Title: FINAL RULE; CORRECTION--Organization, Correction--12 CFR Part 611
Issue Date: 08/09/1985
Agency: FCA
Federal Register Cite: 50 FR 32165
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FARM CREDIT ADMINISTRATION

12 CFR Part 611

Organization, Correction

AGENCY: Farm Credit Administration.

ACTION: Final rule; correction.

SUMMARY: On May 16, 1985 (50 FR 20396), the Farm Credit Administration published a final rule which adopted new regulations and amended existing regulations concerning amendments to Federal land bank association and production credit association charters and procedures for effecting mergers or consolidations of such associations. This document corrects technical errors contained in 611.1120 (50 FR 20400), 611.1122 (50 FR 20402), and 611.1125 (50 FR 20403).

FOR FURTHER INFORMATION CONTACT: Rose M. Ferguson, Office of Examination and Supervision, (703) 883-4430, or

Kenneth L. Peoples, Office of General Counsel, Farm Credit Administration, 1501 Farm Credit Drive, McLean, VA 22102-5090, (703) 883-4024

TEXT:
PART 611 -- [AMENDED]


Accordingly, the Farm Credit Administration is correcting 611.1120, 611.1122, and 611.1125 as follows:

1. Paragraph (b) of 611.1120 as published at 50 FR 20400 is corrected to read as follows:

611.1120 General authority.

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(b) The Farm Credit Administration may make changes in the charter of an association as may be requested by that association and approved by the Farm Credit Administration pursuant to 611.1121.

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2. Paragraphs (e)(10) and (g) of 611.1122 as published at 50 FR 20402 are corrected to read as follows:

611.1122 Requirements for mergers or consolidations.

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(e) * * *

(10) Information of each constituent association concerning the amount of loans charged off in each of the 2 fiscal years preceding the date of the balance sheet, the current year-to-date net chargeoff amount, and the balance in the allowance for loan losses account and a statement regarding whether, in the opinion of management, the allowance for loan losses is adequate to absorb the risk currently existing in the loan portfolio. This information may be appropriately included in the footnotes to the financial statements.

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(g) Upon approval of a proposed merger or consolidation by the stockholders of the constituent associations, a certified copy of the stockholders' resolution shall be forwarded to the supervising bank for transmittal to the Farm Credit Administration, together with the bank's final approval of the merger or consolidation. The merger or consolidation shall be effective when thereafter finally approved and on the date as specified by the Farm Credit Administration. Notice of final approval shall be transmitted to the supervising bank and thereafter by the bank to the constituent associations.

* * * * *

3. The title of 611.1125 as published at 50 FR 20403 is corrected to read as follows:

611.1125 Association articles and bylaws.

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Donald E. Wilkinson,

Governor.

[FR Doc. 85-18819 Filed 8-8-85; 8:45 am]


BILLING CODE 6705-01-M