Title: NOTICE; CHARTER OF THE FARM CREDIT SYSTEM ASSISTANCE BOARD AND CERTIFICATE OF DISSOLUTION OF THE FARM CREDIT SYSTEM CAPITAL CORPORATION--Organization; Farm Credit System Assistance Board
Issue Date: 02/11/1988
Agency: FCA
Federal Register Cite: 53 FR 4072
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FARM CREDIT ADMINISTRATION

Organization; Farm Credit System Assistance Board

ACTION: Notice; charter of the Farm Credit System Assistance Board and certificate of dissolution of the Farm Credit System Capital Corporation.

SUMMARY: On January 21, 1988, the Farm Credit Administration (FCA) chartered the FARM CREDIT SYSTEM ASSISTANCE BOARD (Assistance Board) pursuant to section 6.0, Title VI, Subtitle A of the Farm Credit Act of 1971, as amended (Act), to supersede and succeed to the assets and liabilities of the Farm Credit System Capital Corporation (Predecessor Corporation) a service corporation chartered by the FCA on February 24, 1986, pursuant to Title IV, Part D1, section 4.28A of the Act. Congress established the Assistance Board under the Act as amended by the Agricultural Credit Act of 1987, Pub. L. 100-233, to carry out a program to provide assistance to, and protect the stock of borrowers of, the institutions of the Farm Credit System (System), and to assist in restoring System institutions to economic viability and permitting such institutions to continue to provide credit to farmers, ranchers, and the cooperatives of such, at reasonable and competitive rates. Pursuant to section 6.0 of the Act, the FCA also dissolved and revoked the charter of the Predecessor Corporation. The text of the Charter of the Assistance Board and of the Certificate of Dissolution of the Predecessor Corporation is set forth below:

Farm Credit Administration McLean, Virginia CHARTER -- Farm Credit System Assistance Board

The Farm Credit Administration hereby charters the FARM CREDIT SYSTEM ASSISTANCE BOARD (Assistance Board) pursuant to section 6.0, Title VI, Subtitle A of the Farm Credit Act of 1971, as amended (the Act). The purposes of the ASSISTANCE BOARD shall be to carry out a program to provide assistance to, and protect the stock of borrowers of, the institutions of the Farm Credit System, and to assist in restoring System institutions to economic viability and permitting such institutions to continue to provide credit to farmers, ranchers, and the cooperatives of such, at reasonable and competitive rates.

In accordance with Section 6.9(a) of the Act, the ASSISTANCE BOARD succeeds to the assets of the Farm Credit System Capital Corporation (Capital Corporation) chartered by the Acting Chairman of the Farm Credit Administration Board under Title IV, Part D1 of the Act on February 24,1986, and shall assume all debts, obligations, contracts, and other liabilities of the Capital Corporation, matured or unmatured, accrued, absolute, contingent or otherwise, and whether or not reflected or reserved against on balance sheets, books of account, or records of the Capital Corporation.

The Farm Credit Administration grants this Federal charter to the FARM CREDIT SYSTEM ASSISTANCE BOARD, and said Assistance Board is hereby authorized to exercise all powers duly conferred under the Act, as same shall be in effect.

In Witness Whereof, the Chairman of the FCA Board has executed this charter and caused the seal of the Farm Credit Administration to be affixed hereto this 21st day of January 1988.

TEXT: Farm Credit Administration.

By: Frank W. Naylor, Jr.,

Chairman of the Board.

Farm Credit Administration McLean, Virginia Certificate of Dissolution -- Farm Credit System Capital Corporation

The Farm Credit Administration (FCA) hereby dissolves and revokes the charter of the FARM CREDIT SYSTEM CAPITAL CORPORATION (Corporation) chartered by the Farm Credit Administration on February 24, 1986, pursuant to Title IV, Part D1, section 4.28A of the Farm Credit Act of 1971, as amended (Act.) The Corporation is succeeded by the FARM CREDIT SYSTEM ASSISTANCE BOARD chartered by the FCA on this day with such powers as are provided in the Act.

In Witness Whereof, the Chairman of the FCA Board has executed this certificate of dissolution and caused the seal of the Farm Credit Administration to be affixed hereto this 21st day of January 1988.

Farm Credit Administration.

By: Frank W. Naylor, Jr.,
Chairman of the Board.

Dated: February 8, 1988.

David A. Hill,
Secretary, Farm Credit Administration Board.

[FR Doc. 88-2945 Filed 2-10-88; 8:45 am]

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