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12 U.S.C. § 2279b — Repealed. Pub. L. 100–399, title IV, § 408(d), Aug. 17, 1988, 102 Stat. 1001
Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, Pub. L. 92–181, title VII, § 7.4, as added Pub. L. 100–233, title IV, § 416, Jan. 6, 1988, 101 Stat. 1646, related to earnings, reserves, and distributions with regard to merged banks. See [section 2279a–3 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2279a-3&num=0&edition=prelim).
#### Effective Date of Repeal
Repeal effective as if repealing provisions had been enacted immediately after enactment of Pub. L. 100–233, which was approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100–399, set out as an Effective Date of 1988 Amendment note under [section 2002 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2002&num=0&edition=prelim).
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Stable record: federal_law:legal_authorities:record_usc_28f91aeb2a423782375faeec
Source file: Laws/federal/codes/united-states-code/title-12/section-2279b-repealed-pub-l-100399-title-iv-408-d-aug-17-1988-102-stat-1001--169ebb616f.md
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Source location: Title 12, Chapter 23, § 2279b; chapter-023-farm-credit-system.md
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### Statutory Notes
Section, Pub. L. 92–181, title VII, § 7.4, as added Pub. L. 100–233, title IV, § 416, Jan. 6, 1988, 101 Stat. 1646, related to earnings, reserves, and distributions with regard to merged banks. See [section 2279a–3 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2279a-3&num=0&edition=prelim).
#### Effective Date of Repeal
Repeal effective as if repealing provisions had been enacted immediately after enactment of Pub. L. 100–233, which was approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100–399, set out as an Effective Date of 1988 Amendment note under [section 2002 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2002&num=0&edition=prelim).
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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
**(a) In general** The Farm Credit Banks may provide technical assistance to borrowers, members, and applicants from the bank and associations in the district, including persons obligated on paper discounted by the bank, and may make available to them at their option such financial related services appropriate to their on-farm and aquatic operations as determined to be feasible by the board of directors of the bank, under regulations of the Farm Credit Administration.
**(b) Authority to pass along cost of insurance premiums**
(1) **In general** — Each Farm Credit Bank may assess each production credit association, other association making direct loans under the authority provided under [section 2279b of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2279b&num=0&edition=prelim), and other financing institution described in [section 2015(b)(1)(B) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2015/b/1/B&num=0&edition=prelim) in the district in which the bank is located to cover the costs of making premium payments under part E of subchapter V.
(2) **Computation** — The assessment on any association or other financing institution described in paragraph (1) for any period shall be computed in an equitable manner, as determined by the Corporation.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2022
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Conduct of corporate affairs**
(1) **Fair administration** — The Board of Directors shall administer the affairs of the Corporation fairly and impartially and without discrimination.
(2) **Obligations and expenses** — The Board of Directors shall determine and prescribe the manner in which the obligations of the Corporation may be incurred and the expenses of the Corporation may be allowed and paid.
(3) **Use of mails** — The Corporation may use the United States mails in the same manner and under the same conditions as the executive departments of the Federal Government.
(4) **Use of information** — The Corporation, with the consent of any board, commission, independent establishment, or executive department of the Federal Government, including any field service thereof, may avail itself of the use of information, services, and facilities thereof in carrying out this part.
(5) **Use of Farm Credit Administration personnel** — To the extent practicable, the Corporation shall use the personnel and resources of the Farm Credit Administration to minimize duplication of effort and to reduce costs.
**(b) Examination of System institutions**
(1) **Examination authority**
(A) *In general* — If the Board of Directors considers it necessary to examine an insured System bank, a production credit association, an association making direct loans under the authority provided under [section 2279b of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2279b&num=0&edition=prelim), or any System institution in receivership, the Board may, using Farm Credit Administration examiners, conduct the examination using reports and other information on the System institution prepared or held by the Farm Credit Administration. Notwithstanding any
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2277a–10
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Authority to provide assistance**
(1) **Stand-alone assistance** — The Corporation, in its sole discretion and on such terms and conditions as the Board of Directors may prescribe, may make loans to, purchase the assets or securities of, assume the liabilities of, or make contributions to, any insured System bank if such action is taken—
(A) to prevent the placing of the bank in receivership;
(B) to restore the bank to normal operation; or
(C) to reduce the risk to the Corporation posed by the bank when severe financial conditions threaten the stability of a significant number of insured System banks or of insured System banks possessing significant financial resources.
(2) **Facilitation of mergers or consolidation**
(A) *In general* — To facilitate a merger or consolidation of a qualifying insured System bank, the sale of assets of such insured System bank to another insured System bank, the assumption of such insured System bank’s liabilities by such other insured System bank, or the acquisition of the stock of such insured System bank by such other insured System bank, the Corporation, in its sole discretion and on such terms and conditions as the Board of Directors may prescribe, may—
(i) purchase any such assets or assume any such liabilities;
(ii) make loans or contributions to, or purchase debt securities of, such other insured System bank;
(iii) guarantee such other insured System bank against loss by reason of such other insured System bank’s merging or consolidating with, or assuming the liabilities and purchasing the assets of, such insured System bank; or
(iv) take any combination of the actions referred to in the preceding clauses.
(B) *Qualifying insured System bank* — For purposes of subparagraph (A), the term “
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2277a–10b
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Federal law — U.S. Code and appendices · legal_authorities
**(a) “Institution” defined** In this section, the term “institution” means—
(1) an insured System bank; and
(2) a production credit association or other association making loans under [section 2279b of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2279b&num=0&edition=prelim) with a direct loan payable to the funding bank of the association that comprises 20 percent or more of the funding bank’s total loan volume net of nonaccrual loans.
**(b) Consultation regarding participation of undercapitalized banks in issuance of insured obligations** The Farm Credit Administration shall consult with the Corporation prior to approving an insured obligation that is to be issued by or on behalf of, or participated in by, any insured System bank that fails to meet the minimum level for any capital requirement established by the Farm Credit Administration for the bank.
**(c) Consultation regarding applications for mergers and restructurings**
(1) **Corporation to receive copy of transaction applications** — On receiving an application for a merger or restructuring of an institution, the Farm Credit Administration shall forward a copy of the application to the Corporation.
(2) **Consultation required** — If the proposed merger or restructuring involves an institution that fails to meet the minimum level for any capital requirement established by the Farm Credit Administration applicable to the institution, the Farm Credit Administration shall allow 30 days within which the Corporation may submit the views and recommendations of the Corporation, including any conditions for approval. In determining whether to approve or disapprove any proposed merger or restructuring, the Farm Credit Administration shall give due consideration to the view
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2277a–10c
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Definition of institution** In this section, the term “institution” includes any System institution for which the Corporation has been appointed as conservator or receiver.
**(b) Certain powers and duties of Corporation as conservator or receiver** In addition to the powers inherent in the express grant of corporate authority under [section 2277a–7(9) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2277a–7/9&num=0&edition=prelim), and other powers exercised by the Corporation under this part, the Corporation shall have the following express powers to act as a conservator or receiver:
(1) **Rulemaking authority of Corporation** — The Corporation may prescribe such regulations as the Corporation determines to be appropriate regarding the conduct of conservatorships or receiverships.
(2) **General powers**
(A) *Successor to System institution* — The Corporation shall, as conservator or receiver, and by operation of law, succeed to—
(i) all rights, titles, powers, and privileges of the System institution, and of any stockholder, member, officer, or director of such System institution with respect to the System institution and the assets of the System institution; and
(ii) title to the books, records, and assets of any previous conservator or other legal custodian of such System institution.
(B) *Operate the System institution* — The Corporation may, as conservator or receiver—
(i) take over the assets of and operate the System institution with all the powers of the stockholders or members, the directors, and the officers of the System institution and conduct all business of the System institution;
(ii) collect all obligations and money due the System institution;
(iii) perform all functions o
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2277a–12
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Amount in Fund not exceeding secure base amount**
(1) **In general** — If at the end of any calendar year the aggregate of amounts in the Farm Credit Insurance Fund does not exceed the secure base amount, subject to paragraph (3), the premium due from any insured System bank for the calendar year shall be equal to the sum of—
(A) the average outstanding insured obligations issued by the bank for the calendar year, after deducting from the obligations the percentages of the guaranteed portions of loans and investments described in paragraph (2), multiplied by 0.0020; and
(B) the product obtained by multiplying—
(i) the sum of—
(I) the average principal outstanding for the calendar year on loans made by the bank that are in nonaccrual status; and
(II) the average amount outstanding for the calendar year of other-than-temporarily impaired investments made by the bank; by
(ii) 0.0010.
(2) **Deductions from average outstanding insured obligations** — The average outstanding insured obligations issued by the bank for the calendar year referred to in paragraph (1)(A) shall be reduced by deducting from the obligations the sum of (as determined by the Corporation)—
(A) 90 percent of each of—
(i) the average principal outstanding for the calendar year on the guaranteed portions of Federal government-guaranteed loans made by the bank that are in accrual status; and
(ii) the average amount outstanding for the calendar year of the guaranteed portions of Federal government-guaranteed investments made by the bank that are not permanently impaired; and
(B) 80 percent of each of—
(i) the average principal outstanding for the calendar year on the guaranteed portions of State government-guaranteed loans made by the bank that are i
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2277a–6
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Period** A stockholder vote in favor of—
(1) the merger of districts under this chapter;
(2) the merger of banks within a district under [section 2279a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2279a&num=0&edition=prelim);
(3) the transfer of the lending authority of a Federal land bank or a merged bank having a Federal land bank as one of its constituents, under [section 2279b of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2279b&num=0&edition=prelim);
(4) the merger of two or more associations under section 2279c–1 or 2279f–1 of this title;
(5) the termination of the status of an institution as a System institution under [section 2279d of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2279d&num=0&edition=prelim); or
(6) the merger of similar banks under [section 2279f of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2279f&num=0&edition=prelim);
shall not take effect except in accordance with subsection (b).
**(b) Reconsideration**
(1) **Notice** — Not later than 30 days after a stockholder vote in favor of any of the actions described in subsection (a), the officer or employee that records such vote shall ensure that all stockholders of the voting entity receive notice of the final results of the vote.
(2) **Effective date** — A voluntary merger, transfer, or termination that is approved by a vote of the stockholders of two or more banks or associations shall not take effect until the expiration of 30 days after the date on which the stockholders of such banks or associations are notified of the final result of the vote in accordance with paragraph (1).
(3) **Petition filed** — If
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2279e
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Federal law — U.S. Code and appendices · legal_authorities
Page 1408
TITLE 12—BANKS AND BANKING
§ 2279a–2
amended Pub. L. 100–399, title IV, § 408(c), Aug.
17, 1988, 102 Stat. 1001.)
Editorial Notes
AMENDMENTS
1988—Pub. L. 100–399 struck out ‘‘for the district’’ in
section catchline and amended text generally, revising
and restating as a single unlettered paragraph provi-
sions of former subsecs. (a) and (b).
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 1988 AMENDMENT
Amendment by Pub. L. 100–399 effective as if enacted
immediately after enactment of Pub. L. 100–233, which
was approved Jan. 6, 1988, see section 1001(a) of Pub. L.
100–399, set out as a note under section 2002 of this title.
§ 2279a–2. Powers of merged banks
(a) In general
Except as otherwise provided in this sub-
chapter, a merged bank shall have all of the
powers granted to, and shall be subject to all of
the obligations imposed on, any of the con-
stituent entities of the merged bank.
(b) Regulations
The Farm Credit Administration shall issue
regulations that establish the manner in which
the powers and obligations of the banks that
form the merged bank are consolidated, and to
the extent necessary, reconciled in the merged
bank.
(Pub. L. 92–181, title VII, § 7.2, as added Pub. L.
100–233, title IV, § 416, Jan. 6, 1988, 101 Stat. 1645.)
§ 2279a–3. Capitalization
In accordance with section 2154a of this title,
each merged bank shall provide, through bylaws
and subject to Farm Credit Administration reg-
ulations, for the capitalization of the bank and
the manner in which bank stock shall be issued,
held, transferred, and retired and bank earnings
distributed.
(Pub. L. 92–181, title VII, § 7.3, as added Pub. L.
100–399, title IV, § 408(d), Aug. 17, 1988, 102 Stat.
1001.)
Editorial Notes
PRIOR PROVISIONS
A prior se
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 2279b
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