Title: FINAL RULE; CORRECTION--Funding and Fiscal Affairs, Loan Policies and Operations, and Funding Operations--12 CFR Part 615
Issue Date: 02/08/1989
Agency: FCA
Federal Register Cite: 54 FR 6118
___________________________________________________________________________
FARM CREDIT ADMINISTRATION

12 CFR Part 615

Funding and Fiscal Affairs, Loan Policies and Operations, and Funding Operations


ACTION: Final rule; correction.

SUMMARY: The Farm Credit Administration (FCA) is correcting an error that appeared in the final rule which amended the regulation relating to the capitalization of Farm Credit System banks and associations. The final rule appeared in the Federal Register on October 13, 1988 (53 FR 40033).

EFFECTIVE DATE: This regulation 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:

William G. Dunn, Chief, Financial Analysis and Standards Division, Farm Credit Administration, 1501 Farm Credit Drive, McLean, VA 22102-5090, (703) 883-4402
or
Dorothy J. Acosta, Senior Attorney, Office of General Counsel, Farm Credit Administration, 1501 Farm Credit Drive, McLean, VA 22102-5090, (703) 883-4020, TDD 883-4444.

SUPPLEMENTARY INFORMATION: In printing the final rule for publication in the Federal Register, an error was inadvertently made.

PART 615 -- FUNDING AND FISCAL AFFAIRS, LOAN POLICIES AND OPERATIONS, AND FUNDING OPERATIONS

1. On page 40046, third column, second line from the bottom, the word "implement" was incorrectly substituted for the word "impairment." Paragraph (b)(4) of 615.5230 is correctly revised to read as follows:

Subpart I -- Issuance of Equities

615.5230 Implementation of cooperative principles.

* * * * *

(b) * * *

(4) All classes of common stock and participation certificates (except those resulting from a conversion of allocated surplus) must be accorded the same priority with respect to impairment and restoration of impairment and have the same rights and priority upon liquidation.

Dated: February 2, 1989.

David A. Hill,

Secretary, Farm Credit Administration Board.

[FR Doc. 89-2954 Filed 2-7-89; 8:45 am]
BILLING CODE 6705-01-M