[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 2851 Introduced in Senate (IS)]







108th CONGRESS
  2d Session
                                S. 2851

 To amend the Farm Credit Act of 1971 to establish certain conditions 
 under which a Farm Credit System institution can terminate its status 
                        as a System institution.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           September 28, 2004

  Mr. Daschle (for himself and Mr. Johnson) introduced the following 
      bill; which was read twice and referred to the Committee on 
                  Agriculture, Nutrition, and Forestry

_______________________________________________________________________

                                 A BILL


 
 To amend the Farm Credit Act of 1971 to establish certain conditions 
 under which a Farm Credit System institution can terminate its status 
                        as a System institution.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. TERMINATION OF FARM CREDIT SYSTEM STATUS.

    Section 7.10 of the Farm Credit Act of 1971 (12 U.S.C. 2279d) is 
amended by adding at the end the following:
    ``(c) Conditions for Certain Termination.--Notwithstanding 
subsections (a) and (b), if the Farm Credit Administration Board 
receives an official notification that a Farm Credit System institution 
seeks to terminate its status as a System institution, the Farm Credit 
Administration--
            ``(1) shall hold not less than 1 public meeting or hearing 
        in each of the States served, as of the date of receipt of the 
        notification, by the institution; and
            ``(2) shall not approve or disapprove the termination of 
        the institution as a System institution under subsection (a)(2) 
        until on or after the date that is 180 days after the date of 
        receipt of the notification.''.
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