[Federal Register Volume 60, Number 24 (Monday, February 6, 1995)]
[Notices]
[Pages 7054-7055]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-2805]
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FARM CREDIT ADMINISTRATION
Farm Credit Administration Board Action to Release and Discharge
Receiver and Cancel Charters of the Federal Land Bank of Jackson and
the Federal Land Bank Association of Jackson
AGENCY: Farm Credit Administration.
ACTION: Notice.
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On January 27, 1995, the Chairman of the Farm Credit Administration
Board executed FCA Board Action NV-95-04 barring claims, discharging
and releasing the Receiver, and cancelling the charters of the Federal
Land Bank of Jackson and the Federal Land Bank Association of Jackson
arising out of the involuntary liquidation of the institutions. The
text of the FCA Board Action is set forth below:
Farm Credit Administration Board Action to Release and Discharge
Receiver and Cancel Charters of the Federal Land Bank of Jackson and
the Federal Land Bank Association of Jackson
Whereas, the Farm Credit Administration (FCA) Board had determined
that statutory grounds existed for the appointment of a receiver for
the Federal Land Bank of Jackson (Jackson FLB), headquartered in
Jackson, Mississippi, and the Federal Land Bank Association of Jackson
(Jackson FLBA), also headquartered in Jackson, Mississippi (Liquidating
Institutions), under its authority in section 4.12(b) of the Farm
Credit Act of 1971, as amended, and 12 CFR 611.1156, and did place the
Liquidating Institutions into receivership on May 20, 1988;
Whereas, on May 20, 1988, the FCA Board by FCA Board Action BM-17-
MAY-88-01, did appoint REW Enterprises, Inc. as the Receiver for the
Jackson FLB and the Jackson FLBA, and published the notice of
appointment in the Federal Register on May 24, 1988, at 53 FR 18812, as
required by FCA regulations;
Whereas, on May 25, 1988, the FCA Board, by Notational Vote NV-88-
68 (25-May-88), approved the agreement entered into by the Receiver to
enable the Federal Land Bank of Texas and the Federal Land Bank of
Columbia to temporarily provide service to new borrowers in the
territory formerly served by the Jackson FLB;
Whereas, on February 10, 1989, all territory assigned to the
Jackson FLB was permanently reassigned to the Farm Credit Bank of Texas
(successor to the Federal Land Bank of Texas) and on September 22,
1989, all such territory, for the purpose of originating and servicing
loans for the Farm Credit Bank of Texas, was apportioned among the
Federal Land Bank Association of North Alabama, the Federal Land Bank
Association of South Alabama, the Federal Land Bank Association of
North Louisiana, the Federal Land Bank Association of South Louisiana,
the Federal Land Bank Association of North Mississippi, and the Federal
Land Bank Association of South Mississippi;
Whereas, on May 4, 1993, the FCA approved the accounts of the
Liquidating Institutions for the period May 20, 1988, through May 4,
1993, and REW Enterprises, Inc. was then discharged and released from
all responsibility or liability to the FCA arising out of, related to,
or in any manner connected with the administration and liquidation of
the Liquidating Institutions during the period May 20, 1988, through
May 4, 1993;
Whereas, on May 4, 1993, the FCA Board, by FCA Board Action BM-04-
MAY-93-04, did appoint William E. Harvey & Associates, Inc. as Receiver
(Receiver) for the Liquidating Institutions and published the notice of
appointment in the Federal Register on May 18, 1993, at 58 FR 28962, as
required by FCA regulations;
Whereas, all assets of and claims against the Liquidating
Institutions have been disposed of by the Receiver in accordance with
the provisions of FCA regulations and the written agreement dated May
4, 1993, 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 Liquidating Institutions was
completed by Arthur Andersen llp, an independent auditor, as of
November 30, 1994;
Whereas, on January 12, 1995, the FCA issued to the Receiver a
final Report of Examination of the Jackson FLB and the Jackson FLBA as
of December 31, 1994;
Whereas, on January 30, 1995, the Receiver distributed to the Farm
Credit System Financial Assistance Corporation all remaining assets,
which consisted of the amount in excess of the amount necessary to wind
up the receivership, for application against or repayment of any FAC
bonds issued after the Liquidating Institutions were placed in
receivership in connection with the purchase of preferred stock issued
by the Liquidating Institutions. As published in the Federal Register
notice on November 21, 1990, at 55 FR 48691, any remaining funds of the
Liquidating Institutions were to be refunded to the FAC in connection
with the simultaneous retirement of an equal amount of preferred stock.
The preferred stock was issued by the Liquidating Institutions for the
purpose of funding maturing debt obligations, retiring eligible
borrower stock, and operating the Liquidating Institutions; and
Now, therefore, it is hereby ordered that:
1. All claims of creditors, stockholders, holders of participation
certificates and other equities, and of any other persons and/or
entities against the Liquidating Institutions, and, all claims against
the Receiver to the extent they arise out of the actions of the
Receiver in carrying out the liquidation for the period May 4, 1993,
through the date of this FCA Board action, are hereby forever and
completely discharged and released against the Liquidating Institutions
and the Receiver, and the commencement of any action, the employment of
any process, or any other act to collect, recover, or offset any such
claims is hereby forever barred.
2. The Receiver's accounts of the Liquidating Institutions for the
period from May 4, 1993, through the effective date of this FCA Board
action are hereby approved.
3. Except as provided in the Receivership Agreement, the Receiver
is hereby finally and completely discharged and released from any
responsibility or liability to the FCA or any other persons or entities
arising out of related to, or in any manner connected with the
administration and liquidation of the Liquidating Institutions during
the period May 4, 1993, through the effective date of this FCA Board
action. The FCA Board Action BM-04-MAY-93-04 is hereby superseded and
terminated by this FCA Board action. [[Page 7055]]
4. The charters of the Federal Land Bank of Jackson and the Federal
Land Bank Association of Jackson are hereby cancelled.
5. The foregoing FCA Board action shall be effective at 5:00 p.m.
Eastern Standard Time on January 30, 1995.
Signed by Marsha Martin, Chairman, Farm Credit Administration
Board, on January 26, 1995.
Dated: February 1, 1995.
Floyd Fithian,
Acting Secretary, Farm Credit Administration Board.
[FR Doc. 95-2805 Filed 2-3-95; 8:45 am]
BILLING CODE 6705-01-P