unable to retire eligible borrower stock at par value due to the liquidation of the institution, the receiver of the institution shall retire such stock at par value as would have been retired in the ordinary course of business of the institution, and— “(1) during the 5-year period beginning on the date of the enactment of the Agricultural Credit Act of 1987, the Assistance Board shall direct the Financial Assistance Corporation to provide the receiver with sufficient funds to enable the receiver to carry out this subsection; and “(2) after such 5-year period, the Farm Credit System Insurance Corporation shall provide the receiver with sufficient funds from the Farm Credit Insurance Fund to enable the receiver to carry out this subsection.”. (d) Section 4.9A(d)(2)(B), as added by section 101 of the 1987 Act, is amended— (1) by striking out “required” and all that follows through “made” and inserting in lieu thereof “issued or allocated”; and 102 STAT. 990 (2) by striking out “4.9B” and inserting in lieu thereof “4.3A”.
Pub. L. 100-399, tit. I, sec. 101: AMENDMENTS RELATED TO SECTION 101 OF THE 1987 ACT. | Justis AI