S. 2851 (108th): A bill to amend the Farm Credit Act of 1971 to establish certain conditions under which a ...

...Farm Credit System institution can terminate its status as a System institution.

108th Congress, 2003–2004. Text as of Sep 28, 2004 (Introduced).

Status & Summary | PDF | Source: GPO

S 2851 IS

108th CONGRESS

2d Session

S. 2851

To amend the Farm Credit Act of 1971 to establish certain conditions under which a Farm Credit System institution can terminate its status as a System institution.

IN THE SENATE OF THE UNITED STATES

September 28, 2004

Mr. DASCHLE (for himself and Mr. JOHNSON) introduced the following bill; which was read twice and referred to the Committee on Agriculture, Nutrition, and Forestry

A BILL

To amend the Farm Credit Act of 1971 to establish certain conditions under which a Farm Credit System institution can terminate its status as a System institution.

    Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. TERMINATION OF FARM CREDIT SYSTEM STATUS.

    Section 7.10 of the Farm Credit Act of 1971 (12 U.S.C. 2279d) is amended by adding at the end the following:

    ‘(c) CONDITIONS FOR CERTAIN TERMINATION- Notwithstanding subsections (a) and (b), if the Farm Credit Administration Board receives an official notification that a Farm Credit System institution seeks to terminate its status as a System institution, the Farm Credit Administration--

      ‘(1) shall hold not less than 1 public meeting or hearing in each of the States served, as of the date of receipt of the notification, by the institution; and

      ‘(2) shall not approve or disapprove the termination of the institution as a System institution under subsection (a)(2) until on or after the date that is 180 days after the date of receipt of the notification.’.