PUBLIC LAW 102-552—OCT. 28, 1992 106 STAT. 4131

cooperatives having one vote, plus a number of votes (or fractional

part thereof) equal to—

"(i) the number of stockholders eligible to vote; multiplied
by

"(ii) the percentage (or fractional part thereof) of the total
equity interest (including allocated, but not unallocated, surplus
and reserves) in the bank of all stockholders held by the individ-
ual voting stockholder at the close of the immediately preceding
fiscal year of the bank.
"(B) The total number of votes under this paragraph shall

be the number of voting stockholders of a bank for cooperatives

multiplied by two.".

SEC. 504. TECHNICAL AMENDMENT.

The first sentence of section 3.7(a) (12 U.S.C. 2128(a)) is amend-
ed by inserting "at any time (whether or not they have a loan
from the bank outstanding)" after "technical and financial assist-
ance".

SEC. 606. EXPANSION OF WATER AND SEWER LENDING AUTHORITY
OF BANKS FOR COOPERATIVES.

Section 3.7(f) (12 U.S.C. 2128(f)) is amended—

(1) by striking "the installation, expansion, or improvement
of and inserting "installing, maintaining, expanding, improv-
ing, or operating^; and

(2) by striking "to extend" and inserting "extending".

SEC. 506. ELIGIBILITY TO BORROW FROM A BANK FOR COOPERA-
TIVES.

Section 3.8(bXl) (12 U.S.C. 2129(b)(l)) is amended by adding
at the end the following new subparagraph:

"(E) Any creditworthy private entity that satisfies the
requirements for a service cooperative under paragraphs (1),
(2), and (4) of subsection (a) and subsidiaries of the entity,
if the entity is organized to benefit agriculture in furtherance
of the welfare of its farmer-members and is operated on a
not-for-profit basis.".

SEC. 507. NON-VOTING REPRESENTATIVE ON BOARD OF FUNDING
CORPORATION.

Paragraph (2) of section 4.9(d) (12 U.S.C. 2160(dX2)) is amended
to read as follows:

"(2) NON-VOTING REPRESENTATIVES.—

"(A) ASSISTANCE BOARD.—During the period in which
the Assistance Board is hi existence, the board of directors
of the Assistance Board shall designate one of its directors
to serve as a non-voting representative to the board of
directors of the Corporation.

"(B) MEETINGS.—The person designated by the Assist-
ance Board under subparagraph (A) may attend and
participate in all deliberations of the board of directors
of the Corporation.

"(C) TERMINATION OF ASSISTANCE BOARD.—After termi-
nation of the Assistance Board, neither the Assistance
Board nor its successor, the Farm Credit System Insurance
Corporation, shall have any representation on the board
of directors of the Corporation.".