[Federal Register Volume 60, Number 134 (Thursday, July 13, 1995)]
[Notices]
[Pages 36142-36143]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-17183]



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[[Page 36143]]


FARM CREDIT ADMINISTRATION


Farm Credit Administration Board Action To Release and Discharge 
Receiver and Cancel Charter (Articles of Incorporation) of the Richmond 
Production Credit Association

AGENCY: Farm Credit Administration.

ACTION: Notice.

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    On July 7, 1995, the Farm Credit Administration Board executed FCA 
Board Action NV 95-43 barring claims, discharging and releasing the 
Receiver and cancelling the Articles of Incorporation of the Richmond 
Production Credit Association arising out of the voluntary liquidation 
of the association. The text of the FCA Board Action is set forth 
below:
Farm Credit Administration Board Action To Release and Discharge 
Receiver and Cancel Charter (Articles of Incorporation) of the Richmond 
Production Credit Association
    Whereas, on November 8, 1988, the Board of Directors of the 
Richmond Production Credit Association (Richmond PCA), headquartered in 
Harris, Texas, under its authority in section 4.12 of the Farm Credit 
Act of 1971, as amended, adopted a resolution to place the Richmond PCA 
into voluntary liquidation;
    Whereas, on January 6, 1989, the Farm Credit Administration (FCA) 
Board, after consultation with the Farm Credit Bank of Texas, 
determined under its authority in section 4.12 of the Act and 12 CFR 
611.1160 that the statutory grounds existed to approve the Richmond 
PCA's request for voluntary liquidation and appointment of a receiver, 
and did place the Richmond PCA in receivership;
    Whereas, on January 6, 1989, the FCA Board, by FCA Board Action BM-
06-JAN-89-08, did appoint James C. Larson as the receiver for the 
Richmond PCA (Receiver), and published the notice of appointment in the 
Federal Register on January 12, 1989, at 54 FR 1234, as required by FCA 
regulations;
    Whereas, on January 6, 1989, the FCA Board approved the temporary 
reassignment of the territory served by the Richmond PCA to the El 
Campo Production Credit Association (El Campo PCA); and on October 1, 
1991, permanently reassigned this territory to the El Campo PCA; 
WHEREAS, all assets of and claims against the Richmond 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) dated January 13, 1989, and effective January 
6, 1989, and subsequently amended on April 25, 1989, October 30, 1989, 
January 29, 1990, and July 12, 1990;
    Whereas, in accordance with the provisions of FCA regulations and 
the Receivership Agreement, all claims filed by creditors and holders 
of equity have been paid or provided for, including, without 
limitation, certain administrative expenses that the Receiver has paid;
    Whereas, the final audit of the Richmond PCA was completed by KPMG 
Peat Marwick LLP, an independent auditor, as of May 31, 1995; and
    Whereas, on July 6, 1995, the FCA issued to the Receiver a final 
Report of Examination of the Richmond PCA as of June 30, 1995;
    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 Richmond PCA, 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 January 6, 1989, through the 
effective date of this FCA Board Action, are hereby forever and 
completely discharged and released against the Richmond PCA 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 Richmond PCA for the period from 
January 6, 1989, 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 Richmond PCA during the period 
January 6, 1989, through the effective date of this FCA Board Action. 
The FCA Board Action BM-06-JAN-89-08 is hereby superseded and 
terminated by this FCA Board Action.
    4. The Articles of Incorporation of the Richmond PCA are hereby 
cancelled.
    5. The foregoing FCA Board Action shall be effective at 5:00p.m. 
Eastern Daylight Savings Time on July 10, 1995.

    Signed by Doyle Cook, Board Member, Farm Credit Administration, 
on July 7, 1995.

    Dated: July 10, 1995.
Floyd Fithian,
Secretary, Farm Credit Administration Board.
[FR Doc. 95-17183 Filed 7-12-95; 8:45 am]
BILLING CODE 6705-01-P