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12 U.S.C. § 2122 — Taxation
Federal law — U.S. Code and appendices · legal_authorities
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, according 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 obligations issued by the associations shall be considered and held to be instrumentalities of the United States and, as such, they and the income therefrom shall be exempt from all Federal, State, municipal, and local taxation, other than Federal income tax liability of the holder thereof under the Public Debt Act of 1941 ([31 U.S.C. 3124](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section3124&num=0&edition=prelim)).
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Stable record: federal_law:legal_authorities:record_usc_4fa3558288157974a4f557db
Source file: Laws/federal/codes/united-states-code/title-12/section-2122-taxation--905aaf2e69.md
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Source location: Title 12, Chapter 23, § 2122; chapter-023-farm-credit-system.md
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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, according 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 obligations issued by the associations shall be considered and held to be instrumentalities of the United States and, as such, they and the income therefrom shall be exempt from all Federal, State, municipal, and local taxation, other than Federal income tax liability of the holder thereof under the Public Debt Act of 1941 ([31 U.S.C. 3124](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section3124&num=0&edition=prelim)).
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, Pub. L. 92–181, title II, § 2.14, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1636, provided that whenever any Federal land bank association was liquidated, a sum equal to its reserve account as required in this chapter was to be paid and become the property of the bank in which such association was a shareholder.
A prior section 2095, Pub. L. 92–181, title II, § 2.14, Dec. 10, 1971, 85 Stat. 600; Pub. L. 99–205, title II, § 205(e)(15), title VI, § 605, Dec. 23, 1985, 99 Stat. 1705, 1711, related to application of earnings, restoration of capital impairment, and surplus account, prior to the general amendment of this subchapter by Pub. L. 100–233, § 401.
#### Construction of Repeal
Pub. L. 100–399, title IV, § 401(v), Aug. 17, 1988, 102 Stat. 999, repealed this section and provided that this chapter be applied and administered as if this section had not been enacted.
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** Stocks and obligations of the United States Government are exempt from taxation by a State or political subdivision of a State. The exemption applies to each form of taxation that would require the obligation, the interest on the obligation, or both, to be considered in computing a tax, except—
(1) a nondiscriminatory franchise tax or another nonproperty tax instead of a franchise tax, imposed on a corporation; and
(2) an estate or inheritance tax.
**(b)** The tax status of interest on obligations and dividends, earnings, or other income from evidences of ownership issued by the Government or an agency and the tax treatment of gain and loss from the disposition of those obligations and evidences of ownership is decided under the Internal Revenue Code of 1986 ([26 U.S.C. 1](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section1&num=0&edition=prelim) et seq.). An obligation that the Federal Housing Administration had agreed, under a contract made before March 1, 1941, to issue at a future date, has the tax exemption privileges provided by the authorizing law at the time of the contract. This subsection does not apply to obligations and evidences of ownership issued by the District of Columbia, a territory or possession of the United States, or a department, agency, instrumentality, or political subdivision of the District, territory, or possession.
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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
### Statutory Notes
Section 1134, acts June 16, 1933, ch. 98 title I, § 2, 48 Stat. 257; Aug. 19, 1937, ch. 704, § 11, 50 Stat. 708; July 26, 1956, ch. 741, title I, § 105(a), 70 Stat. 664, authorized creation of regional banks for cooperatives and establishment of boards of directors of such banks. See [section 2121 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2121&num=0&edition=prelim).
Section 1134a, acts June 16, 1933, ch. 98, title I, § 3, 48 Stat. 257; July 26, 1956, ch. 741, title I, § 105(b), 70 Stat. 665, provided for charters and bylaws for banks for cooperatives. See [section 2121 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2121&num=0&edition=prelim).
Section 1134b, act June 16, 1933, ch. 98, title IV, § 40, 48 Stat. 264, provided for capital stock of banks for cooperatives and its amounts, value, and payments. See [section 2124 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2124&num=0&edition=prelim).
Section 1134c, acts June 16, 1933, ch. 98, title IV, § 41, 48 Stat. 264; June 3, 1935, ch. 164, § 14, 49 Stat. 317; Aug. 19, 1937, ch. 704, § 36, 50 Stat. 717; Oct. 31, 1949, ch. 792, title IV, § 417(a), 63 Stat. 1058; Aug. 11, 1955, ch. 785, title I, § 107, 69 Stat. 662; July 26, 1956, ch. 741, title I, § 105(k), 70 Stat. 665; Aug. 2, 1966, Pub. L. 89–525, § 4(a), 80 Stat. 334; Dec. 15, 1967, Pub. L. 90–204, § 3(b), 81 Stat. 612, covered lending powers of banks for cooperatives. See [section 2122 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2122&num=0&edition=prelim).
Section 1134d, acts June 16, 1933, ch. 98, title IV, § 42, 48 Stat. 264; Aug. 6, 1953, ch. 335, § 13, 67 Stat
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section 1134f, act June 16, 1933, ch. 98, title III, § 30, 48 Stat. 261, authorized the creation of a central bank for cooperatives. See [section 2121 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2121&num=0&edition=prelim).
Section 1134g, acts June 16, 1933, ch. 98, title III, § 31, 48 Stat. 262; Aug. 11, 1955, ch. 785, title I, § 104, 69 Stat. 659; June 11, 1960, Pub. L. 86–503, § 1 (part), 74 Stat. 197, provided for a board of directors for central bank for cooperatives. See [section 2123 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2123&num=0&edition=prelim).
Section 1134h, acts June 16, 1933, ch. 98, title III, § 32, 48 Stat. 262; Aug. 11, 1955, ch. 785, title I, § 105, 69 Stat. 661, set out powers of board of directors for central bank for cooperative. See [section 2123 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2123&num=0&edition=prelim).
Section 1134i, acts June 16, 1933, ch. 98, title III, § 33, 48 Stat. 262; Aug. 11, 1955, ch. 785, title I, § 108(a), 69 Stat. 662, provided for capital stock of central bank for cooperatives. See [section 2124 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2124&num=0&edition=prelim).
Section 1134j, acts June 16, 1933, ch. 98, title III, §§ 34, 38, 48 Stat. 262, 264; June 3, 1935, ch. 164, § 13, 49 Stat. 317; Aug. 19, 1937, ch. 704, § 35, 50 Stat. 716; Oct. 31, 1949, ch. 792, title IV, § 417(b), 63 Stat. 1059; Aug. 11, 1955, ch. 785, title I, §§ 106, 108(b), 69 Stat. 661, 662; July 26, 1956, ch. 741, title I, § 105(j), 70 Stat. 665; Aug. 2, 1966, Pub. L. 89–525, § 4(a), 80 Stat. 334; Dec. 15, 1967, Pub. L. 90–204, § 3(b), 81
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Federal law — U.S. Code and appendices · legal_authorities
Page 1311
TITLE 12—BANKS AND BANKING
§ 2122
the district that such banks served as of the date
of the enactment of this section [Jan. 6, 1988].
‘‘(B)
NONDISCRIMINATION.—Any
district
bank
whose stockholders did not approve the plan of
merger shall be entitled to the availability, from
the National Bank for Cooperatives or the United
Bank for Cooperatives, as the case may be, of the
same credit and related services now provided by
the Central Bank for Cooperatives as of the date of
the enactment of this section [Jan. 6, 1988], regard-
less of the decision not to merge.
‘‘(C) SUBSEQUENT MERGERS.—Any district bank re-
ferred to in subparagraph (A) may subsequently
merge with the National Bank for Cooperatives or
the United Bank for Cooperatives, as the case may
be, on the approval of the voting stockholders of
both banks proposing to merge based on the voting
requirement of subsection (b)(1).
‘‘(c) REFERENCES.—References in this section to vot-
ing stockholders shall include subscribers to the guar-
anty fund.’’
BANK FOR COOPERATIVES INITIAL BOARD OF DIRECTORS
Pub. L. 100–233, title IV, § 414(a), Jan. 6, 1988, 101 Stat.
1641, as amended by Pub. L. 100–399, title IV, § 406(a),
Aug. 17, 1988, 102 Stat. 1000, provided that: ‘‘Notwith-
standing section 3.2 [probably means section 3.2 of Pub.
L. 92–181, 12 U.S.C. 2123], the initial board of each dis-
trict bank for cooperatives shall be composed of the
members of the district board (which is dissolved upon
the creation of the district Farm Credit Bank) elected
by the stockholders of the bank for cooperatives and
one member elected by the other two members, which
member shall not be a director, officer, employee, or
stockholder of a System institution. The initial board
shall operate for such term as
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 2122
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Federal law — U.S. Code and appendices · legal_authorities
Page 229
TITLE 31—MONEY AND FINANCE
§ 3124
in a foreign currency stated in the bond, note, or
certificate. The Secretary may dispose of the
bonds, notes, and certificates at a price that is
at least par value without complying with sec-
tion 3102(b)–(d) of this title.
(2) In determining the dollar amount of bonds,
notes, and certificates of indebtedness that may
be issued under this chapter, the dollar equiva-
lent of the amount of bonds, notes, and certifi-
cates payable in a foreign currency is deter-
mined by the par of the exchange value on the
date of issue of the bonds, notes, or certificates
as published by the Secretary under section 5151
of this title.
(3) The Secretary may designate depositaries
in foreign countries in which any part of the
proceeds of bonds, notes, or certificates of in-
debtedness payable in the foreign currency may
be deposited.
(Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 945.)
HISTORICAL AND REVISION NOTES
Revised
Section
Source (U.S. Code)
Source (Statutes at Large)
3123(a) .....
31:731.
R.S. § 3693.
31:753(d)(2d sen-
tence).
Sept. 24, 1917, ch. 56, 40 Stat.
288,
§ 18(d)(2d
sentence);
added Mar. 3, 1919, ch. 100,
§ 1, 40 Stat. 1310.
31:768(words before
semicolon).
Feb. 4, 1910, ch. 25, § 1(words
before semicolon), 36 Stat.
192.
3123(b) .....
31:732.
R.S. § 3698.
31:733(words before
semicolon).
R.S. § 3699(words before semi-
colon);
restated
Jan.
30,
1934, ch. 6, § 9, 48 Stat. 341.
3123(c) .....
31:766.
Sept. 24, 1917, ch. 56, 40 Stat.
288, § 16; added Apr. 4, 1918,
ch. 44, § 6, 40 Stat. 505; Nov.
13, 1966, Pub. L. 89–809, § 401,
80 Stat. 1590.
In subsection (a), the words ‘‘legal tender’’ are sub-
stituted for ‘‘in coin or its equivalent’’ in 31:731 and
‘‘gold coin of the present standard of
Source: Supplied 2024 U.S. Code historical extraction · 31 U.S.C. § 3124
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