PUBLIC LAW 102-552—OCT. 28, p.992 106 STAT. 4119

of the requirement under subparagraph (A). Any exten-
sion provided under this subparagraph may be condi-
tioned on such terms and conditions as the Farm Credit
Administration determines necessary to ensure that
the merger described in the letter of intent is completed
by the closing date of the extension.

"(ii) COMPLIANCE.—If the Farm Credit Administra-
tion grants an extension under clause (i), it shall issue
an order under subparagraph (D) immediately if—

"(I) the Federal Intermediate Credit Bank of
Jackson, or the Farm Credit Bank that is a signa-
tory to the letter of intent under clause (i), provides
written notification to the Farm Credit Adminis-
tration that the bank does not intend to complete
the merger described in the letter of intent;

"(II) the Farm Credit Administration deter-
mines that the Federal Intermediate Credit Bank
of Jackson is not complying with any term or condi-
tion on which an extension under clause (i) was
conditioned; or

"(III) the Farm Credit Administration deter-
mines that the Federal Intermediate Credit Bank
of Jackson is not pursuing in good faith the merger
provided for in the letter of intent.
If the Farm Credit Administration issues an order
under subparagraph (D) pursuant to this clause, the
Federal Intermediate Credit Bank of Jackson shall
be deemed to have failed to comply with the require-
ments of subparagraph (A).

"(D) FAILURE TO MERGE; ISSUANCE OF ORDER.—If the
Federal Intermediate Credit Bank of Jackson fails to com-
ply, or notifies the Farm Credit Administration in writing
that it does not intend to comply, with the requirements
of subparagraph (A), the Farm Credit Administration shall,
within 5 days after the date specified in subparagraph
(A), or such other date specified by the Farm Credit
Administration under subparagraph (C), issue, notwith-
standing any other provision of law, an order requiring
the Federal Intermediate Credit Bank of Jackson to merge
with the Farm Credit Bank of Texas in accordance with
paragraph (2).
a(2) ARBITRATED MERGER.—

"(A) IN GENERAL.—Not later than 30 days after the
issuance of an order by the Farm Credit Administration
under paragraph (1XD), an arbitrator (or panel of arbitra-
tors) shall be named by the American Arbitration Associa-
tion in accordance with the Commercial Arbitration Rules
of the American Arbitration Association to serve as the
arbitrator referred to in this paragraph.

"(B) DUTIES.—The arbitrator shall determine the terms
and conditions of the merger required under an order
issued under paragraph (1XD), such that the terms and
conditions are fair and equitable to the two banks, their
affiliated associations, the stockholders and borrowers of
the associations, and the other institutions of the Farm
Credit System, and are designed to protect or enhance
the safety and soundness of the Farm Credit System. The

59-194 O—93-----16:QL3(Pt. 5)