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12 U.S.C. § 2073 — Organization and charters
Federal law — U.S. Code and appendices · legal_authorities
**(a) Charter** Each production credit association shall continue as a Federally chartered instrumentality of the United States.
**(b) Organization**
(1) **In general** — Production credit associations may be organized by 10 or more farmers or ranchers or producers or harvesters of aquatic products desiring to borrow money under the provisions of this part.
(2) **Articles of association** — The proposed articles of association shall be forwarded to the Farm Credit Bank for the district accompanied by an agreement to subscribe on behalf of the association for stock in the bank in such amounts as may be required by the bank.
(3) **Contents of articles** — The articles shall specify in general terms the—
(A) objects for which the association is formed;
(B) powers to be exercised by the association in carrying out the functions authorized by this part; and
(C) territory the association proposes to serve.
(4) **Signatures** — The articles shall be signed by persons desiring to form such an association and shall be accompanied by a statement signed by each such person establishing eligibility to borrow from the association in which such person will become a stockholder.
(5) **Copy to FCA** — A copy of the articles of association shall be forwarded to the Farm Credit Administration with the recommendations of the bank concerning the need for such an association in order to adequately serve the credit needs of eligible persons in the proposed territory and whether that territory includes any area described in the charter of another production credit association.
(6) **Denial of charter** — The Farm Credit Administration for good cause shown may deny the charter.
(7) **Approval of articles** — On approval of the proposed articles by the Farm Credit Administratio
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Stable record: federal_law:legal_authorities:record_usc_549c5c1d7f86a05bc1661d40
Source file: Laws/federal/codes/united-states-code/title-12/section-2073-organization-and-charters--58339f8a30.md
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Source location: Title 12, Chapter 23, § 2073; chapter-023-farm-credit-system.md
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**(a) Charter** Each production credit association shall continue as a Federally chartered instrumentality of the United States.
**(b) Organization**
(1) **In general** — Production credit associations may be organized by 10 or more farmers or ranchers or producers or harvesters of aquatic products desiring to borrow money under the provisions of this part.
(2) **Articles of association** — The proposed articles of association shall be forwarded to the Farm Credit Bank for the district accompanied by an agreement to subscribe on behalf of the association for stock in the bank in such amounts as may be required by the bank.
(3) **Contents of articles** — The articles shall specify in general terms the—
(A) objects for which the association is formed;
(B) powers to be exercised by the association in carrying out the functions authorized by this part; and
(C) territory the association proposes to serve.
(4) **Signatures** — The articles shall be signed by persons desiring to form such an association and shall be accompanied by a statement signed by each such person establishing eligibility to borrow from the association in which such person will become a stockholder.
(5) **Copy to FCA** — A copy of the articles of association shall be forwarded to the Farm Credit Administration with the recommendations of the bank concerning the need for such an association in order to adequately serve the credit needs of eligible persons in the proposed territory and whether that territory includes any area described in the charter of another production credit association.
(6) **Denial of charter** — The Farm Credit Administration for good cause shown may deny the charter.
(7) **Approval of articles** — On approval of the proposed articles by the Farm Credit Administration, and on the issuance of a charter, the association shall become as of such date a federally chartered body corporate and an instrumentality of the United States.
(8) **Powers of FCA** — The Farm Credit Administration shall have the power, under rules and regulations prescribed by the Farm Credit Administration or by prescribing in the terms of the charter, to—
(A) provide for the organization of the association;
(B) provide for the initial amount of stock of the association;
(C) provide for the territory within which the association’s operations may be carried on; and
(D) approve amendments to the charter of the association.
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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) Source** The Secretary shall provide the price support authorized or required herein through the Commodity Credit Corporation and other means available to him.
**(b) Authority of Secretary; factors considered** Except as otherwise provided in this Act, the amounts, terms, and conditions of price support operations and the extent to which such operations are carried out, shall be determined or approved by the Secretary. The following factors shall be taken into consideration in determining, in the case of any commodity for which price support is discretionary, whether a price-support operation shall be undertaken and the level of such support and, in the case of any commodity for which price support is mandatory, the level of support in excess of the minimum level prescribed for such commodity: (1) the supply of the commodity in relation to the demand therefor, (2) the price levels at which other commodities are being supported and, in the case of feed grains, the feed values of such grains in relation to corn, (3) the availability of funds, (4) the perishability of the commodity, (5) the importance of the commodity to agriculture and the national economy, (6) the ability to dispose of stocks acquired through a price-support operation, (7) the need for offsetting temporary losses of export markets, (8) the ability and willingness of producers to keep supplies in line with demand and (9), in the case of upland cotton, changes in the cost of producing such cotton.
**(c) Compliance by producer; program for diverted acres** Compliance by the producer with acreage allotments, production goals and marketing practices (including marketing quotas when authorized by law), prescribed by the Secretary, may be required as a condition of eligibility for price support. In admi
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section 1061, act July 17, 1916, ch. 245, title II, § 205, as added Mar. 4, 1923, ch. 252, title I, § 2, 42 Stat. 1457; amended May 19, 1932, ch. 191, § 2, 47 Stat. 159; Ex. Ord. No. 6084, Mar. 27, 1933; Jan. 31, 1934, ch. 7, § 15(b), (c), 48 Stat. 348; July 26, 1956, ch. 741, title I, § 102, 70 Stat. 660; Oct. 4, 1965, Pub. L. 89–237, § 1(c), 79 Stat. 922; June 18, 1968, Pub. L. 90–345, § 1(b), 82 Stat. 183; Oct. 17, 1968, Pub. L. 90–582, § 1, 82 Stat. 1145, provided for classes of stock, ownership, dividends, retirement of stock, liens, and participation certificates of intermediate credit banks. See [section 2073 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2073&num=0&edition=prelim).
Section 1062, act July 17, 1916, ch. 245, title II, § 206(a), as added Mar. 4, 1923, ch. 252, title I, § 2, 42 Stat. 1457; amended Mar. 4, 1925, ch. 524, § 1, 43 Stat. 1262, provided for salaries and expenses of Federal Farm Loan Bureau and for assessments against banks for proportionate share of expense.
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Federal law — U.S. Code and appendices · legal_authorities
Page 1302
TITLE 12—BANKS AND BANKING
§ 2072
‘‘(A) a majority of the stockholders of the asso-
ciation voting, in person or by proxy, at a duly au-
thorized stockholders’ meeting held for such pur-
pose;
‘‘(B) the board of directors of the adjoining dis-
trict bank;
‘‘(C) the Farm Credit System Assistance Board;
and
‘‘(D) the Farm Credit Administration Board.’’
§ 2072. Board of directors
Each production credit association shall elect
from the voting members of such association, a
board of directors of such number, for such
terms, with such qualifications, and in such
manner as may be required by the bylaws of the
association, except that at least one member
shall be elected by the other directors, which
member shall not be a director, officer, em-
ployee, stockholder, or agent of a System insti-
tution.
(Pub. L. 92–181, title II, § 2.1, as added Pub. L.
100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1630;
amended Pub. L. 100–399, title IV, § 401(n), Aug.
17, 1988, 102 Stat. 997; Pub. L. 102–237, title V,
§ 502(c), Dec. 13, 1991, 105 Stat. 1868.)
Editorial Notes
PRIOR PROVISIONS
A prior section 2072, Pub. L. 92–181, title II, § 2.1, Dec.
10, 1971, 85 Stat. 591; Pub. L. 96–592, title II, § 201, Dec.
24, 1980, 94 Stat. 3439; Pub. L. 99–205, title II, § 205(e)(1),
Dec. 23, 1985, 99 Stat. 1704; Pub. L. 100–233, title VII,
§ 705(c), title VIII, §§ 802(i), 805(d), Jan. 6, 1988, 101 Stat.
1707, 1711, 1715; Pub. L. 100–399, title VI, § 604, title IX,
§ 901(b), Aug. 17, 1988, 102 Stat. 1006, 1007, related to cor-
porate existence and general corporate powers, prior to
the general amendment of this subchapter by Pub. L.
100–233, § 401.
AMENDMENTS
1991—Pub. L. 102–237 substituted ‘‘stockholder, or
agent’’ for ‘‘or stockholder’’.
1988—Pub. L. 100–399
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 2073
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