[Federal Register Volume 60, Number 134 (Thursday, July 13, 1995)]
[Notices]
[Pages 36142-36143]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-17183]
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[[Page 36143]]
FARM CREDIT ADMINISTRATION
Farm Credit Administration Board Action To Release and Discharge
Receiver and Cancel Charter (Articles of Incorporation) of the Richmond
Production Credit Association
AGENCY: Farm Credit Administration.
ACTION: Notice.
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On July 7, 1995, the Farm Credit Administration Board executed FCA
Board Action NV 95-43 barring claims, discharging and releasing the
Receiver and cancelling the Articles of Incorporation of the Richmond
Production Credit Association arising out of the voluntary liquidation
of the association. The text of the FCA Board Action is set forth
below:
Farm Credit Administration Board Action To Release and Discharge
Receiver and Cancel Charter (Articles of Incorporation) of the Richmond
Production Credit Association
Whereas, on November 8, 1988, the Board of Directors of the
Richmond Production Credit Association (Richmond PCA), headquartered in
Harris, Texas, under its authority in section 4.12 of the Farm Credit
Act of 1971, as amended, adopted a resolution to place the Richmond PCA
into voluntary liquidation;
Whereas, on January 6, 1989, the Farm Credit Administration (FCA)
Board, after consultation with the Farm Credit Bank of Texas,
determined under its authority in section 4.12 of the Act and 12 CFR
611.1160 that the statutory grounds existed to approve the Richmond
PCA's request for voluntary liquidation and appointment of a receiver,
and did place the Richmond PCA in receivership;
Whereas, on January 6, 1989, the FCA Board, by FCA Board Action BM-
06-JAN-89-08, did appoint James C. Larson as the receiver for the
Richmond PCA (Receiver), and published the notice of appointment in the
Federal Register on January 12, 1989, at 54 FR 1234, as required by FCA
regulations;
Whereas, on January 6, 1989, the FCA Board approved the temporary
reassignment of the territory served by the Richmond PCA to the El
Campo Production Credit Association (El Campo PCA); and on October 1,
1991, permanently reassigned this territory to the El Campo PCA;
WHEREAS, all assets of and claims against the Richmond PCA have been
disposed of by the Receiver in accordance with the provisions of FCA
regulations and the written agreement between the Receiver and the FCA
(Receivership Agreement) dated January 13, 1989, and effective January
6, 1989, and subsequently amended on April 25, 1989, October 30, 1989,
January 29, 1990, and July 12, 1990;
Whereas, in accordance with the provisions of FCA regulations and
the Receivership Agreement, all claims filed by creditors and holders
of equity have been paid or provided for, including, without
limitation, certain administrative expenses that the Receiver has paid;
Whereas, the final audit of the Richmond PCA was completed by KPMG
Peat Marwick LLP, an independent auditor, as of May 31, 1995; and
Whereas, on July 6, 1995, the FCA issued to the Receiver a final
Report of Examination of the Richmond PCA as of June 30, 1995;
Now, therefore, it is hereby ordered that:
1. All claims of creditors, stockholders, holders of participation
certificates, and other equities, and of any other persons and/or
entities against the Richmond PCA, and, all claims against the Receiver
to the extent they arise out of the actions of the Receiver in carrying
out the liquidation for the period January 6, 1989, through the
effective date of this FCA Board Action, are hereby forever and
completely discharged and released against the Richmond PCA and the
Receiver, and the commencement of any action, the employment of any
process, or any other act to collect, recover, or offset any such
claims is hereby forever barred.
2. The Receiver's accounts of the Richmond PCA for the period from
January 6, 1989, through the effective date of this FCA Board Action
are hereby approved.
3. Except as provided in the Receivership Agreement, the Receiver
is hereby finally and completely discharged and released from any
responsibility or liability to the FCA or any other persons or entities
arising out of, related to, or in any manner connected with the
administration and liquidation of the Richmond PCA during the period
January 6, 1989, through the effective date of this FCA Board Action.
The FCA Board Action BM-06-JAN-89-08 is hereby superseded and
terminated by this FCA Board Action.
4. The Articles of Incorporation of the Richmond PCA are hereby
cancelled.
5. The foregoing FCA Board Action shall be effective at 5:00p.m.
Eastern Daylight Savings Time on July 10, 1995.
Signed by Doyle Cook, Board Member, Farm Credit Administration,
on July 7, 1995.
Dated: July 10, 1995.
Floyd Fithian,
Secretary, Farm Credit Administration Board.
[FR Doc. 95-17183 Filed 7-12-95; 8:45 am]
BILLING CODE 6705-01-P
