An Act to amend the Internal Revenue Code of 1954 with respect to advertising in a convention program of a national political convention
PL 90-346 (H.R.17325), enacted 06/18/1968

82 STAT. ] 
PUBLIC LAW 90-346-JUNE 18, 1968 
183 
(b) by changing tlie heading over section 205 thereof (12 
U.S.C. 1061) to read "CAPITAL STOCK AND PARTICIPATION CER-
TIFICATES" instead of "CAPITAL STOCK" and by adding the follow-
ing new subsection (c) at the end of section 205 thereof (12 
U.S.C. 1061) : 
"(c) PARTICIPATION CERTIFICATES IN ADDITION TO THOSE ISSUED IN 
PAYMENT OF PATRONAGE REFUNDS.—In addition to the participation 
certificates issued in payment of patronage refunds, each Federal in-
termediate credit bank may issue further amounts of such participation 
certificates, with the same rights, privileges, and conditions, for pur-
chase by institutions other than production credit associations that are 
entitled to receive participation certificates from the bank in pay-
ment of patronage refunds."; and 
(c) by inserting the following new paragraph between the 
present second and third paragraphs of .subsection (a) of section 
206 thereof (12 U.S.C. 1072(a)): 
"If and when the relative amounts of class B stock in a Federal in-
termediate credit bank owned by the production credit associations 
are adjusted to reestablish the proportion of such class B stock owned 
by each association, as provided in the second or third paragraphs of 
section 205(a) (2) of this Act (12 U.S.C. 1061(a) (2)), amounts in the 
reserve account that are allocated to production credit associations may 
be adjusted in the same manner, so far as practicable, to reestablish the 
holdings of the production credit associations in the allocated legal re-
serve accounts into substantially the same proportion as are their hold-
ings of class B stock.". 
SEC. 2. The Farm Credit Act of 1933, as amended, is hereby amended 
by inserting "or otherwise, except as may be authorized under rules 
and regulations prescribed or approved by the Farm Credit Adminis-
tration," immediately after the word "loan" in the last sentence 
of the first paragraph of section 23 thereof (12 U.S.C. 1131g). 
Approved June 18, 1968. 
70 Stat. 660. 
70 Stat. 662. 
Class B stocks 
owned by produc-
tion credit associ-
ations, adjustmentt 
Farm Credit 
Act of 1933, 
amendment. 
69 Stat. 663. 
Public Law 90-346 
AN ACT 
To amend the Internal Revenue Code of 19'."»4 with resixiet to advertising in a 
convention program of a national political c<mvention. 
June 18, 1968 
[H.R. 17325] 
Be 'it eixicted by the Seiuite icnd How^e of Repre-^entdthieH of the 
United States of America in Congresii (O^Hemhled^ That subsection (a) 
of section 276 of the Internal Revenue Code of 1954 (relating to cer-
tain indirect contributions to political parties) shall not apply to any 
amount paid or incurred for advertising in a convention program of a 
political pai-ty distributed in connection witli a convention held for the 
purpose of nominating candidates for the offices of President and Vice 
President of the United States, if the proceeds from such program are 
used solely to defray the costs of conducting such convention (or a sub-
sequent convention of such party held for such purpose) and the 
amount ])ai(l or incurred for such advertising is reasonable in light of 
the business the taxpayer may expect to receive— 
(1) directly as a result of such advertising, or 
(2) as a result of the convention being held in an area in which 
the taxj)ayer lias a principal place of business. 
SEC. 2. The first section of this Act shall apply with respect to 
amounts ]>aid or incurred on or after January 1, 1968. 
Approved June 18, 1968. 
80 Stat. 66. 
26 u s e 276-
Effective date. 
3-600 O - 69 - 15