Page:United States Statutes at Large Volume 106 Part 5.djvu/495

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PUBLIC LAW 102-552—OCT. 28, 1992 106 STAT. 4133 exercise, either directly or through associations, like lending authority in any of the territory described in subparagraph (A)(i). "(14)(A) Subject to subparagraph (B), the Farm Credit Administration may approve a request to charter an association of the Farm Credit System to operate under title II where the proposed charter— "(i) will include any of the geographic area included in the territory served by an association that was reassigned pursuant to section 433 of the Agricultural Credit Act of 1987 (12 U.S.C. 2071 note) (where the geographic area was a part of the association's territory as of the date of the reassignment); and "(ii) will authorize the association to exercise lending authority in any territory in the geographic area in which the charter of an association that is not requesting the charter authorizes the association to exercise the type of lending authority that is the subject of the charter request. "(B) The Farm Credit Administration may approve a charter request under subparagraph (A) only on the approval of— "(i) the respective boards of directors of the associations that, if the charter request is approved, would exercise like lending authority in any of the territory that is the subject of the charter request; "(ii) a majority vote of the stockholders (if any) of each association described in clause (i) voting, in person or by proxy, at a duly authorized stockholder's meeting; and "(iii) the respective boards of directors of the Farm Credit Banks that, if the charter request is approved, would exercise, either directly or through associations, like lending authority in any of the territory described in subparagraph (A)(i). ". SEC. 512. EXAMINATIONS. The third sentence of section 5.19(a) (12 U.S.C. 2254(a)) is amended by striking "shall include" and inserting "may include, if appropriate". SEC. 513. AUTHORITY TO EXAMINE SYSTEM INSTITUTIONS. (a) AUTHORITY OF FARM CREDIT SYSTEM INSURANCE CORPORA- TION. — Section 5.59 (12 U.S.C. 2277a-8) is amended— (1) in the section heading, by striking "INSURED SYSTEM BANKS" and inserting "SYSTEM INSTITUTIONS"; and (2) by striking subsection (b) and inserting the following new subsection: "(b) EXAMINATION OF SYSTEM INSTITUTIONS.— "(1) EXAMINATION AUTHORITY.— "(A) IN GENERAL. —If the Board of Directors considers it necessary to examine an insured System bank, a production credit association, an association making direct loans under the authority provided under section 7.6, or any System institution in receivership, the Board may, using Farm Credit Administration examiners, conduct the examination using reports and other information on the System institution prepared or held by the Farm Credit Administration.