Page:United States Statutes at Large Volume 108 Part 4.djvu/547

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PUBLIC LAW 103-354—OCT. 13, 1994 108 STAT. 3181 (3) The first sentence of section 505(a) (7 U.S.C. 1505(a)) is amended by striking "(hereinafter called the 'Board')". (4) Except in section 502, the Act is amended— 7 USC 1501 et (A) by striking "Board of Directors" each place it *^- appears and inserting "Board"; (B) by striking 'T)epartment of Agriculture" each place it appears and inserting "Department; and (C) by striking "Secretary of Agriculture" each place it appears and inserting "Secretary". SEC. 103. MEMBERS OF BOARD OF DIRECTORS OF CORPORATION. The second sentence of section 505(a) (7 U.S.C. 1505(a)) is amended— (1) by striking "or Assistant Secretary" the first place it appears; and (2) by striking "the Under Secretary or Assistant Secretary of Agriculture responsible for the farm credit programs of the Department of Agriculture" and inserting "one additional Under Secretary of Agriculture (as designated by the Secretary of Agriculture)". SEC. 104. GENERAL POWERS. Section 506 (7 U.S.C. 1506) is amended— (1) by redesignating subsections (j) through (n) as subsections (k) through (o), respectively; (2) by inserting after subsection (i) the following new subsection: "(j) SETTLING CLAIMS. —The Corporation shall have the authority to make final and conclusive settlement and adjustment of any claim by or against the Corporation or a fiscal officer of the Corporation.; (3) in subsection (1) (as so redesignated)— (A) in the first sentence, by inserting ", and issue regulations," after "agreements"; and (B) in the second sentence, by striking "contracts or agreements" each place it appears and inserting "contracts, agreements, or regulations"; (4) in subsection (n)(1) (as so redesignated), by striking subparagraph (B) and inserting the following new subparagraph: "(B) disqualify the personfix)mpurchasing catastrophic risk nrotection or receiving noninsured asSstance for a period of not to exceed 2 years, or from receiving any other benefit under this title for a period of not to exceed 10 years."; (5) in subsection (o) (as so redesignated)— (A) by redesignating paragraphs (1) through (4) as subparagraphs (A) through (D) and aligning the margins of each subpsiragraph with the margins of subpsiragraph (A) of subsection (n)(l) (as redesignated by paragraph (1)); (B) by striking "(o) ACTUARL\L SOUNDNESS. —The (IJorporation" and inserting the following: "(O) ACTUARL!\L SOUNDNESS.— "(1) PROJECTED LOSS RATIO AS OF OCTOBER i, 1995. —The Corporation"; (C) in subparagraph (A) (as redesignated by subparagraph (A)), by striking "from obtaining adequate Federal crop insurance, as determined by the Corporation" and