Page:United States Statutes at Large Volume 99 Part 2.djvu/599

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PUBLIC LAW 99-000—MMMM. DD, 1985

PUBLIC LAW 99-205—DEC. 23, 1985

99 STAT. 1709

"(c) In the case of an involuntary liquidation of an association, Regulations. regulations of the Farm Credit Administration, among other things, shall direct the supervising bank to institute such measures as it deems appropriate to minimize the adverse effect of the liquidation on those borrowers whose loans are purchased by or otherwise transferred to another S3rstem institution.". MINERAL RIGHTS LIMITATION

SEC. 306. The Farm Credit Act of 1971 is amended by adding at the Real property. Prohibitions. end of title IV the following: "PART F—MISCELLANEOUS "SEC. 4.35. LIMIFATION ON SEPARATE SALE.—If real property is 12 USC 2219. acquired by any institution of the Farm Credit System through foreclosure, no institution of the Farm Credit System shall sell the surface rights to that real property to any person unless the institution also sells all mineral rights to that real property to that person. "SEC. 4.36. LIMITATION ON SALE OF TRACTS OF REAL ESTATE.—NO

institution of the Farm Credit System shall sell any real property that previously served as security for a loan in a tract larger than a normal family size farm in the vicinity of the property for less than the amount it can receive from the Capital Corporation.".

12 USC 2219a.

LOAN REVIEW

SEC. 307. Each local lending institution of the Farm Credit System 12 USC 2001 established under the Farm Credit Act of 1971 (12 U.S.C. 2001 et note. seq.) shall— (1) review each loan that has been placed in non-accrual status by such institution to determine whether such loan may be restructured based on changes in the circumstances of such institution as the result of this Act and the amendments made by this Act; and (2) notify in writing the borrower of each such loan of the provisions of this section. TITLE IV—IMPLEMENTATION PROCEDURES EFFECTIVE DATE

SEC. 401. The provisions of titles I, II, III, and VI of this Act shall Ante, pp. 1678, 1688, 1707; become effective thirty days after enactment. INTERIM IMPLEMENTATION

SEC. 402. (a) Until the Chairman of the Farm Credit Administration Board provided for under the amendment made by section 201(1) of this Act is appointed by the President and confirmed by the Senate, the Governor of the Farm Credit Administration, under the Farm Credit Act of 1971 as in effect on the day before the date of enactment of this Act, shall perform the functions of the Chairman prescribed for the Chairman by this Act. (b)(1) Except as provided in paragraph (2), until at least two members of the Farm Credit Administration Board provided under the amendment made by section 201(1) of this Act are appointed by the President and confirmed by the Senate, the Governor of the

post, p. 1711. 12 USC 2001 note.

12 USC 2241 note.

Ante, p. 1688 12 USC 2001 ^ote.