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12 U.S.C. § 2014 — Board of directors
Federal law — U.S. Code and appendices · legal_authorities
Each Farm Credit Bank shall elect a board of directors of such number, for such term, in such manner, and with such qualifications, as may be required in its bylaws, except that, at least one member shall be elected by the other directors, which member shall not be a director, officer, employee, or stockholder of a System institution.
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Stable record: federal_law:legal_authorities:record_usc_533111ebd1cbb784c6552145
Source file: Laws/federal/codes/united-states-code/title-12/section-2014-board-of-directors--a5d67d74ef.md
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Source location: Title 12, Chapter 23, § 2014; chapter-023-farm-credit-system.md
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Each Farm Credit Bank shall elect a board of directors of such number, for such term, in such manner, and with such qualifications, as may be required in its bylaws, except that, at least one member shall be elected by the other directors, which member shall not be a director, officer, employee, or stockholder of a System institution.
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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) Establishment** The banks established pursuant to the merger of each District Federal Intermediate Credit Bank and Federal Land Bank (hereinafter referred to in this subchapter as “Farm Credit Banks”), as provided in section 410 of the Agricultural Credit Act of 1987, shall be Federally chartered instrumentalities of the United States.
**(b) Charters** The Farm Credit Administration shall, consistent with this chapter, issue charters for, and approve amendments to charters of, the Farm Credit Banks.
**(c) Title** Each Farm Credit Bank may include in its title the name of the city in which it is located or other geographical designation.
**(d) Branches** Each Farm Credit Bank may establish such branches or other offices as may be appropriate for the effective operation of its business.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2013
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Federal law — U.S. Code and appendices · legal_authorities
Page 1294
TITLE 12—BANKS AND BANKING
§ 2014
other losses, whether to protect against cap-
ital impairment or for any other purpose; and
(24) operate as an originator and become cer-
tified as a certified facility under subchapter
VIII.
(Pub. L. 92–181, title I, § 1.5, as added Pub. L.
100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1623;
amended Pub. L. 100–399, title IV, § 401(d), Aug.
17, 1988, 102 Stat. 995; Pub. L. 104–105, title II,
§ 201, Feb. 10, 1996, 110 Stat. 172.)
Editorial Notes
PRIOR PROVISIONS
A prior section 2013, Pub. L. 92–181, title I, § 1.5, Dec.
10, 1971, 85 Stat. 585; Pub. L. 96–592, title I, § 102, Dec. 24,
1980, 94 Stat. 3437; Pub. L. 99–205, title II, § 205(d)(2), (3),
title VI, § 601, Dec. 23, 1985, 99 Stat. 1703, 1711; Pub. L.
100–233, title VIII, § 802(c), Jan. 6, 1988, 101 Stat. 1710, re-
lated to land bank stock, prior to the general amend-
ment of this subchapter by Pub. L. 100–233, § 401.
AMENDMENTS
1996—Par. (13). Pub. L. 104–105 struck out ‘‘, and the
appointment and compensation of the chief executive
officer thereof,’’ after ‘‘in its district’’.
1988—Par. (9). Pub. L. 100–399, § 401(d)(1), amended par.
(9) generally. Prior to amendment, par. (9) read as fol-
lows: ‘‘prescribe by its board of directors—
‘‘(A) the bylaws of such bank that shall not be in-
consistent with law, providing for the classes of the
stock of the bank and the manner in which such
stock shall be issued, transferred, and retired;
‘‘(B) the officers, employees, and agents of the bank
as provided for;
‘‘(C) the property of the bank acquired, held, and
transferred;
‘‘(D) the loans and discounts made by the bank;
‘‘(E) the general business conducted by the bank;
and
‘‘(F) the privileges granted to the bank by law exer-
cised and enjoyed;’
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 2014
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