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12 U.S.C. § 2143 — Charter, powers, and operation
Federal law — U.S. Code and appendices · legal_authorities
**(a) Charter** The National Bank for Cooperatives (hereinafter in this part referred to as the “consolidated bank”), established under section 413 of the Agricultural Credit Act of 1987, shall be a federally chartered instrumentality of the United States and an institution of the Farm Credit System.
**(b) Powers** The consolidated bank and the board of directors of such bank shall have all of the powers, rights, responsibilities, and obligations of the constituent banks described in section 413(b) of the Agricultural Credit Act of 1987 ([12 U.S.C. 2121](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2121&num=0&edition=prelim) note; Public Law 100–233) and the boards of directors of such banks, except as otherwise provided for in this chapter.
**(c) Operation** The consolidated bank shall be organized and operated on a cooperative basis.
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Stable record: federal_law:legal_authorities:record_usc_38ee94a6ad61e8d946b8612d
Source file: Laws/federal/codes/united-states-code/title-12/section-2143-charter-powers-and-operation--e9b359c1be.md
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Source location: Title 12, Chapter 23, § 2143; chapter-023-farm-credit-system.md
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**(a) Charter** The National Bank for Cooperatives (hereinafter in this part referred to as the “consolidated bank”), established under section 413 of the Agricultural Credit Act of 1987, shall be a federally chartered instrumentality of the United States and an institution of the Farm Credit System.
**(b) Powers** The consolidated bank and the board of directors of such bank shall have all of the powers, rights, responsibilities, and obligations of the constituent banks described in section 413(b) of the Agricultural Credit Act of 1987 ([12 U.S.C. 2121](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2121&num=0&edition=prelim) note; Public Law 100–233) and the boards of directors of such banks, except as otherwise provided for in this chapter.
**(c) Operation** The consolidated bank shall be organized and operated on a cooperative basis.
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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
Each Federal land bank association shall have a first lien on the stock and participation certificates it issues, except on stock or participation certificates held by other Farm Credit System institutions, for the payment of any liability of the stockholder to the association or to the bank, or to both of them.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2121
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Federal law — U.S. Code and appendices · legal_authorities
Subject to [section 2143 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2143&num=0&edition=prelim), to the greatest extent practicable, the functions of the consolidated bank shall be consolidated in the central office of the bank.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2146
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Federal law — U.S. Code and appendices · legal_authorities
Page 1309
TITLE 12—BANKS AND BANKING
§ 2121
§ 2097. Liens on stock
Each Federal land bank association shall have
a first lien on the stock and participation cer-
tificates it issues, except on stock or participa-
tion certificates held by other Farm Credit Sys-
tem institutions, for the payment of any liabil-
ity of the stockholder to the association or to
the bank, or to both of them.
(Pub. L. 92–181, title II, § 2.15, formerly § 2.16, as
added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988,
101 Stat. 1637; renumbered § 2.15, Pub. L. 100–399,
title IV, § 401(w), Aug. 17, 1988, 102 Stat. 999.)
Editorial Notes
PRIOR PROVISIONS
A prior section 2097, Pub. L. 92–181, title II, § 2.16, Dec.
10, 1971, 85 Stat. 602; Pub. L. 96–592, title II, § 211, Dec.
24, 1980, 94 Stat. 3443, related to other services, prior to
the general amendment of this subchapter by Pub. L.
100–233, § 401.
A prior section 2.15 of Pub. L. 92–181 was renumbered
section 2.14 and is classified to section 2096 of this title.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE
Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat.
1622, provided that this section is effective 6 months
after Jan. 6, 1988.
§ 2098. Taxation
Each Federal land bank association and the
capital, reserves, and surplus thereof, and the
income derived therefrom, shall be exempt from
Federal, State, municipal, and local taxation,
except taxes on real estate held by a Federal
land bank association to the same extent, ac-
cording to its value, as other similar property
held by other persons is taxed. The mortgages
held by the Federal land bank associations and
the notes, bonds, debentures, and other obliga-
tions issued by the associations shall be consid-
ered and held to be instrumentalities of the
U
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 2121
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Federal law — U.S. Code and appendices · legal_authorities
Page 1321
TITLE 12—BANKS AND BANKING
§ 2143
Editorial Notes
AMENDMENTS
1988—Pub. L. 100–233 inserted ‘‘the’’ before ‘‘Farm
Credit Administration’’.
1985—Pub. L. 99–205 struck out ‘‘, any stock held by
the Governor of the Farm Credit Administration at
par’’ before ‘‘, and all nonvoting stock at par’’, and
struck out ‘‘stock held by the Governor of the Farm
Credit Administration,’’ before ‘‘and voting stock pro
rata’’ in first sentence.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 1985 AMENDMENT
Amendment by Pub. L. 99–205 effective thirty days
after Dec. 23, 1985, see section 401 of Pub. L. 99–205, set
out as a note under section 2001 of this title.
§ 2134. Taxation
Each bank for cooperatives and its obligations
are instrumentalities of the United States and
as such any and all notes, debentures, and other
obligations issued by such bank shall be exempt,
both as to principal and interest from all tax-
ation (except surtaxes, estate, inheritance, and
gift taxes) now or hereafter imposed by the
United States or any State, territorial, or local
taxing authority, except that interest on such
obligations shall be subject to Federal income
taxation in the hands of the holder.
(Pub. L. 92–181, title III, § 3.13, Dec. 10, 1971, 85
Stat. 608; Pub. L. 99–205, title II, § 205(e)(10), Dec.
23, 1985, 99 Stat. 1705; Pub. L. 100–233, title VIII,
§ 805(p), Jan. 6, 1988, 101 Stat. 1716.)
Editorial Notes
AMENDMENTS
1988—Pub. L. 100–233 inserted before period at end
‘‘, except that interest on such obligations shall be sub-
ject to Federal income taxation in the hands of the
holder’’.
1985—Pub. L. 99–205 struck out last two sentences re-
lating to exemption of banks for cooperatives and their
property, franchises, capital, reserves, surplus,
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 2143
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