
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 12USC2278a-13]

 
                       TITLE 12--BANKS AND BANKING
 
                     CHAPTER 23--FARM CREDIT SYSTEM
 
             SUBCHAPTER VI--ASSISTANCE TO FARM CREDIT SYSTEM
 
                        Part A--Assistance Board
 
Sec. 2278a-13. Transitional provisions


(a) Exercise of powers

    The powers of the Assistance Board under this subchapter shall be 
exercised by the Farm Credit Administration Board until the issuance of 
the charter of the Assistance Board, or such later date not to exceed 30 
days thereafter, as may be requested by the Assistance Board.

(b) Limitation on assistance

    Any assistance provided to System institutions by the Farm Credit 
Administration in accordance with this section shall be provided from, 
and shall not exceed, the amounts contained in the revolving fund 
established under section 2151 of this title.

(c) Issuance of stock

    Each institution that receives assistance from the Farm Credit 
Administration during the interim period specified in subsection (a) of 
this section, in consideration thereof, shall issue preferred stock to 
the Financial Assistance Corporation in an amount equal to the amount of 
such assistance. Payments by the Financial Assistance Corporation under 
subsection (d) of this section shall be considered to be payments to 
each such institution for such stock.

(d) Repayment

    The Financial Assistance Corporation shall pay to the Farm Credit 
Administration, for return to the revolving fund established under 
section 2151 of this title, the full amount of all financial assistance 
provided by the Farm Credit Administration in accordance with this 
section, from the proceeds from the sale of the first issue of 
obligations by the Financial Assistance Corporation in accordance with 
section 2278b-6 of this title.

(Pub. L. 92-181, title VI, Sec. 6.13, as added Pub. L. 100-233, title 
II, Sec. 201, Jan. 6, 1988, 101 Stat. 1594; amended Pub. L. 100-399, 
title II, Sec. 201(n), Aug. 17, 1988, 102 Stat. 991.)


                               Amendments

    1988--Subsec. (d). Pub. L. 100-399 inserted ``, for return to the 
revolving fund established under section 2151 of this title,'' before 
``the full''.


                    Effective Date of 1988 Amendment

    Amendment by Pub. L. 100-399 effective as if enacted immediately 
after enactment of Pub. L. 100-233, which was approved Jan. 6, 1988, see 
section 1001(a) of Pub. L. 100-399, set out as a note under section 2002 
of this title.

                  Section Referred to in Other Sections

    This section is referred to in section 2151 of this title.
