12 U.S. Code § 2278a–6 - Special powers
The Farm Credit Administration may use any of its enforcement powers, with respect to any institution to which the Assistance Board has provided assistance or has certified the institution to issue preferred stock under section 2278b–7 of this title, to obtain the compliance of the institution with the terms or conditions governing the use of financial assistance provided under this subchapter.
The Assistance Board shall not, for any reason, request or require any member of the board of directors of any System institution to submit to the Assistance Board an undated letter of resignation. Immediately after January 6, 1988, the Assistance Board shall destroy all such letters over which it has control.
During the 5-year period beginning on January 6, 1988, the Assistance Board, in coordination with the Financial Assistance Corporation, shall report annually to the Committee on Agriculture of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate on the extent to which System institutions translate the savings in the cost of the operations of such institutions due to the Federal assistance provided to the System under this subchapter into lower interest rates charged to System borrowers or enhanced financial solvency of such institutions.
1990—Subsec. (a)(8)(B). Pub. L. 101–624 struck out before semicolon at end “notwithstanding the authority of the Farm Credit Administration to approve such matters”.
Subsec. (a)(9). Pub. L. 100–399, § 201(g), struck out “may” before “suspend”.
Subsec. (b)(1). Pub. L. 100–399, § 201(h), substituted “(a)(9)” for “(a)(8)”.
Subsec. (b)(2). Pub. L. 100–399, § 201(i), struck out “the appropriate provision of” after “stock under”.
LII has no control over and does not endorse any external Internet site that contains links to or references LII.