[Federal Register Volume 59, Number 193 (Thursday, October 6, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-24725]


[[Page Unknown]]

[Federal Register: October 6, 1994]


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FARM CREDIT ADMINISTRATION

 

Farm Credit Administration Board Action to Bar Claims, Discharge 
and Release Receiver, and Cancel Charter (Articles of Incorporation) of 
Coleman Production Credit Association

AGENCY: Farm Credit Administration (FCA).

ACTION: Notice.

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    On September 29, 1994, the Farm Credit Administration (FCA) Board 
approved FCA Board Action No. BM-29-SEP-94-02 barring claims, 
discharging and releasing the Receiver, and cancelling the Articles of 
Incorporation of the Coleman Production Credit Association arising out 
of the involuntary liquidation of the association. The text of the FCA 
Board Action is set forth below:
    Farm Credit Administration Board Action to Bar Claims, to Discharge 
and Release Receiver, and Cancel Charter (Articles of Incorporation) of 
Coleman Production Credit Association
    Whereas, the Farm Credit Administration (FCA) Board determined that 
the Coleman Production Credit Association (Coleman PCA), headquartered 
in Coleman, Texas, was in an unsafe and unsound condition to transact 
business and, under its authority in section 4.12(b) of the Farm Credit 
Act of 1971, as amended, and 12 CFR 611.1160(b), did place the Coleman 
PCA into receivership on April 26, 1989;
    Whereas, on April 26, 1989, the FCA Board, by FCA Board Action #DA-
45 (26-APR-89), did appoint James C. Larson as the Receiver for the 
Coleman PCA (Receiver), and published the notice of appointment in the 
Federal Register on May 4, 1989, at 54 FR 19236, as required by FCA 
regulations;
    Whereas, by May 1, 1992, all territory served by the Coleman PCA 
was reassigned by the FCA to adjoining production credit associations 
affiliated with the Farm Credit Bank of Texas;
    Whereas, all assets of the Coleman PCA have been disposed of by the 
Receiver in accordance with the provisions of FCA regulations and the 
written agreement between the Receiver and the FCA (Receivership 
Agreement);
    Whereas, in accordance with the provisions of FCA regulations and 
the Receivership Agreement, all claims filed by creditors and holders 
of equities have been paid or provided for, including, without 
limitation, certain administrative expenses that the Receiver has paid;
    Whereas, the final audit of the Coleman PCA was completed by KPMG 
Peat Marwick LLP, an independent auditor, as of June 15, 1994; and
    Whereas, on September 20, 1994, the FCA issued to the Receiver a 
final Report of Examination of the Coleman PCA as of June 30, 1994;
    Now, therefore, it is hereby ordered that:
    1. All claims of creditors, stockholders, and holders of 
participation certificates and other equities, and of any other persons 
and/or entities against the Coleman PCA, or to the extent arising out 
of the actions of the Receiver in carrying out the liquidation of the 
Coleman PCA, as approved by the FCA Board on April 26, 1989, against 
the Receiver are hereby forever discharged, and the commencement of any 
action, the employment of any process, or any other act to collect, 
recover, or offset any such claims are hereby forever barred.
    2. The accounts of the Coleman PCA for the period from April 26, 
1989, through the date of this FCA Board Action are hereby approved.
    3. Mr. James C. Larson (Receiver) is hereby finally discharged and 
released from all responsibility or liability to the FCA or any other 
person or entity arising out of, related to, or in any manner connected 
with the administration and liquidation of the Coleman PCA during the 
period April 26, 1989, through the date of this FCA Board Action. FCA 
Board Action #DA-45 (26-APR-89) is hereby revoked.
    4. The Articles of Incorporation of the Coleman Production Credit 
Association are hereby cancelled.

    Signed by Billy Ross Brown, Chairman, Farm Credit Administration 
Board, on September 29, 1994.

    Dated: September 30, 1994.
Floyd Fithian,
Acting Secretary, Farm Credit Administration Board.
[FR Doc. 94-24725 Filed 10-5-94; 8:45 am]
BILLING CODE 6705-01-P