Funding and Fiscal Affairs, Loan Policies and Operations, and Funding Operations; Cumulative Voting; Effective Date

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The Farm Credit Administration (FCA) published a final rule under part 615 on September 24, 1997 (62 FR 49907). The final rule amends the regulations to provide that a Farm Credit Bank (FCB or bank) may eliminate cumulative voting in director elections with the consent of 75 percent of the bank's association shareholders. 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 October 30, 1997.