106 STAT. 4122 PUBLIC LAW 102-552—OCT. 28, 1992

subparagraph (GXD pursuant to approval in the
referendum under subparagraph (F), shall be sub-
ject to change thereafter in accordance with the
Farm Credit Act of 1971 (12 U.S.C. 2001 et seq.)
and any applicable regulations).

"(II) The initial composition, if the proposal
for the establishment of agricultural credit associa-
tions is approved, of the board of directors of each
such agricultural credit association (which shall
be subject to change thereafter in accordance with
the Farm Credit Act of 1971 (12 U.S.C. 2001 et
seq.) and any applicable regulations).

"(Ill) The valuation, for purposes of the pro-
posed merger of the production credit association
and the Federal land bank association in each
of the geographic areas specified in subpara-
graph (FXiii), of the assets and liabilities of the
associations.

"(IV) The terms and conditions on which the
shares of capital stock of any associations that
may merge under the plan to form agricultural
credit associations will be converted into shares
of the resulting agricultural credit associations.
"(V) The capital structure and capitalization
levels of the resulting Farm Credit Bank and such
affiliated associations of the Farm Credit Bank
in the States of Alabama, Louisiana, and Mis-
sissippi as the arbitrator determines necessary to
carry out the purposes of this paragraph (which
capital structure and capitalization levels shall be
subject to change thereafter in accordance with
the Farm Credit Act of 1971 (12 U.S.C. 2001 et
seq.) and any applicable regulations).

"(VI) The terms of financing agreements
between any agricultural credit associations and
the resulting Farm Credit Bank (which shall be
subject to change thereafter in accordance with
the Farm Credit Act of 1971 (12 U.S.C. 2001 et
seq.) and any applicable regulations).

"(VII) Aiiy other terms and conditions or other
matters that the arbitrator considers necessary,
"(v) CONSULTATION WITH INSURANCE CORPORA-
TION.—The arbitrator shall consult with the Farm
Credit System Insurance Corporation regarding the
valuation of the assets and liabilities under the plan
of merger, the capitalization of the Farm Credit System
institutions resulting under the plan, and any other
matters relevant to the assistance to be provided by
the Insurance Corporation to facilitate the merger
under subparagraph (H).

"(E) CERTIFICATION OF PLAN.—Not later than 30 days
after the receipt of the plan developed by the arbitrator,
the Farm Credit Administration shall—
"(i) certify; or

"(ii) recommend to the arbitrator revisions to the
plan that, if incorporated into the plan, will allow
the Farm Credit Administration to certify,