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12 U.S.C. § 1134 to 1134e — Repealed. Pub. L. 92–181, title V, § 5.26(a), Dec. 10, 1971, 85 Stat. 624

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1134 to 1134e — Repealed. Pub. L. 92–181, title V, § 5.26(a), Dec. 10, 1971, 85 Stat. 624

### Statutory Notes Section 1131d, acts June 16, 1933, ch. 98, title II, § 20, 48 Stat. 259; July 26, 1956, ch. 741, title I, § 105(f), 70 Stat. 665, authorized organization of production credit associations and provided for charters, bylaws, powers of governor, and other powers of such associations. See [section 2093 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2093&num=0&edition=prelim). Section 1131e, acts June 16, 1933, ch. 98, title II, § 21, 48 Stat. 260; Aug. 11, 1955, ch. 785, title II, § 201, 69 Stat. 663; July 26, 1956, ch. 741, title I, § 105(g), 70 Stat. 665, provided for capital stock of production credit associations and its value, classes, voting rights, limitations on transfer, exchange, and dividends. See [section 2094 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2094&num=0&edition=prelim). Section 1131e–1, acts Aug. 6, 1953, ch. 335, § 16, 67 Stat. 399; July 26, 1956, ch. 741, title I, § 107(b), 70 Stat. 666; Oct. 17, 1968, Pub. L. 90–582, § 2(b), 82 Stat. 1145, provided for issuance of class C stock for production credit associations and conditions, privileges, restrictions, limitations, and qualifications placed on such stock. Section 1131f, acts June 16, 1933, ch. 98, title II, § 22, 48 Stat. 261; Aug. 11, 1955, ch. 785, title II, § 202, 69 Stat. 663; July 26, 1956, ch. 741, title I, § 105(h), 70 Stat. 665; Oct. 3, 1961, Pub. L. 87–343, § 2(2), 75 Stat. 758; Oct. 4, 1965, Pub. L. 89–237, § 2(a), 78 Stat. 924, covered application of earnings of production credit associations and restoration of capital, impairment, surplus account, distribution of earnings, and allocation on a patronage basis. See [section 2095 of this title](https://uscode.house.gov/view.x

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Source file: Laws/federal/codes/united-states-code/title-12/section-1134-to-1134e-12-u-s-c-1134-to-1134e-repealed-pub-l-92181-title-v-5-26-a-dec-10-1971-8--48c7b21eea.md
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Source location: Title 12, Chapter 7, § 1134 to 1134e; chapter-007-farm-credit-administration.md

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 2095 — General corporate powers

Each Federal land bank association shall be a body corporate and, subject to supervision of the Farm Credit Bank for the district and the regulation of the Farm Credit Administration, shall have the power to— (1) adopt and use a corporate seal; (2) have succession until dissolved under the provisions of this chapter or other Act of Congress; (3) make contracts; (4) sue and be sued; (5) acquire, hold, dispose, and otherwise exercise all of the usual incidents of ownership of real estate and personal property necessary or convenient to the business of the association; (6) operate under the direction of the board of directors of the association in accordance with this chapter; (7) provide by its board of directors for a manager or other chief executive officer, and provide for such other officers or employees as may be necessary, including joint employees as provided in this chapter, define the duties of such, and require surety bonds or make other provision against losses occasioned by employees, except that no director shall, within one year after the date when such director ceases to be a member of the board, serve as a salaried employee of the association on the board of which such director served; (8) prescribe, by its board of directors, its bylaws that shall be consistent with law, and that shall provide for— (A) the classes of its stock and the manner in which such stock shall be issued, transferred, and retired; and (B) the manner in which it is to— (i) select officers and employees; (ii) acquire, hold, and transfer property; (iii) conduct general business; and (iv) exercise and enjoy the privileges granted to it by law; (9) accept applications for Farm Credit Bank loans and receive from such bank and disburse to the borrowers th

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 2093 — Organizations; articles; charters; powers of the Farm Credit Administration

**(a) Charter** Each Federal land bank association shall continue as a federally chartered instrumentality of the United States. **(b) Organization** (1) **In general** — A Federal land bank association may be organized by any group of 10 or more persons desiring to borrow money from a Farm Credit Bank under [section 2015(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2015/a&num=0&edition=prelim), including persons to whom the Farm Credit Bank has made a loan directly or through an agent and has taken as security real estate located in the territory proposed to be served by the association. (2) **Articles of association** (A) *Description of territory* — The articles of association shall describe the territory within which the association proposes to carry on its operations. (B) *Submission to FCB* — Proposed articles 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 accordance with the bylaws of the Farm Credit Bank. (C) *Stock purchase* — Association stock may be paid for by surrendering for cancellation stock in the bank held by a borrower and the issuance of an equivalent amount of stock to such borrower in the association. (D) *Statement* — The articles shall be accompanied by a statement signed by each of the members of the proposed association establishing— (i) the individual’s eligibility and request for a Farm Credit Bank loan; (ii) that the real estate with respect to which the individual desires the loan for is not being served by another Federal land bank association; and (iii) that the individual is or will become a stockholder in the proposed association. (E) *Submission to FCA* — A co

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 2096 — Federal land bank association capitalization

In accordance with [section 2154a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2154a&num=0&edition=prelim), the Federal land bank association shall provide, through its bylaws and subject to Farm Credit Administration regulations, for its capitalization and the manner in which its stock shall be issued, held, transferred, and retired and its earnings distributed.

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 2094 — Board of directors

Each Federal land bank association shall elect from its voting shareholders a board of directors of such number, for such terms, in such manner, and with such qualifications as may be required by its bylaws except that, at least one member shall be elected by the other directors, which member shall not be a director, officer, employee, stockholder, or agent of a System institution.

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