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12 U.S.C. § 2074 — Board of directors
Federal law — U.S. Code and appendices · legal_authorities
Each production credit association shall elect from the voting members of such association, a board of directors of such number, for such terms, with such qualifications, and in such manner as may be required by the bylaws of the association, except that at least one member shall be elected by the other directors, which member shall not be a director, officer, employee, stockholder, or agent of a System institution.
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Stable record: federal_law:legal_authorities:record_usc_141ff1da2bee9e68ad54b4b4
Source file: Laws/federal/codes/united-states-code/title-12/section-2074-board-of-directors--57e88ccb60.md
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Source location: Title 12, Chapter 23, § 2074; chapter-023-farm-credit-system.md
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Each production credit association shall elect from the voting members of such association, a board of directors of such number, for such terms, with such qualifications, and in such manner as may be required by the bylaws of the association, except that at least one member shall be elected by the other directors, which member shall not be a director, officer, employee, stockholder, or agent of a System institution.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Voluntary liquidation** The Corporation may voluntarily liquidate only with the consent of, and in accordance with a plan of liquidation approved by, the Farm Credit Administration Board.
**(b) Involuntary liquidation**
(1) **In general** — The Farm Credit Administration Board may appoint a conservator or receiver for the Corporation under the circumstances specified in [section 2183(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2183/b&num=0&edition=prelim).
(2) **Application** — In applying [section 2183(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2183/b&num=0&edition=prelim) to the Corporation under paragraph (1)—
(A) the Corporation shall also be considered insolvent if the Corporation is unable to pay its debts as they fall due in the ordinary course of business;
(B) a conservator may also be appointed for the Corporation if the authority of the Corporation to purchase qualified loans or issue or guarantee loan-backed securities is suspended; and
(C) a receiver may also be appointed for the Corporation if—
(i)
(I) the authority of the Corporation to purchase qualified loans or issue or guarantee loan-backed securities is suspended; or
(II) the Corporation is classified under [section 2279bb–4 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2279bb-4&num=0&edition=prelim) as within level III or IV and the alternative actions available under part B are not satisfactory; and
(ii) the Farm Credit Administration determines that the appointment of a conservator would not be appropriate.
(3) **No effect on supervisory actions** — The grounds for appointment of a conservator for the Corporation
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2002
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section 1031, act July 17, 1916, ch. 245, title II, § 202(a), as added Mar. 4, 1923, ch. 252, title I, § 2, 42 Stat. 1455; amended Mar. 4, 1925, ch. 524, § 7, 43 Stat. 1264; June 26, 1930, ch. 616, § 1, 46 Stat. 816; May 19, 1932, ch. 191, § 1, 47 Stat. 159; June 16, 1933, ch. 98, title VII, § 76(b), (c), 48 Stat. 271; Ex. Ord. No. 6084, Mar. 27, 1933; June 3, 1935, ch. 164, § 5(a), (b), 49 Stat. 315; July 26, 1956, ch. 741, title I, § 104(b), 70 Stat. 663; Oct. 4, 1965, Pub. L. 89–237, § 1(a), 79 Stat. 922; Aug. 2, 1966, Pub. L. 89–525, § 3(a), 80 Stat. 334, set out lending powers of intermediate credit banks. See [section 2074 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2074&num=0&edition=prelim).
Section 1032, act July 17, 1916, ch. 245, title II, § 202(b), as added Mar. 4, 1923, ch. 252, title I, § 2, 42 Stat. 1455, placed a limitation on amount of purchases by intermediate credit banks for national banks, State banks, trust companies, or saving institutions.
Section 1033, act July 17, 1916, ch. 245, title II, § 202(c), as added Mar. 4, 1923, ch. 252, title I, § 2, 42 Stat. 1455; amended June 26, 1930, ch. 616, § 2, 46 Stat. 816; July 26, 1956, ch. 741, title I, § 104(c), 70 Stat. 664; Aug. 18, 1959, Pub. L. 86–168, title I, § 104(f), 73 Stat. 386; Oct. 3, 1961, Pub. L. 87–343, § 1(b), 75 Stat. 758, covered maturity, sale, and purchase of loans, advances, and discounts of intermediate credit banks.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1072
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section 1040, act Aug. 19, 1937, ch. 704, § 39, 50 Stat. 718, defined “debenture” and “debentures” as used in purchase, sale, or use as security of debentures issued by or for benefit of intermediate credit banks.
Section 1041, act July 17, 1916, ch. 245, title II, § 203(a), as added Mar. 4, 1923, ch. 252, title I, § 2, 42 Stat. 1456; amended Ex. Ord. No. 6084, Mar. 27, 1933; June 3, 1935, ch. 164, § 6(a), 49 Stat. 315; Aug. 19, 1937, ch. 704, § 27, 50 Stat. 715; July 26, 1956, ch. 741, title I, § 104(f), 70 Stat. 664; Oct. 4, 1965. Pub. L. 89–237, § 1(b), 79 Stat. 922; June 18, 1968, Pub. L. 90–345, § 1(a), 82 Stat. 182, empowered intermediate credit banks to borrow money and issue and sell collateral trust debentures. See [section 2074 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2074&num=0&edition=prelim).
Section 1042, act July 17, 1916, ch. 245, title II, § 203(b), as added Mar. 4, 1923, ch. 252, title I, § 2, 42 Stat. 1456; amended Ex. Ord. No. 6084, Mar. 27, 1933; Aug. 19, 1937, ch. 704, § 28, 50 Stat. 715; Sept. 20, 1966, Pub. L. 89–595, 80 Stat. 821, directed Farm Credit Administration to prescribe rules and regulations governing collateral and handling thereof and to fix interest rates.
Section 1043, act July 17, 1916, ch. 245, title II, § 203(c), as added Mar. 4, 1923, ch. 252, title I, § 2, 42 Stat. 1456; amended Ex. Ord. No. 6084, Mar. 27, 1933, prohibited assumption of liability on debentures or other obligations issued pursuant to former [section 1041 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1041&num=0&edition=prelim) by the United States.
Section 1044, act July 17, 1916, ch. 245, title II, § 203(d), as added June 3, 1935, ch. 164, § 6(
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1091 to 1095
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, act July 17, 1916, ch. 245, title II, § 207, as added Mar. 4, 1923, ch. 252, title I, § 2, 42 Stat. 1458; amended May 19, 1932, ch. 191, § 4, 47 Stat. 159; Ex. Ord. No. 6084, Mar. 27, 1933, covered liability of intermediate credit banks on debentures or other such obligations. See [section 2074 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2074&num=0&edition=prelim).
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1129
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Federal law — U.S. Code and appendices · legal_authorities
Interest rates on loans from institutions of the Farm Credit System shall not be subject to any interest rate limitation imposed by any State constitution or statute or other laws. Such limitation is preempted for purposes of this chapter. Interest rates on loans made by agricultural credit corporations organized in conjunction with cooperative associations for the purpose of financing the ordinary crop operations of the members of such associations or other producers and eligible to discount with the Farm Credit Banks shall be exempt from any interest rate limitation imposed by any State constitution or statute or other laws which are hereby preempted for purposes of this chapter.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2206a
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Federal law — U.S. Code and appendices · legal_authorities
In any election or merger vote, or other proceeding subject to a vote of the stockholders (or subscribers to the guaranty fund of a bank for cooperatives), conducted by a lending institution of the Farm Credit System, the institution—
(1) may not use signed ballots; and
(2) shall implement measures to safeguard the voting process for the protection of the right of stockholders (or subscribers) to a secret ballot.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2211
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Enumerated powers** The Farm Credit Administration shall have the following powers, functions, and responsibilities in connection with the institutions of the Farm Credit System and the administration of this chapter:
(1) Modify the boundaries of farm credit districts, with due regard for the farm credit needs of the country, as approved by the Board, with the concurrence of the district banks involved.
(2) Where necessary or appropriate to carry out the policy and objectives of this chapter, issue and approve amendments to Federal charters of institutions of the System; approve change in names of banks operating under this chapter; approve the merger of districts when agreed to by the district bank boards involved and by a majority vote of the voting stockholders and contributors to the guaranty funds of each bank for each of such districts, voting in the same manner as is provided in [section 2279a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2279a&num=0&edition=prelim); approve mergers and any related activities as provided for in subchapter VII; and approve the consolidation or division of the territories of institutions when agreed to by a majority vote of the voting stockholders or contributors to the guaranty fund of each of the institutions involved; and approve consolidations of boards of directors when agreed to by a majority vote of the voting stockholders or contributors to the guaranty fund of each of the institutions involved. The Farm Credit Administration Board, after consultation with the respective boards of directors of the affected banks, may require two or more banks operating under the same or different titles to merge if the Board determines that one of such banks has failed to meet its outstan
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2254
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Federal law — U.S. Code and appendices · legal_authorities
Any Federal reserve bank may, subject to regulations and limitations to be prescribed by the Board of Governors of the Federal Reserve System, rediscount such notes, drafts, and bills mentioned in [section 348 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section348&num=0&edition=prelim) for any Federal intermediate credit bank, except that no Federal reserve bank shall rediscount for a Federal intermediate credit bank any such note or obligation which bears the indorsement of a nonmember State bank or trust company which is eligible for membership in the Federal reserve system in accordance with subchapter VIII of this chapter. Any Federal reserve bank may also, subject to regulations and limitations to be prescribed by the Board of Governors of the Federal Reserve System, discount notes payable to and bearing the indorsement of any Federal intermediate credit bank covering loans or advances made by such bank pursuant to the provisions of section 1031 11 See References in Text note below. of this title which have maturities at the time of discount of not more than nine months, exclusive of days of grace, and which are secured by notes, drafts, or bills of exchange eligible for rediscount by Federal Reserve banks.
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Federal law — U.S. Code and appendices · legal_authorities
Page 1303
TITLE 12—BANKS AND BANKING
§ 2074
sions against losses occasioned by employees,
but no director shall, within one year after the
date when such director ceases to be a member
of the board, serve as a salaried employee of
the association on the board of which he
served;
(18) elect by the board of directors of the as-
sociation a loan committee with power to ap-
prove applications for membership in the asso-
ciation and loans or participations or, with
the approval of the bank, delegate the ap-
proval of applications for membership and
loans or participations within specified limits
to other committees or to authorized officers
and employees of the association;
(19) perform any functions delegated to the
association by the bank;
(20) exercise by the board of directors or au-
thorized officers or employees of the associa-
tion, all such incidental powers as may be nec-
essary or expedient to carry on the business of
the association; and
(21) operate as an originator and become cer-
tified as a certified facility under subchapter
VIII.
(Pub. L. 92–181, title II, § 2.2, as added Pub. L.
100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1630;
amended Pub. L. 100–399, title IV, § 401(o), Aug.
17, 1988, 102 Stat. 997.)
Editorial Notes
PRIOR PROVISIONS
A prior section 2073, Pub. L. 92–181, title II, § 2.2, Dec.
10, 1971, 85 Stat. 592; Pub. L. 96–592, title II, § 202, Dec.
24, 1980, 94 Stat. 3440; Pub. L. 99–205, title II,
§ 205(e)(2)–(5), title VI, § 604, Dec. 23, 1985, 99 Stat. 1704,
1711; Pub. L. 100–233, title VIII, §§ 802(j), 805(e), Jan. 6,
1988, 101 Stat. 1711, 1715, related to Federal inter-
mediate credit bank stock, prior to the general amend-
ment of this subchapter by Pub. L. 100–233, § 401.
AMENDMENTS
1988—Par. (16). Pub. L. 100
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 2074
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