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12 U.S.C. § 2162 — Federal Farm Credit Banks Funding Corporation

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

12 U.S.C. § 2162 — Federal Farm Credit Banks Funding Corporation

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Source file: Laws/federal/codes/united-states-code/title-12/section-2162-federal-farm-credit-banks-funding-corporation--1584d9a57d.md
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Source location: Title 12, Chapter 23, § 2162; chapter-023-farm-credit-system.md

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**(a) Establishment** There is hereby established the Federal Farm Credit Banks Funding Corporation (hereinafter in this section referred to as the “Corporation”), which shall be an institution of the Farm Credit System. **(b) Duties** The Corporation— (1) shall issue, market, and handle the obligations of the banks of the Farm Credit System, and interbank or intersystem flow of funds as may from time to time be required; (2) acting for the banks of the Farm Credit System, subject to approval of the Farm Credit Administration, shall determine the amount, maturities, rates of interest, terms, and conditions of participation by the several banks in each issue of joint, consolidated, or System-wide obligations; and (3) shall exercise such other powers as were provided to the predecessor Federal Farm Credit Banks Funding Corporation in accordance with its charter issued under [section 2211 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2211&num=0&edition=prelim), in effect immediately before January 6, 1988. **(c) Officers and committees** (1) **Designation** — The board of directors may designate such officers and committees for such terms and such purposes as may be agreed on by the board. (2) **Issuance of obligations** — When appropriate to the board’s functions under this section, a committee of the board of directors of the Corporation, or representatives thereof, may act on behalf of the board in connection with the issuance of joint, consolidated, and System-wide obligations. **(d) Board of directors** (1) **Composition** — The board of directors shall be composed of nine voting members and one nonvoting member, as follows: (A) Four voting members shall be current or former directors of the System banks elected by the shareholders of the Corporation. (B) Three voting members shall be chief executive officers or presidents of System banks elected by the shareholders of the Corporation. (C) Two voting members shall be appointed by the members elected under subparagraphs (A) and (B) after the elected members have received recommendations for such appointments from, and consulted with, the Secretary of the Treasury and the Chairman of the Board of Governors of the Federal Reserve System. The appointed members shall be selected from United States citizens— (i) who are not borrowers from, shareholders in, or employees or agents of any System institution, who are not affiliated with the Farm Credit Administration, and who are not actively engaged with a bank or investment organization that is a member of the Corporation’s selling group for System-wide securities; and (ii) who are experienced or knowledgeable in corporate and public finance, agricultural economics, and financial reporting and disclosure. (D) The president of the Corporation shall serve as a nonvoting member of the board. (2) **Considerations** — In selecting candidates under subparagraphs (A) and (B) of paragraph (1), due consideration shall be given to choosing individuals knowledgeable in agricultural economics, public and corporate finance, and financial reporting and disclosure. (3) **Representation of board** — The Farm Credit System Insurance Corporation shall not have representation on the board of directors of the Corporation. **(e) Succession** (1) **Assets and liabilities** — The Corporation shall, by operation of law and without any further action by the Farm Credit Administration, the predecessor Federal Farm Credit Banks Funding Corporation (hereinafter referred to in this subsection as “the predecessor corporation”) chartered under this chapter, or any court, succeed to the assets of and assume all debts, obligations, contracts, and other liabilities of the predecessor corporation, matured or unmatured, accrued, absolute, contingent or otherwise, and whether or not reflected or reserved against on balance sheets, books of account, or records of the predecessor corporation. (2) **Contracts** — The existing contractual obligations, security instruments, and title instruments of the predecessor corporation shall, by operation of law and without any further action by the Farm Credit Administration, the predecessor corporation, or any court, become and be converted into obligations, entitlements, and instruments of the Corporation. (3) **Stock** — The stock of the predecessor corporation issued before January 6, 1988, shall, by operation of law and without any further action by the Farm Credit Administration, the predecessor corporation, or any court, become and be converted into stock of the Corporation established by this section. (4) **Taxation** — The succession to assets, assumption of liabilities, conversion of obligations, instruments, and stock, and effectuation of any other transaction by the Corporation to carry out this subsection shall not be treated as a taxable event under the laws of any State or political subdivision thereof.

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

12 U.S.C. § 2211 — Prohibition against use of signed ballots

In any election or merger vote, or other proceeding subject to a vote of the stockholders (or subscribers to the guaranty fund of a bank for cooperatives), conducted by a lending institution of the Farm Credit System, the institution— (1) may not use signed ballots; and (2) shall implement measures to safeguard the voting process for the protection of the right of stockholders (or subscribers) to a secret ballot.

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

12 U.S.C. § 2160 — Purchase and sale by Federal Reserve System

Any member of the Federal Reserve System may buy and sell bonds, debentures, or other similar obligations issued under the authority of this chapter and any Federal Reserve bank may buy and sell such obligations to the same extent and subject to the same limitations placed upon the purchase and sale by said banks of State, county, district, and municipal bonds under [section 355 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section355&num=0&edition=prelim).

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

12 U.S.C. § 2002 — Conservatorship; liquidation; receivership

**(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

12 U.S.C. § 2156 — Capitalization of System institutions

**(a) Definitions** As used in this section: (1) **Permanent capital** — The term “permanent capital” means— (A) current year retained earnings; (B) allocated and unallocated earnings (which, in the case of earnings allocated in any form by a System bank to any association or other recipient and retained by the bank, shall be considered, in whole or in part, permanent capital of the bank or of any such association or other recipient as provided under an agreement between the bank and each such association or other recipient); (C) all surplus (less allowances for losses); (D) stock issued by a System institution, except— (i) stock that may be retired by the holder of the stock on repayment of the holder’s loan, or otherwise at the option or request of the holder; or (ii) stock that is protected under [section 2162 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2162&num=0&edition=prelim) or is otherwise not at risk; and (E) any other debt or equity instruments or other accounts that the Farm Credit Administration determines appropriate to be considered permanent capital. (2) **Stock** — The term “stock” means voting and nonvoting stock (including preferred stock), equivalent contributions to a guaranty fund, participation certificates, allocated equities, and other forms and types of equities. **(b) Adoption of bylaws** Subject to approval by shareholders under subsection (c)(2), each bank and association shall adopt bylaws, developed by its board of directors, that provide for the capitalization of the institution in accordance with subsection (c)(1). **(c) Requirements of bylaws** (1) **In general** — Notwithstanding any other provision of this chapter, the bylaws adopted under subsection (b)—

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

12 U.S.C. § 2201 — Disclosure

**(a) In general** In accordance with regulations of the Farm Credit Administration, qualified lenders shall provide to borrowers, for all loans that are not subject to the Truth in Lending Act ([15 U.S.C. 1601](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1601&num=0&edition=prelim) et seq.), meaningful and timely disclosure not later than the time of the loan closing, of— (1) the current rate of interest on the loan; (2) in the case of an adjustable or variable rate loan, the amount and frequency by which the interest rate can be increased during the term of the loan or, if there are no such limitations, a statement to that effect, and the factors (including the cost of funds, operating expenses, and provision for loan losses) that will be taken into account by the qualified lender in determining adjustments to the interest rate; (3) the effect, as shown by a representative example or examples, of any loan origination charges or purchases of stock or participation certificates on the effective rate of interest; (4) any change in the interest rate applicable to the borrower’s loan, and notice to the borrower of a change in the interest rate applicable to the loan of the borrower may be made within a reasonable time after the effective date of an increase or decrease in the interest rate; (5) except with respect to stock guaranteed under [section 2162 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2162&num=0&edition=prelim), a statement indicating that stock that is purchased is at risk; and (6) a statement indicating the various types of loan options available to borrowers, with an explanation of the terms and borrowers’ rights that apply to each type of loan. **(b) Differential interest r

Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2201

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

12 U.S.C. § 2277a–10a — Insurance Fund

**(a) Establishment** There is hereby established a Farm Credit Insurance Fund (hereinafter referred to in this section as the “Insurance Fund”) for insuring the timely payment of principal and interest on insured obligations. The assets in the Fund shall be held by the Corporation for the uses and purposes of the Corporation. **(b) Amounts in Fund** The Corporation shall deposit in the Insurance Fund all premium payments received by the Corporation under this part. **(c) Uses of Fund** (1) **Mandatory use** — Beginning January 1, 1993, the Corporation shall expend amounts in the Insurance Fund to the extent necessary to insure the timely payment of interest and principal on insured obligations. (2) **Other mandatory uses** — Beginning January 1, 1993, the Corporation shall use amounts in the Insurance Fund to ensure the retirement of eligible borrower stock at par value under [section 2162 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2162&num=0&edition=prelim). (3) **Permissive uses** — The Corporation may expend amounts in the Insurance Fund to carry out [section 2277a–10 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2277a-10&num=0&edition=prelim) and to cover the operating costs of the Corporation. (4) **Corporate payment or refunds** — The Corporation shall make all payments and refunds required to be made by the Corporation under this part from amounts in the Insurance Fund.

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

12 U.S.C. § 2277a–12 — Corporation as conservator or receiver; certain other powers

**(a) Definition of institution** In this section, the term “institution” includes any System institution for which the Corporation has been appointed as conservator or receiver. **(b) Certain powers and duties of Corporation as conservator or receiver** In addition to the powers inherent in the express grant of corporate authority under [section 2277a–7(9) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2277a–7/9&num=0&edition=prelim), and other powers exercised by the Corporation under this part, the Corporation shall have the following express powers to act as a conservator or receiver: (1) **Rulemaking authority of Corporation** — The Corporation may prescribe such regulations as the Corporation determines to be appropriate regarding the conduct of conservatorships or receiverships. (2) **General powers** (A) *Successor to System institution* — The Corporation shall, as conservator or receiver, and by operation of law, succeed to— (i) all rights, titles, powers, and privileges of the System institution, and of any stockholder, member, officer, or director of such System institution with respect to the System institution and the assets of the System institution; and (ii) title to the books, records, and assets of any previous conservator or other legal custodian of such System institution. (B) *Operate the System institution* — The Corporation may, as conservator or receiver— (i) take over the assets of and operate the System institution with all the powers of the stockholders or members, the directors, and the officers of the System institution and conduct all business of the System institution; (ii) collect all obligations and money due the System institution; (iii) perform all functions o

Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2277a–12

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

12 U.S.C. § 2162 — Protection of borrower stock

Page 1330 TITLE 12—BANKS AND BANKING § 2161 ‘‘(A) ASSISTANCE BOARD.—During the period in which the Assistance Board is in existence, the board of direc- tors of the Assistance Board shall designate one of its directors to serve as a nonvoting representative to the board of directors of the Corporation. ‘‘(B) INSURANCE CORPORATION.—After such period, the board of directors of the Farm Credit System Insurance Corporation may designate one of its directors to serve as a nonvoting representative to the board of directors of the Corporation. ‘‘(C) MEETINGS.—The persons so designated by the As- sistance Board and by the Farm Credit System Insur- ance Corporation may attend and participate in all de- liberations of the board of directors of the Corpora- tion.’’ 1988—Pub. L. 100–233 amended section generally. Prior to amendment, section read as follows: ‘‘A fiscal agen- cy shall be established by the banks for such of their functions relating to the issuance, marketing, and han- dling of their obligations, and interbank or intersystem flow of funds as may from time to time be required.’’ Subsec. (b)(3). Pub. L. 100–399, § 203(b), inserted ‘‘pred- ecessor Federal Farm Credit Banks’’ before ‘‘Funding Corporation’’. Subsec. (d)(2)(B), (C). Pub. L. 100–399, § 203(c), sub- stituted ‘‘directors of the Corporation’’ for ‘‘directors of the Federal Farm Credit Banks Funding Corpora- tion’’. Subsec. (e). Pub. L. 100–399, § 203(d), amended subsec. (e) generally. Prior to amendment, subsec. (e) read as follows: ‘‘Until a quorum of the board of directors of the Corporation is elected or appointed, the finance committee established under section 2156 of this title in effect before January 6, 1988, and the fiscal agency established under section 2160 of this title in eff

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