12 U.S.C. § 2278A
Section 2278a · Establishment of Board
Amended 1 time on record
Applied in 6 court decisions — leading case 758 F. Supp. 6 - Colorado Springs Production Credit Ass'n v. Farm Credit Administration (1991)
Most recently applied in Williams v. Federal Land Bank (February 1992)
On the date which is 15 days after January 6, 1988, the Farm Credit Administration shall revoke the charter of the Farm Credit System Capital Corporation (hereinafter referred to in this subchapter as the “Capital Corporation”) and shall charter the Farm Credit System Assistance Board (hereinafter referred to in this chapter as the “Assistance Board”) that, subject to this part, shall be a Federally chartered instrumentality of the United States.
During the 90-day period beginning on the date of the revocation of the charter of the Capital Corporation, the Assistance Board may temporarily employ, by contract or otherwise under reasonable and necessary terms and conditions, such staff of the Capital Corporation as is necessary to facilitate and effectuate an orderly transition to, and commencement of, the Assistance Board, and the termination of the affairs of the Capital Corporation.