Title: FINAL RULE; CORRECTION--Organization; Personnel Administration; General Provisions; Disclosure to Shareholders--12 CFR Parts 611, 612, 618 and 620
Issue Date: 01/23/1989
Agency: FCA
Federal Register Cite: 54 FR 2994
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FARM CREDIT ADMINISTRATION

12 CFR Parts 611, 612, 618 and 620

Organization; Personnel Administration; General Provisions; Disclosure to Shareholders


ACTION: Final rule; correction.

SUMMARY: The Farm Credit Administration (FCA) is correcting errors that appeared in the final rule which amended the regulation relating to mergers and reorganizations. The final rule appeared in the Federal Register on December 15, 1988
(53 FR 50381).

EFFECTIVE DATE: These regulations shall become effective after the expiration of 30 days from publication during which either or both Houses of Congress are in session. Notice of effective date will be published.

FOR FURTHER INFORMATION CONTACT:
James F. Thies, Assistant Chief, Financial Analysis and Standards Division, Farm Credit Administration, 1501 Farm Credit Drive, McLean, Virginia 22102-5090, (703) 883-4475.
or
Gary L. Norton, Senior Attorney, Office of General Counsel, Farm Credit Administration, 1501 Farm Credit Drive, McLean, Virginia 22102-5090, (703) 883-4020, TDD (703) 883-4444.

SUPPLEMENTARY INFORMATION: In publishing the final rule in the Federal Register, three errors were inadvertently made.

PART 611 -- ORGANIZATION

1. On page 50392, third column, the word "director" was omitted and the word "or" was misspelled in 611.310(c). Paragraph (c) is corrected to read as follows:

Subpart C -- Election of Directors

611.310 Eligibility for membership on bank and association boards and subsequent employment.

* * * * *

(c) No bank director shall, within 1 year after the date when he or she ceases to be a member of the board, serve as a salaried director, officer or employee of such bank, or any association with which the bank has a discount or agency relationship.

* * * * *

2. On page 50397, third column, a grammatical error was made in first sentence of 611.1195(b). Paragraph (b) is corrected to read as follows:

Subpart O -- Special Reconsideration of Mergers

611.1195 Stockholder vote.

* * * * *

(b) In the case of a petition to withdraw from the existing association, ballots shall be sent to each stockholder of the existing association who would be a stockholder of one of a separate association. The petition, as it applies to each such separate association, shall be approved, by stockholders who vote in person or by proxy, if agreed to by a majority of the stockholders who would be served by the separate association.

* * * * *

PART 612 -- PERSONNEL ADMINISTRATION

2. On page 50399, second column, a typographical error was made in the authority citation. The authority citation for Part 618 is corrected to read as follows:

Authority: Secs. 1.5, 1.11, 1.12, 2.2, 2.4, 2.5, 2.12, 3.1, 3.7, 4.12, 4.13A, 4.25, 4.29, 5.9, 5.10, 5.17; 12 U.S.C. 2013, 2019, 2020, 2073, 2075, 2076, 2093, 2122, 2128, 2183, 2200, 2211, 2218, 2243, 2244, 2252.

Date: January 13, 1989.

David A. Hill,

Secretary, Farm Credit Administration Board.

[FR Doc. 89-1380 Filed 1-19-89; 8:45 am]
BILLING CODE 6705-01-M