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12 U.S.C. § 2151 — Lending limits
Federal law — U.S. Code and appendices · legal_authorities
The Farm Credit Administration may not establish lending limits for the consolidated bank with respect to any loans or borrowers that are more restrictive than the combined lending limits that were previously established by the Farm Credit Administration for the constituent banks described in section 413(b) of the Agricultural Credit Act of 1987 ([12 U.S.C. 2121](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2121&num=0&edition=prelim) note; Public Law 100–233) with respect to such loans or borrowers.
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Source file: Laws/federal/codes/united-states-code/title-12/section-2151-lending-limits--57e336d6b2.md
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Source location: Title 12, Chapter 23, § 2151; chapter-023-farm-credit-system.md
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The Farm Credit Administration may not establish lending limits for the consolidated bank with respect to any loans or borrowers that are more restrictive than the combined lending limits that were previously established by the Farm Credit Administration for the constituent banks described in section 413(b) of the Agricultural Credit Act of 1987 ([12 U.S.C. 2121](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2121&num=0&edition=prelim) note; Public Law 100–233) with respect to such loans or borrowers.
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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
**(a) Application of savings** At the end of each fiscal year, the net savings shall, under regulations prescribed by the Farm Credit Administration, continue to be applied on a cooperative basis with provision for sound, adequate capitalization to meet the changing financing needs of eligible cooperative borrowers and prudent corporate fiscal management, to the end that current year’s patrons carry their fair share of the capitalization, ultimate expenses, and reserves related to the year’s operations and the remaining net savings shall be distributed as patronage refunds as provided in subsection (b). Such regulations may provide for application of net savings to the restoration or maintenance of an allocated surplus account, reasonable additions to unallocated surplus, or to unallocated reserves after payment of operating expenses, and provide for allocations to patrons not qualified under title 26, or payment of such per centum of patronage refunds in cash, as the board may determine.
**(b) Patronage refunds** The net savings of each bank for cooperatives, after the earnings for the fiscal year have been applied in accordance with subsection (a) of this section shall be paid in stock, participation certificates, or cash, or in any of them, as determined by its board, as patronage refunds to borrowers to whom such refunds are payable who are borrowers of the fiscal year for which such patronage refunds are distributed. All patronage refunds shall be paid in proportion that the amount of interest and service fees on the loans to each borrower during the year bears to the interest and service fees on the loans of all borrowers during the year or on such other proportionate patronage basis as may be approved by the board of directors.
**(c) Loss carryover** In the eve
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2134
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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) 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.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2277a–10a
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Federal law — U.S. Code and appendices · legal_authorities
Page 1309
TITLE 12—BANKS AND BANKING
§ 2121
§ 2097. Liens on stock
Each Federal land bank association shall have
a first lien on the stock and participation cer-
tificates it issues, except on stock or participa-
tion certificates held by other Farm Credit Sys-
tem institutions, for the payment of any liabil-
ity of the stockholder to the association or to
the bank, or to both of them.
(Pub. L. 92–181, title II, § 2.15, formerly § 2.16, as
added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988,
101 Stat. 1637; renumbered § 2.15, Pub. L. 100–399,
title IV, § 401(w), Aug. 17, 1988, 102 Stat. 999.)
Editorial Notes
PRIOR PROVISIONS
A prior section 2097, Pub. L. 92–181, title II, § 2.16, Dec.
10, 1971, 85 Stat. 602; Pub. L. 96–592, title II, § 211, Dec.
24, 1980, 94 Stat. 3443, related to other services, prior to
the general amendment of this subchapter by Pub. L.
100–233, § 401.
A prior section 2.15 of Pub. L. 92–181 was renumbered
section 2.14 and is classified to section 2096 of this title.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE
Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat.
1622, provided that this section is effective 6 months
after Jan. 6, 1988.
§ 2098. Taxation
Each Federal land bank association and the
capital, reserves, and surplus thereof, and the
income derived therefrom, shall be exempt from
Federal, State, municipal, and local taxation,
except taxes on real estate held by a Federal
land bank association to the same extent, ac-
cording to its value, as other similar property
held by other persons is taxed. The mortgages
held by the Federal land bank associations and
the notes, bonds, debentures, and other obliga-
tions issued by the associations shall be consid-
ered and held to be instrumentalities of the
U
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 2121
Stored review status: historical_2024_not_currentness_verified. The source passage cites 12 U.S.C. § 2121. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 1323
TITLE 12—BANKS AND BANKING
§ 2153
described in section 413(b) of the Agricultural
Credit Act of 1987 (12 U.S.C. 2121 note; Public
Law 100–233) with respect to such loans or bor-
rowers.
(Pub. L. 92–181, title III, § 3.28, as added Pub. L.
100–233, title IV, § 415(2), Jan. 6, 1988, 101 Stat.
1644; amended Pub. L. 115–334, title V, § 5411(15),
Dec. 20, 2018, 132 Stat. 4680.)
Editorial Notes
AMENDMENTS
2018—Pub. L. 115–334 substituted ‘‘the constituent
banks described in section 413(b) of the Agricultural
Credit Act of 1987 (12 U.S.C. 2121 note; Public Law
100–233)’’ for ‘‘a district bank for cooperatives and the
Central Bank for Cooperatives’’.
§ 2149a. Repealed. Pub. L. 115–334, title V,
§ 5411(16), Dec. 20, 2018, 132 Stat. 4680
Section, Pub. L. 92–181, title III, § 3.29, formerly title
VII, § 7.5, as added Pub. L. 100–233, title IV, § 416, Jan. 6,
1988, 101 Stat. 1646; renumbered § 3.29, Pub. L. 100–399,
title IV, § 408(e), Aug. 17, 1988, 102 Stat. 1001, related to
reports by merged banks for cooperatives.
Section was classified to section 2279a–5 of this title
prior to renumbering by Pub. L. 100–399.
SUBCHAPTER
IV—PROVISIONS
APPLICA-
BLE TO TWO OR MORE CLASSES OF IN-
STITUTIONS OF THE SYSTEM
PART A—FUNDING
§ 2151.
Repealed.
Pub.
L.
115–334,
title
V,
§ 5411(17), Dec. 20, 2018, 132 Stat. 4680
Section, Pub. L. 92–181, title IV, § 4.0, Dec. 10, 1971, 85
Stat. 609; Pub. L. 99–205, title I, § 101(1), Dec. 23, 1985, 99
Stat. 1678; Pub. L. 100–233, title II, § 202, Jan. 6, 1988, 101
Stat. 1605; Pub. L. 100–399, title II, § 202, Aug. 17, 1988,
102 Stat. 992, related to the revolving fund in effect im-
mediately before Jan. 6, 1988.
§ 2152.
Repealed.
Pub.
L.
100–233,
title
II,
§ 207(a)(1), Jan. 6, 1988, 101 Stat. 1607
Section,
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 2151
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.