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12 U.S.C. § 2279c–2 — Equalization of loan-making powers of certain district associations
Federal law — U.S. Code and appendices · legal_authorities
**(a) Equalization of loan-making powers**
(1) **In general**
(A) *Federal land bank associations* — Subject to paragraph (2), any association that owns a Federal land bank association authorized as of January 1, 2007, to make long-term loans under subchapter I in its chartered territory within the geographic area described in subsection (b) may make short- and intermediate-term loans and otherwise operate as a production credit association under subchapter II within that same chartered territory.
(B) *Production credit associations* — Subject to paragraph (2), any association that under its charter has subchapter I lending authority and that owns a production credit association authorized as of January 1, 2007, to make short- and intermediate-term loans under subchapter II in the geographic area described in subsection (b) may make long-term loans and otherwise operate, directly or through a subsidiary association, as a Federal land bank association or Federal land credit association under subchapter I in the geographic area.
(C) *Farm Credit Bank* — Notwithstanding [section 2252(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2252/a&num=0&edition=prelim), the Farm Credit Bank with which any association had a written financing agreement as of January 1, 2007, may make loans and extend other comparable financial assistance with respect to, and may purchase, any loans made under the new authority provided under subparagraph (A) or (B) by an association exercising such authority.
(2) **Required approvals** — An association may exercise the additional authority provided for in paragraph (1) only after the exercise of the authority is approved by—
(A) the board of directors of the association; and
(B) a majority
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Stable record: federal_law:legal_authorities:record_usc_33fa6b3e18cf8c958a354d85
Source file: Laws/federal/codes/united-states-code/title-12/section-2279c2-equalization-of-loan-making-powers-of-certain-district-associations--c3f92eb99a.md
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Source location: Title 12, Chapter 23, § 2279c–2; chapter-023-farm-credit-system.md
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**(a) Equalization of loan-making powers**
(1) **In general**
(A) *Federal land bank associations* — Subject to paragraph (2), any association that owns a Federal land bank association authorized as of January 1, 2007, to make long-term loans under subchapter I in its chartered territory within the geographic area described in subsection (b) may make short- and intermediate-term loans and otherwise operate as a production credit association under subchapter II within that same chartered territory.
(B) *Production credit associations* — Subject to paragraph (2), any association that under its charter has subchapter I lending authority and that owns a production credit association authorized as of January 1, 2007, to make short- and intermediate-term loans under subchapter II in the geographic area described in subsection (b) may make long-term loans and otherwise operate, directly or through a subsidiary association, as a Federal land bank association or Federal land credit association under subchapter I in the geographic area.
(C) *Farm Credit Bank* — Notwithstanding [section 2252(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2252/a&num=0&edition=prelim), the Farm Credit Bank with which any association had a written financing agreement as of January 1, 2007, may make loans and extend other comparable financial assistance with respect to, and may purchase, any loans made under the new authority provided under subparagraph (A) or (B) by an association exercising such authority.
(2) **Required approvals** — An association may exercise the additional authority provided for in paragraph (1) only after the exercise of the authority is approved by—
(A) the board of directors of the association; and
(B) a majority of the voting stockholders of the association (or, if the association is a subsidiary of another association, the voting stockholders of the parent association) voting, in person or by proxy, at a duly authorized meeting of stockholders in accordance with the process described in [section 2279e of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2279e&num=0&edition=prelim).
**(b) Applicability** This section applies only to associations the chartered territory of which was within the geographic area served by the Federal intermediate credit bank immediately prior to its merger with a Farm Credit Bank under section 410(e)(1) of the Agricultural Credit Act of 1987 ([12 U.S.C. 2011](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2011&num=0&edition=prelim) note; Public Law 100–233).
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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
**(a) Definitions** In this section:
(1) **Agricultural commodity** — The term “agricultural commodity” has the meaning given the term in [section 5602 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section5602&num=0&edition=prelim).
(2) **Geographically disadvantaged farmer or rancher** — The term “geographically disadvantaged farmer or rancher” has the meaning given the term in section 10906(a) of the Farm Security and Rural Investment Act of 2002 ([7 U.S.C. 2204](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section2204&num=0&edition=prelim) note; Public Law 107–171).
**(b) Authorization** Subject to the availability of funds under subsection (d), the Secretary may provide geographically disadvantaged farmers or ranchers direct reimbursement payments for activities described in subsection (c).
**(c) Transportation**
(1) **In general** — Subject to paragraphs (2) and (3), the Secretary may provide direct reimbursement payments to a geographically disadvantaged farmer or rancher to transport an agricultural commodity, or inputs used to produce an agricultural commodity, during a fiscal year.
(2) **Proof of eligibility** — To be eligible to receive assistance under paragraph (1), a geographically disadvantaged farmer or rancher shall demonstrate to the Secretary that transportation of the agricultural commodity or inputs occurred over a distance of more than 30 miles, as determined by the Secretary.
(3) **Amount**
(A) *In general* — Subject to paragraph (2), the amount of direct reimbursement payments made to a geographically disadvantaged farmer or rancher under this section for a fiscal year shall equal the product obtained by multiplying—
(i) the amount of costs incurred by the geographically di
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 8701
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Determinations required**
(1) **Generally** — Prior to the first day of each fiscal year, the Farm Credit Administration shall determine—
(A) the cost of administering this chapter for the subsequent fiscal year, including expenses for official functions;
(B) the amount of assessments that will be required to pay such administrative expenses, taking into consideration the funds contained in the Administrative Expense Account, and maintain a necessary reserve; and
(C) the amount of assessments that will be required to pay the costs of supervising and examining the Mortgage Corporation established under subchapter VIII.
(2) **Apportionments** — On the basis of the determinations made under paragraph (1), the Farm Credit Administration shall—
(A) apportion the amount of the assessment described in paragraph (1)(B) among the System institutions on a basis that is determined to be equitable by the Farm Credit Administration;
(B) assess and collect such apportioned amounts from time to time during the fiscal year as determined necessary by the Farm Credit Administration; and
(C) assess and collect from the Mortgage Corporation, from time to time during the fiscal year, the amount described in paragraph (1)(C).
**(b) Deposits into fund**
(1) **Treasury fund** — The amounts collected under subsection (a) shall be deposited in the Farm Credit Administration Administrative Expense Account. The Expense Account shall be maintained in the Treasury of the United States and shall be available, without regard, for purposes of sequestration, to the Balanced Budget and Emergency Deficit Control Act of 1985 [[2 U.S.C. 900](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title2-section900&num=0&edition=prelim) et seq.], to pay the expenses of the Fa
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2252
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** It is declared to be the policy of the Congress, recognizing that a prosperous, productive agriculture is essential to a free nation and recognizing the growing need for credit in rural areas, that the farmer-owned cooperative Farm Credit System be designed to accomplish the objective of improving the income and well-being of American farmers and ranchers by furnishing sound, adequate, and constructive credit and closely related services to them, their cooperatives, and to selected farm-related businesses necessary for efficient farm operations.
**(b)** It is the objective of this chapter to continue to encourage farmer- and rancher-borrowers participation in the management, control, and ownership of a permanent system of credit for agriculture which will be responsive to the credit needs of all types of agricultural producers having a basis for credit, and to modernize and improve the authorizations and means for furnishing such credit and credit for housing in rural areas made available through the institutions constituting the Farm Credit System as herein provided.
**(c)** It is declared to be the policy of Congress that the credit needs of farmers, ranchers, and their cooperatives are best served if the institutions of the Farm Credit System provide equitable and competitive interest rates to eligible borrowers, taking into consideration the creditworthiness and access to alternative sources of credit for borrowers, the cost of funds, the operating costs of the institution, including the costs of any loan loss amortization under section 2254(b)11 See References in Text note below. of this title, the cost of servicing loans, the need to retain earnings to protect borrowers’ stock, and the volume of net new borrowing. Further, it is declared to be the policy
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2011
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Federal law — U.S. Code and appendices · legal_authorities
Page 1287
TITLE 12—BANKS AND BANKING
§ 2011
‘‘(B) the members of the special committee that
represent the districts affected by the terms of the
proposal.
‘‘(3) SUBMISSION TO STOCKHOLDERS.—Not later than
the end of the 18-month period after the date of en-
actment of this Act [Jan. 6, 1988], each Farm Credit
Bank involved, in consultation with the special com-
mittee, shall submit the proposed merger affecting
such bank to the voting stockholders of each such
bank.
‘‘(4) STOCKHOLDER VOTE.—Each association shall be
entitled to cast a number of votes equal to the num-
ber of voting stockholders of such association.’’
[For termination, effective May 15, 2000, of reporting
provisions in section 412(a)(3) of Pub. L. 100–233, set out
above, see section 3003 of Pub. L. 104–66, as amended, set
out as a note under section 1113 of Title 31, Money and
Finance, and page 166 of House Document No. 103–7.]
APPLICABILITY OF LAWS ENACTED AFTER
JANUARY 1, 1960
Pub. L. 86–168, title II, § 203(b), Aug. 18, 1959, 73 Stat.
390, provided that: ‘‘Any Act of Congress enacted after
the effective date of this title [Jan. 1, 1960] and which
states that it shall be applicable to agencies or instru-
mentalities of the United States or to corporations
controlled or owned, in whole or in part, by the United
States, or to officers and employees of the United
States or such agencies or instrumentalities or cor-
porations, shall not be applicable to a Federal land
bank, Federal intermediate credit bank, or bank for co-
operatives, or to its directors, officers, or employees
unless such Act specifically so provides by naming such
banks.’’
SUBCHAPTER I—FARM CREDIT BANKS
Editorial Notes
CODIFICATION
Title I of the Farm Credit Act of 1971, comprising this
subchapter, was originally
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 2011
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