Page:United States Statutes at Large Volume 104 Part 5.djvu/512

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104 STAT. 3834 PUBLIC LAW 101-624—NOV. 28, 1990 striking "beginning on the date of the enactment of this part" and inserting "prior to January 1, 1998". SEC. 1837. EMPLOYMENT OF CERTAIN PERSONS BY FARM CREDIT SYSTEM INSTITUTIONS. Section 5.65(d) (12 U.S.C. 2277a-14(d)) is amended— (1) in paragraph (1), by striking "insured System bank" and inserting "insured System institution"; and (2) in paragraph (2), by striking "bank" and inserting "institution". SEC. 1838. TERMINATION OF SYSTEM INSTITUTION STATUS OF CALIFOR- NIA LIVESTOCK PRODUCTION CREDIT ASSOCIATION. (a) AUTHORITY TO TERMINATE.— Notwithstanding any other provision of law, effective on the date of enactment of this Act, the California Livestock Production Credit Association may terminate the status of the Association as a Farm Credit System institution. (b) REQUIREMENTS. —Notwithstanding section 7.10(a)(4) of the Farm Credit Act of 1971 (12 U.S.C. 2279(a)(4)), the California Livestock Production Credit Association shall not (on termination) be— (1) required to pay any part of the last $1,000,000 of its capital; or (2) restricted from transferring any part of the $1,000,000 to its successor institution. SEC. 1839. SECONDARY MARKET FOR GUARANTEED FARMER PROGRAM LOANS. (a) DEFINITION OF CERTIFIED FACILITY,— Parsigraph (3) of section 8.0 (12 U.S.C. 2279aa(3)) is amended to read as follows: "(3) CERTIFIED FACILITY,— The term 'certified facility' means— "(A) a secondary marketing agricultural loan facility that is certified under section 8.5; or "(B) the Corporation and any affiliate thereof, but only with respect to qualified loans described in paragraph (9)(B).". (b) DEFINITION OF QUALIFIED LOAN. — Paragraph (9) of section 8.0 (12 U.S.C. 2279aa(9)) is amended to read as follows: "(9) QUALIFIED LOAN.— The term 'qualified loan' means an obligation— "(A)(i) that is secured by a fee-simple or leasehold mortgage with status as a first lien, on agricultural real estate located in the United States that is not subject to any legal or equitable claims deriving from a preceding fee-simple or leasehold mortgage; "(ii) of— "(I) a citizen or national of the United States or an alien lawfully admitted for permanent residence in the United States; or "(II) a private corporation or partnership whose members, stockholders, or partners holding a majority interest in the corporation or partnership are individuals described in subclause (I); and "(iii) of a person, corporation, or partnership that has training or farming experience that, under criteria established by the (Corporation, is sufficient to ensure a reasonable likelihood that the loan will be repaid according to its terms; or