102 STAT. 1000 12 USC 2002 "°*®-
PUBLIC LAW 100-399—AUG. 17, 1988
(d) Section 412(b)(2) of the 1987 Act i s amended by striking o u t "Proposals" and inserting in lieu thereof "The proposal". SEC. 405. AMENDMENTS RELATED TO SECTION 413 OF THE 1987 ACT.
12 USC 2121 no*®
(a) Section 413(a)(2)(A) of the 1987 Act is amended by striking out "subparagraph (C)" and inserting in lieu thereof "paragraph (I)(C)". (b) Section 413(a)(3) of the 1987 Act is amended— (1) by striking out the open quotation mark; (2) by striking out "and subscribers to the guaranty funds"; and (3) by inserting "for cooperatives" after "banks". (c) Section 413(b)(l)(A)(i) of the 1987 Act is amended by striking out ", or a subscriber to the guaranty fund of". (d) Section 413(b)(4)(A) of the 1987 Act is amended by inserting "for cooperatives" after "district bsmks". (e) Section 413(b)(6)(A)(ii) of the 1987 Act is amended by striking out the comma. (f) Section 413(b)(6)(B) of the 1987 Act is amended by striking out the first comma. (g) Section 413(b)(6)(C) of the 1987 Act is amended by striking out "(a)" and inserting in lieu thereof "(hW. SEC. 406. AMENDMENTS RELATED TO THE FIRST SECTION 414 OF THE 1987 ACT.
12 USC 2121 note 12 USC 2121 and note.
(a) Subsection (a) of the first section 414 of the 1987 Act is amended by striking out "(a) INITIAL BOARD.—The" and inserting in lieu thereof "Notwithstanding section 3.2, the". (b) Subsection (b) of the first section 414 of the 1987 Act is hereby repealed, and the 1987 Act and the Farm Credit Act of 1971 shall be applied and administered as if such subsection had not been enacted. SEC. 407. AMENDMENTS RELATED TO THE FIRST SECTION 415 OF THE 1987 ACT.
12 USC 2141.
12 USC 2142.
(a) Section 3.20(a) is amended— (1) by striking out "in this section"; and (2) by inserting ", established under section 413 of the Agricultural Credit Act of 1987," before "shall". O> Section 3.20(b) is amended by inserting "except" before "as t) otherwise". (c) Section 3.21flt>X2) is amended by adding at the end the following: "(C) THIRD MEMBER.—The nomination and election of the
third member from each district shall be carried out in accordance with procedures prescribed in the bylaws of the
12 USC 2143.
12 USC 2146.
(d) Section 3.21(b)(2)(B)(i)(I) is amended to read as follows: "(I) at the close of the immediately preceding fiscal year of the consolidated bank; o r '. (e) Section 3.22 is amended— (1) by striking out "United Bank for Cooperatives or the National Bank for C!ooperatives" and inserting in lieu thereof "consolidated bank"; and (2) by striking out "metier" and inserting in lieu thereof "establishment of the bank under section 413 of the Agricultural Credit Act of 1987". (f) Section 3.25 is amended to read as follows:
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