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12 U.S.C. § 2264 — Temporary cease and desist orders
Federal law — U.S. Code and appendices · legal_authorities
**(a)** Whenever the Farm Credit Administration shall determine that the violation or threatened violation or the unsafe or unsound practice or practices, specified in the notice of charges served upon the institution or any director, officer, employee, agent, or other person participating in the conduct of the affairs of such institution under [section 2261 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2261&num=0&edition=prelim), or the continuation thereof, is likely to cause insolvency or substantial dissipation of assets or earnings of the institution, or is likely to seriously weaken the condition of the institution or otherwise seriously prejudice the interests of the investors in Farm Credit System obligations or shareholders in the institution prior to the completion of the proceedings conducted under [section 2261 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2261&num=0&edition=prelim), the Farm Credit Administration may issue a temporary order requiring the institution or such director, officer, employee, agent, or other person to cease and desist from any such violation or practice and to take affirmative action to prevent such insolvency, dissipation, condition, or prejudice pending completion of such proceedings. Such order shall become effective upon service upon the institution or such director, officer, employee, agent, or other person participating in the conduct of the affairs of such institution and, unless set aside, limited, or suspended by a court in proceedings authorized by subsection (b), shall remain effective and enforceable pending the completion of the administrative proceedings pursuant to such notice and until such time as the Farm Credit Administrati
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Stable record: federal_law:legal_authorities:record_usc_425375a6b3fde7b4bf4631d5
Source file: Laws/federal/codes/united-states-code/title-12/section-2264-temporary-cease-and-desist-orders--fbe857fe72.md
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Source location: Title 12, Chapter 23, § 2264; chapter-023-farm-credit-system.md
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**(a)** Whenever the Farm Credit Administration shall determine that the violation or threatened violation or the unsafe or unsound practice or practices, specified in the notice of charges served upon the institution or any director, officer, employee, agent, or other person participating in the conduct of the affairs of such institution under [section 2261 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2261&num=0&edition=prelim), or the continuation thereof, is likely to cause insolvency or substantial dissipation of assets or earnings of the institution, or is likely to seriously weaken the condition of the institution or otherwise seriously prejudice the interests of the investors in Farm Credit System obligations or shareholders in the institution prior to the completion of the proceedings conducted under [section 2261 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2261&num=0&edition=prelim), the Farm Credit Administration may issue a temporary order requiring the institution or such director, officer, employee, agent, or other person to cease and desist from any such violation or practice and to take affirmative action to prevent such insolvency, dissipation, condition, or prejudice pending completion of such proceedings. Such order shall become effective upon service upon the institution or such director, officer, employee, agent, or other person participating in the conduct of the affairs of such institution and, unless set aside, limited, or suspended by a court in proceedings authorized by subsection (b), shall remain effective and enforceable pending the completion of the administrative proceedings pursuant to such notice and until such time as the Farm Credit Administration shall dismiss the charges specified in such notice, or if a cease and desist order is issued against the institution or such director, officer, employee, agent, or other person, until effective date of such order.
**(b)** Within ten days after the institution concerned or any director, officer, employee, agent, or other person participating in the conduct of the affairs of such institution has been served with a temporary cease and desist order, the institution or such director, officer, employee, agent, or other person may apply to the United States district court for the judicial district in which the home office of the institution is located, or the United States district court for the District of Columbia, for an injunction setting aside, limiting, or suspending the enforcement, operation, or effectiveness of such order pending the completion of the administrative proceedings pursuant to the notice of charges served upon the institution or such director, officer, employee, agent, or other person under [section 2261 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2261&num=0&edition=prelim), and such court shall have jurisdiction to issue such injunction.
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, Pub. L. 92–181, title VIII, § 8.38, as added Pub. L. 104–105, title I, § 117, Feb. 10, 1996, 110 Stat. 168, related to recapitalization of Corporation.
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Federal law — U.S. Code and appendices · legal_authorities
Whenever it is determined by the Farm Credit Administration, or by judicial decision, that a State law is applicable to the obligations and securities authorized to be held by the institutions of the System under this chapter, which law would provide insufficient protection or inadequate safeguards against loss in the event of default, the Farm Credit Administration may declare such obligations or securities to be ineligible as collateral for the issuance of new notes, bonds, debentures, and other obligations under this chapter.
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** Whenever any director or officer of an institution in the Farm Credit System, or other person participating in the conduct of the affairs of such institution, is charged in any information, indictment, or complaint authorized by a United States attorney, with the commission of or participation in a crime involving dishonesty or breach of trust that is punishable by imprisonment for a term exceeding one year under State or Federal law, the Farm Credit Administration may, if continued service or participation by the individual may pose a threat to the interests of the institution’s shareholders or investors in Farm Credit System obligations or threaten to impair public confidence in the institution or the Farm Credit System, by written notice served upon such director, officer, or other person, suspend such director, officer, or other person from office or prohibit such director, officer, or other person from further participation in any manner in the conduct of the affairs of the institution. A copy of such notice shall also be served upon the institution. Such suspension or prohibition shall remain in effect until such information, indictment, or complaint is finally disposed of or until terminated by the Farm Credit Administration. In the event that a judgment of conviction with respect to such crime is entered against such director, officer, or other person, and at such time as such judgment is not subject to further appellate review, the Farm Credit Administration may, if continued service or participation by the individual may pose a threat to the interests of the institution’s shareholders or the investors in Farm Credit System obligations or may threaten to impair public confidence in the institution or the Farm Credit System, issue and serve upon such dir
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Federal law — U.S. Code and appendices · legal_authorities
Page 1364
TITLE 12—BANKS AND BANKING
§ 2263
employee, agent, or other person to cease and
desist from any such violation or practice and to
take affirmative action to prevent such insol-
vency, dissipation, condition, or prejudice pend-
ing completion of such proceedings. Such order
shall become effective upon service upon the in-
stitution or such director, officer, employee,
agent, or other person participating in the con-
duct of the affairs of such institution and, unless
set aside, limited, or suspended by a court in
proceedings authorized by subsection (b), shall
remain effective and enforceable pending the
completion of the administrative proceedings
pursuant to such notice and until such time as
the Farm Credit Administration shall dismiss
the charges specified in such notice, or if a cease
and desist order is issued against the institution
or such director, officer, employee, agent, or
other person, until effective date of such order.
(b) Within ten days after the institution con-
cerned or any director, officer, employee, agent,
or other person participating in the conduct of
the affairs of such institution has been served
with a temporary cease and desist order, the in-
stitution or such director, officer, employee,
agent, or other person may apply to the United
States district court for the judicial district in
which the home office of the institution is lo-
cated, or the United States district court for the
District of Columbia, for an injunction setting
aside, limiting, or suspending the enforcement,
operation, or effectiveness of such order pending
the completion of the administrative pro-
ceedings pursuant to the notice of charges
served upon the institution or such director, of-
ficer, employee, agent, or other person under
se
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