PUBLIC LAW 102-552—OCT. 28, 1992 106 STAT. 4123

that the resulting bank and any resulting associations are
proposed to be organized in such a fashion that they will,
on implementation of the plan, operate hi compliance with
applicable laws and regulations. The arbitrator and the
Farm Credit Administration shall work cooperatively to
ensure the expeditious issuance of the certification. If the
Farm Credit Administration recommends to the arbitrator
revisions to the plan that, if incorporated into the plan,
will allow the Farm Credit Administration to certify the
plan, the arbitrator shall, not later than 15 days after
receipt of the recommended revisions, incorporate the revi-
sions into the plan as the arbitrator deems appropriate
to secure the certification.

"(F) REFERENDUM ON ASSOCIATION STRUCTURE.—

"(i) IN GENERAL.—Not later than 170 days after
the issuance of an order by the Farm Credit Adminis-
tration under paragraph (1XD), the American Arbitra-
tion Association shall conduct, and compile and forward
to the Farm Credit Administration the results of, a
vote of current farmer-borrowers of the production
credit associations and the Federal land bank associa-
tions in the States of Alabama, Louisiana, and Mis-
sissippi, in accordance with the Election Rules of the
American Arbitration Association, to determine
whether the farmer-borrowers of each association in
the geographic areas described in clause (iii) prefer
to have credit delivered—

"(I) in the case of production credit association
farmer-borrowers, through a production credit
association or through an agricultural credit
association as proposed in the plan; and

"(II) in the case of Federal land bank associa-
tion farmer-borrowers, through a Federal land
bank association or through an agricultural credit
association as proposed in the plan.
Each farmer-borrower shall be entitled to one vote.
The arbitrator shall establish record dates and other
procedures for conducting the referendum. The Federal
Intermediate Credit Bank of Jackson, the Farm Credit
Bank of Texas, and their affiliated associations shall
cooperate in the conduct of the referendum, as deter-
mined necessary by the Arbitrator.

"(ii) DISCLOSURE.—The arbitrator .shall send to
farmer-borrowers eligible to vote under this subpara-
graph, with their ballot, a statement describing the
potential consequences to the farmer-borrowers, and
to the associations from which they borrow, of voting
to charter an agricultural credit association and setting
forth factors that farmer-borrowers should consider rel-
evant to the choice between credit delivery through
the current association structure and the chartering
of an agricultural credit association. The arbitrator
shall develop the disclosure materials in cooperation
with the Farm Credit Administration and ensure that
the materials are not inconsistent with applicable laws
and regulations.