Page:United States Statutes at Large Volume 94 Part 3.djvu/799

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PUBLIC LAW 96-000—MMMM. DD, 1980

PUBLIC LAW 96-592—DEC. 24, 1980

94 STAT. 3443

farmers, ranchers, and producers or harvesters of aquatic products: Provided, That the borrower's operations shall supply at least 20 per centum, or such larger per centum that is required by the supervising bank under regulations of the Farm Credit Administration, of the total processing or marketing for which financing is extended,"; and (2) inserting in subsection 0?) after "Administration" in the first sentence "as provided in section 4.17 of this Act". SEC. 211. Section 2.16 of the Farm Credit Act of 1971 is amended by 12 USC 2097. inserting "and aquatic" after "on-farm". TITLE III—BANKS FOR COOPERATIVES SEC. 301. Section 3.1 of the Farm Credit Act of 1971 is amended by— (1) inserting before the period at the end of paragraph (11) ", and participate with one or more other Farm Credit System institutions in loans made under this title or other titles of this Act on the basis prescribed in section 4.18 of this Act"; (2) inserting after "System" in the first sentence in paragraph (12) "or any insured State nonmember bank as defined in section 2 oiFthe Federal Deposit Insurance Act or, to the extent necessary to facilitate transactions which may be financed under section 3.7(b) of this Act, any other financial organization, domestic or foreign, as may be authorized by its board of directors and approved by the Farm Credit Administration"; (3) amending paragraph (13) by: (a) inserting immediately after "(13)" the designation "(A)"; (b) inserting after subparagraph (A) the following new subparagraphs (B) and (C): "(B) As may be authorized by its board of directors and approved by the Farm Credit Administration, buy from and sell to Farm Credit System institutions interests in loans and in other financial assistance extended and nonvoting stock. "(C) As may be authorized by its board of directors and approved by the Farm Credit Administration, and solely for the purposes of obtaining credit information and other services needed to facilitate transactions which may be financed under section 3.7(b) of this Act, invest in ownership interests in foreign business entities that are principally engaged in providing credit information to and performing such servicing functions for their members in connection with the members' international activities."; and (4) adding new paragraphs (18) and (19) as follows: "(18) As may be authorized by the board of directors and approved by the Farm Credit Administration, maintain credit balances and pay or receive fees or interest thereon, for the purpose of assisting in the transfer of funds to or from parties to transactions that may be financed under section 3.7(b) of this Act: Provided, however. That nothing herein shall authorize the banks for cooperatives to engage in the business of accepting domestic deposits. "(19) As may be authorized by its board of directors and approved by the Farm Credit Administration, agree with other Farm Credit System institutions to share loan or other losses, whether to protect against capital impairment or for any other purpose.". SEC. 302. Section 3.3 of the Farm Credit Act of 1971 is amended by adding a new subsection (f) as follows: "(f) Participation certificates may be issued to parties to whom voting stock may not be issued.".

12 USC 2122.

Post, p. 3446. 12 USC 264 note, 1811-1831. Post, p. 3444.

12 USC 2124.