[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 2851 Introduced in Senate (IS)]
108th CONGRESS
2d Session
S. 2851
To amend the Farm Credit Act of 1971 to establish certain conditions
under which a Farm Credit System institution can terminate its status
as a System institution.
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IN THE SENATE OF THE UNITED STATES
September 28, 2004
Mr. Daschle (for himself and Mr. Johnson) introduced the following
bill; which was read twice and referred to the Committee on
Agriculture, Nutrition, and Forestry
_______________________________________________________________________
A BILL
To amend the Farm Credit Act of 1971 to establish certain conditions
under which a Farm Credit System institution can terminate its status
as a System institution.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. TERMINATION OF FARM CREDIT SYSTEM STATUS.
Section 7.10 of the Farm Credit Act of 1971 (12 U.S.C. 2279d) is
amended by adding at the end the following:
``(c) Conditions for Certain Termination.--Notwithstanding
subsections (a) and (b), if the Farm Credit Administration Board
receives an official notification that a Farm Credit System institution
seeks to terminate its status as a System institution, the Farm Credit
Administration--
``(1) shall hold not less than 1 public meeting or hearing
in each of the States served, as of the date of receipt of the
notification, by the institution; and
``(2) shall not approve or disapprove the termination of
the institution as a System institution under subsection (a)(2)
until on or after the date that is 180 days after the date of
receipt of the notification.''.
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