Sec. 5.45 Transition Rules Relating to Amendment of Certain FCA Approval Authorities

Type: Statute
Statute: 1971 ACT AS AMENDED
Title: Title V Farm Credit Administration Organization
Part: Part D Miscellaneous
Subtitle:
Chapter Name:
U.S. Code Citation: 12 U.S.C. 2275a

12 U.S.C. 2275a SEC. 5.45. TRANSITION RULES RELATING TO AMENDMENT OF CERTAIN FCA APPROVAL AUTHORITIES.
(a) IN GENERAL. Any approvals granted by the Farm Credit Administration before the date of the enactment of this section shall remain in effect on and after such date.
(b) AUTHORITY TO ISSUE REGULATIONS.
(1) IN GENERAL. Any approval authority of the Farm Credit Administration that, under the amendments made by section 802 of the Agricultural Credit Act of 1987, became an authority to issue regulations may be exercised only until the earlier of the date the Farm Credit Administration issues final regulations under such authority, or 1 year after the date of the enactment of this section.
(2) ENFORCEMENT ACTIONS. At the close of the 1-year period referred to in paragraph (1), the Farm Credit Administration shall not take any enforcement action against any System institution with respect to any provision so amended, until the Farm Credit Administration issues final regulations under such provision.
(c) EFFECT OF SECTION. This section shall not affect the authority of the Farm Credit Administration to exercise any other approval authority either on a case-by-case basis or through regulation, as provided in section 5.17(a)(5).

NOTE: This section was enacted on January 6, 1988.

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