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12 U.S.C. § 2096 — Federal land bank association capitalization
Federal law — U.S. Code and appendices · legal_authorities
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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Stable record: federal_law:legal_authorities:record_usc_60aa0b4d1a61d140bd6a735c
Source file: Laws/federal/codes/united-states-code/title-12/section-2096-federal-land-bank-association-capitalization--7597c715cd.md
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Source location: Title 12, Chapter 23, § 2096; chapter-023-farm-credit-system.md
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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
Each of the banks of the System, in order to obtain funds for its authorized purposes, shall have power, subject to regulation by the Farm Credit Administration, and subject to the limitations of paragraph (e) of this section, to—
**(a)** Borrow money from or loan to any other institution of the System, borrow from any commercial bank or other lending institution, issue its notes or other evidence of debt on its own individual responsibility and full faith and credit, and invest its excess funds in such sums, at such times, and on such terms and conditions as it may determine.
**(b)** Issue its own notes, bonds, debentures, or other similar obligations, fully collateralized as provided in [section 2154(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2154/c&num=0&edition=prelim) by the notes, mortgages, and security instruments it holds in the performance of its functions under this chapter in such sums, maturities, rates of interest, and terms and conditions of each issue as it may determine with approval of the Farm Credit Administration.
**(c)** Join with any or all banks organized and operating under the same subchapter of this chapter in borrowing or in issuance of consolidated notes, bonds, debentures, or other obligations as may be agreed with approval of the Farm Credit Administration.
**(d)** Join with other banks of the System in issuance of System-wide notes, bonds, debentures, and other obligations in the manner, form, amounts, and on such terms and conditions as may be agreed upon with approval of the Farm Credit Administration. Such System-wide issue by the participating banks and such participations by each bank shall not exceed the limits to which each such bank is subject in the issuance of its individual
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2154a
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Federal law — U.S. Code and appendices · legal_authorities
### 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
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1134 to 1134e
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Federal law — U.S. Code and appendices · legal_authorities
Each Federal land bank association shall have a first lien on the stock and participation certificates it issues, except on stock or participation certificates held by other Farm Credit System institutions, for the payment of any liability of the stockholder to the association or to the bank, or to both of them.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2121
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Federal law — U.S. Code and appendices · legal_authorities
Page 1308
TITLE 12—BANKS AND BANKING
§ 2094
amended Pub. L. 100–399, title IV, § 401(u), Aug.
17, 1988, 102 Stat. 998.)
Editorial Notes
PRIOR PROVISIONS
A prior section 2093, Pub. L. 92–181, title II, § 2.12, Dec.
10, 1971, 85 Stat. 598; Pub. L. 96–592, title II, § 208, Dec.
24, 1980, 94 Stat. 3442; Pub. L. 99–205, title II, § 205(e)(11),
Dec. 23, 1985, 99 Stat. 1704; Pub. L. 100–233, title VII,
§ 705(d), Jan. 6, 1988, 101 Stat. 1707; Pub. L. 100–399, title
VI, § 604, Aug. 17, 1988, 102 Stat. 1006, related to general
corporate powers, prior to the general amendment of
this subchapter by Pub. L. 100–233, § 401.
AMENDMENTS
1988—Par. (7). Pub. L. 100–399, § 401(u)(1), substituted
‘‘provide by its board of directors for’’ for ‘‘elect by its
board of directors’’ and ‘‘serve as’’ for ‘‘be elected or
designated’’.
Par. (8). Pub. L. 100–399, § 401(u)(2), amended par. (8)
generally. Prior to amendment, par. (8) read as follows:
‘‘prescribe by its board of directors, association bylaws,
not inconsistent with law, providing for the classes of
association stock and the manner in which such stock
shall be issued, transferred, and retired; the officers
and employees of the association elected or provided
for, the property of the association that is acquired,
held, and transferred, the general business of the asso-
ciation conducted, and the privileges granted to the as-
sociation by law exercised and enjoyed;’’.
Par. (12). Pub. L. 100–399, § 401(u)(3), substituted
‘‘agreed to by’’ for ‘‘agreed to or delegated to’’.
Par. (22). Pub. L. 100–399, § 401(u)(4)–(6), added par. (22).
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 1988 AMENDMENT
Amendment by Pub. L. 100–399 effective immediately
after amendment made by section 401 of Pub. L. 100–233,
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 2096
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