Sec. 6.13 Transitional Provisions

Type: Statute
Statute: 1971 ACT AS AMENDED
Title: Title VI Assistance to Farm Credit System
Part:
Subtitle: Subtitle A - Assistance Board
Chapter Name:
U.S. Code Citation: 12 U.S.C. 2278a-13

12 U.S.C. 2278a-13 SEC. 6.13. TRANSITIONAL PROVISIONS.
(a) EXERCISE OF POWERS. The powers of the Assistance Board under this title shall be exercised by the Farm Credit Administration Board until the issuance of the charter of the Assistance Board, or such later date not to exceed 30 days thereafter, as may be requested by the Assistance Board.
(b) LIMITATION ON ASSISTANCE. Any assistance provided to System institutions by the Farm Credit Administration in accordance with this section shall be provided from, and shall not exceed, the amounts contained in the revolving fund established under section 4.0.
(c) ISSUANCE OF STOCK. Each institution that receives assistance from the Farm Credit Administration during the interim period specified in subsection (a) of this section, in consideration thereof, shall issue preferred stock to the Financial Assistance Corporation in an amount equal to the amount of such assistance. Payments by the Financial Assistance Corporation under subsection (d) of this section shall be considered to be payments to each such institution for such stock.
(d) REPAYMENT. The Financial Assistance Corporation shall pay to the Farm Credit Administration, for return to the revolving fund established under section 4.0, the full amount of all financial assistance provided by the Farm Credit Administration in accordance with this section, from the proceeds from the sale of the first issue of obligations by the Financial Assistance Corporation in accordance with section 6.26.

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