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12 U.S.C. § 2279c — Transferred
Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
#### Codification
Section, Pub. L. 92–181, title VII, § 7.5, as added Pub. L. 100–233, title IV, § 416, Jan. 6, 1988, 101 Stat. 1646, which required reports by merged banks for cooperatives, was renumbered section 3.29 of title III of Pub. L. 92–181 by Pub. L. 100–399, title IV, § 408(e), Aug. 17, 1988, 102 Stat. 1001, and was classified to [section 2149a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2149a&num=0&edition=prelim), prior to repeal by Pub. L. 115–334, title V, § 5411(16), Dec. 20, 2018, 132 Stat. 4680.
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Source file: Laws/federal/codes/united-states-code/title-12/section-2279c-transferred--8ae8630747.md
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Source location: Title 12, Chapter 23, § 2279c; chapter-023-farm-credit-system.md
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### Statutory Notes
#### Codification
Section, Pub. L. 92–181, title VII, § 7.5, as added Pub. L. 100–233, title IV, § 416, Jan. 6, 1988, 101 Stat. 1646, which required reports by merged banks for cooperatives, was renumbered section 3.29 of title III of Pub. L. 92–181 by Pub. L. 100–399, title IV, § 408(e), Aug. 17, 1988, 102 Stat. 1001, and was classified to [section 2149a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2149a&num=0&edition=prelim), prior to repeal by Pub. L. 115–334, title V, § 5411(16), Dec. 20, 2018, 132 Stat. 4680.
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Federal law — U.S. Code and appendices · legal_authorities
The receipt of assets or assumption of liabilities by the consolidated bank, the exchange of stock, equities, or other ownership interests, and any other transaction carried out in accomplishing the merger of the banks for cooperatives shall not be treated as a taxable event under the laws of the United States or of any State or political subdivision thereof. The preceding sentence shall also apply to the receipt of assets and liabilities by a cooperative to the extent that the net amount of the distribution is immediately reinvested in stock of a consolidated bank (and in such case the basis of such stock shall be appropriately reduced by the amount of gain not recognized by reason of this sentence).
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2149a
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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
**(a) Enumerated powers** The Farm Credit Administration shall have the following powers, functions, and responsibilities in connection with the institutions of the Farm Credit System and the administration of this chapter:
(1) Modify the boundaries of farm credit districts, with due regard for the farm credit needs of the country, as approved by the Board, with the concurrence of the district banks involved.
(2) Where necessary or appropriate to carry out the policy and objectives of this chapter, issue and approve amendments to Federal charters of institutions of the System; approve change in names of banks operating under this chapter; approve the merger of districts when agreed to by the district bank boards involved and by a majority vote of the voting stockholders and contributors to the guaranty funds of each bank for each of such districts, voting in the same manner as is provided in [section 2279a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2279a&num=0&edition=prelim); approve mergers and any related activities as provided for in subchapter VII; and approve the consolidation or division of the territories of institutions when agreed to by a majority vote of the voting stockholders or contributors to the guaranty fund of each of the institutions involved; and approve consolidations of boards of directors when agreed to by a majority vote of the voting stockholders or contributors to the guaranty fund of each of the institutions involved. The Farm Credit Administration Board, after consultation with the respective boards of directors of the affected banks, may require two or more banks operating under the same or different titles to merge if the Board determines that one of such banks has failed to meet its outstan
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2254
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Voluntary transfers** A Federal land bank or a merged bank having a Federal land bank as one of its constituents, may transfer to a Federal land bank association, and the association may assume, the authority of the transferring bank in the territorial area served by the association, to make and participate in long-term real estate mortgage loans under this chapter if the transfer is approved by—
(1) the Farm Credit Administration Board;
(2) the Board of Directors of both institutions; and
(3) a majority of the stockholders of the bank and of the association, in accordance with the voting provisions of sections 2279a and 2279c–1 of this title, respectively.
**(b) Direct loans and financial assistance** After a transfer described in subsection (a) or (d)—
(1) the Federal land bank association shall possess all of the direct long-term real estate mortgage loan authority, formerly possessed by the transferring bank, in the territory served by the association; and
(2) the bank may provide and extend financial assistance to, and discount for, or purchase from, the transferee Federal land bank association any note, draft, or other obligation with the endorsement or guarantee of the association, the proceeds of which have been advanced to persons eligible and for purposes of financing by the association under subsection (a).
**(c) Regulations** The Farm Credit Administration shall issue regulations that establish the manner in which the powers and obligations of the banks that make transfers are consolidated and, to the extent necessary, reconciled in the association referred to in subsection (a).
**(d) Mandatory transfer** On the merger of one or more production credit associations with one or more Federal land bank associations, the bank supervising the Federal
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2279c–1
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Federal law — U.S. Code and appendices · legal_authorities
Page 1409
TITLE 12—BANKS AND BANKING
§ 2279c
make transfers are consolidated and, to the ex-
tent necessary, reconciled in the association re-
ferred to in subsection (a).
(d) Mandatory transfer
On the merger of one or more production cred-
it associations with one or more Federal land
bank associations, the bank supervising the
Federal land bank association shall transfer all
of the direct lending authority of the bank in
the territory served by such Federal land bank
association to such merged association.
(Pub. L. 92–181, title VII, § 7.6, formerly §§ 7.6, 7.7,
as added Pub. L. 100–233, title IV, § 416, Jan. 6,
1988, 101 Stat. 1647; amended Pub. L. 100–399, title
IV, § 408(f)–(j), Aug. 17, 1988, 102 Stat. 1001, 1002.)
Editorial Notes
CODIFICATION
Pub. L. 100–399, § 408(j), transferred section 7.7 of Pub.
L. 92–181, which was classified to section 2279c of this
title, to subsec. (d) of this section.
AMENDMENTS
1988—Subsec. (a). Pub. L. 100–399, § 408(f), substituted
‘‘Voluntary transfers’’ for ‘‘Assignments’’ as subsection
heading, and in text substituted ‘‘may transfer’’ for
‘‘may assign’’, ‘‘this chapter’’ for ‘‘sections 2014
through 2017 of this title’’, and ‘‘transfer is approved’’
for ‘‘assignment is approved’’ in introductory provi-
sions, and ‘‘sections 2279a and 2279c–1 of this title, re-
spectively’’ for ‘‘sections 2279a and 2279b of this title’’
in par. (3).
Subsec. (b). Pub. L. 100–399, § 408(g), substituted ‘‘a
transfer described in subsection (a) or (d)’’ for ‘‘an as-
signment described in subsection (a)’’ in introductory
provisions and ‘‘the bank may provide’’ for ‘‘the Fed-
eral land bank may provide’’ in par. (2).
Subsec. (c). Pub. L. 100–399, § 408(h), struck out ‘‘as-
signments or’’ before ‘‘transfers are consolidated’’ an
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 2279c
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