Farm credit system: Organization— Balloting and stockholder reconsideration issues; effective date,

[Federal Register: February 11, 1999 (Volume 64, Number 28)]

[Rules and Regulations]

[Page 6784]

From the Federal Register Online via GPO Access [wais.access.gpo.gov]

[DOCID:fr11fe99-3]

FARM CREDIT ADMINISTRATION

12 CFR Part 611

RIN 3052-AB71

Organization; Balloting and Stockholder Reconsideration Issues; Effective Date

AGENCY: Farm Credit Administration.

ACTION: Notice of effective date.

SUMMARY: The Farm Credit Administration (FCA) published a final rule under part 611 on November 24, 1998 (63 FR 64841). This final rule will amend Farm Credit Administration (FCA or Agency) regulations concerning Farm Credit System (System or FCS) ballots and the effective dates for mergers, consolidations, or transfers of direct lending authority. The amendments allow the use of identity codes on ballots, as long as the votes are tabulated by an independent third party; limit the scope of the regulation to System banks and associations; and remove descriptions of specific balloting procedures from the regulations. The amendments also reduce the earliest effective date of a merger, consolidation, or transfer of lending authority. The amendments provide more flexibility to institutions and stockholders when stockholder votes occur, extend security and confidentiality requirements to all stockholder votes of banks and associations, limit such requirements to banks and associations, and accelerate the effective date of certain corporate actions. In accordance with 12 U.S.C. 2252, the effective date of the final rule is 30 days from the date of publication in the Federal Register during which either or both Houses of Congress are in session. Based on the records of the sessions of Congress, the effective date of the regulations is February 11, 1999.

EFFECTIVE DATE: The regulation amending 12 CFR part 611 published on November 24, 1998 (63 FR 64841) is effective February 11, 1999.

FOR FURTHER INFORMATION CONTACT: Alan Markowitz, Senior Policy Analyst, Office of Policy and Analysis, Farm Credit Administration, McLean, VA 22102-5090, (703) 883-4498;

or Rebecca S. Orlich, Senior Attorney, Office of General Counsel, Farm Credit Administration, McLean, VA 22102-5090, (703) 883-4020, TDD (703) 883-4444.

(12 U.S.C. 2252(a)(9) and (10))

Dated: February 4, 1999. Vivian L. Portis, Secretary, Farm Credit Administration Board.

[FR Doc. 99-3370Filed2-10-99; 8:45 am]

BILLING CODE 6705-01-P