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12 U.S.C. § 2161 — Purchase and sale of obligations
Federal law — U.S. Code and appendices · legal_authorities
Each bank of the System may purchase its own obligations and the obligations of other banks of the System and may provide for the sale of obligations issued by it, consolidated obligations, or Systemwide obligations through a fiscal agent or agents, by negotiation, offer, bid, syndicate sale, and to deliver such obligations by book entry, wire transfer, or such other means as may be appropriate.
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Source file: Laws/federal/codes/united-states-code/title-12/section-2161-purchase-and-sale-of-obligations--a2e500ea55.md
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Source location: Title 12, Chapter 23, § 2161; chapter-023-farm-credit-system.md
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Each bank of the System may purchase its own obligations and the obligations of other banks of the System and may provide for the sale of obligations issued by it, consolidated obligations, or Systemwide obligations through a fiscal agent or agents, by negotiation, offer, bid, syndicate sale, and to deliver such obligations by book entry, wire transfer, or such other means as may be appropriate.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Retirement of stock** Notwithstanding any other section of this chapter, each institution of the Farm Credit System, when retiring eligible borrower stock in accordance with this chapter, shall retire such stock at par value.
**(b) Certain powers not affected** This section does not affect the authority of any institution of the Farm Credit System—
(1) to retire or cancel borrower stock at par value for application against a loan in default;
(2) to cancel borrower stock at par value under [section 2202b of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2202b&num=0&edition=prelim); or
(3) to apply, against any outstanding indebtedness to a System association arising out of or in connection with a liquidation referred to in subsection (d)(2), the par value of borrower stock frozen in such liquidation.
**(c) Inability to retire stock at par value**
(1) **In general** — If an institution is unable to retire eligible borrower stock at par value due to the liquidation of the institution, the Farm Credit System Insurance Corporation, acting as receiver, shall retire such stock at par value as would have been retired in the ordinary course of business of the institution.
(2) **Funding** — The Farm Credit System Insurance Corporation shall use such funds from the Farm Credit Insurance Fund as are sufficient to carry out this section.
**(d) Definitions** For purposes of this section:
(1) **Borrower stock** — The term “borrower stock” means voting and nonvoting stock, equivalent contributions to a guaranty fund, participation certificates, allocated equities, and other similar equities that are subject to retirement under a revolving cycle issued by any System institution and held by any person other than any System instituti
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Federal law — U.S. Code and appendices · legal_authorities
Page 1330
TITLE 12—BANKS AND BANKING
§ 2161
‘‘(A) ASSISTANCE BOARD.—During the period in which
the Assistance Board is in existence, the board of direc-
tors of the Assistance Board shall designate one of its
directors to serve as a nonvoting representative to the
board of directors of the Corporation.
‘‘(B) INSURANCE CORPORATION.—After such period, the
board of directors of the Farm Credit System Insurance
Corporation may designate one of its directors to serve
as a nonvoting representative to the board of directors
of the Corporation.
‘‘(C) MEETINGS.—The persons so designated by the As-
sistance Board and by the Farm Credit System Insur-
ance Corporation may attend and participate in all de-
liberations of the board of directors of the Corpora-
tion.’’
1988—Pub. L. 100–233 amended section generally. Prior
to amendment, section read as follows: ‘‘A fiscal agen-
cy shall be established by the banks for such of their
functions relating to the issuance, marketing, and han-
dling of their obligations, and interbank or intersystem
flow of funds as may from time to time be required.’’
Subsec. (b)(3). Pub. L. 100–399, § 203(b), inserted ‘‘pred-
ecessor Federal Farm Credit Banks’’ before ‘‘Funding
Corporation’’.
Subsec. (d)(2)(B), (C). Pub. L. 100–399, § 203(c), sub-
stituted ‘‘directors of the Corporation’’ for ‘‘directors
of the Federal Farm Credit Banks Funding Corpora-
tion’’.
Subsec. (e). Pub. L. 100–399, § 203(d), amended subsec.
(e) generally. Prior to amendment, subsec. (e) read as
follows: ‘‘Until a quorum of the board of directors of
the Corporation is elected or appointed, the finance
committee established under section 2156 of this title
in effect before January 6, 1988, and the fiscal agency
established under section 2160 of this title in eff
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 2161
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