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12 U.S.C. § 2121 — Liens on stock
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.
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Source file: Laws/federal/codes/united-states-code/title-12/section-2121-liens-on-stock--39cf4f8d7e.md
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Source location: Title 12, Chapter 23, § 2121; chapter-023-farm-credit-system.md
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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.
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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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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section 1134, acts June 16, 1933, ch. 98 title I, § 2, 48 Stat. 257; Aug. 19, 1937, ch. 704, § 11, 50 Stat. 708; July 26, 1956, ch. 741, title I, § 105(a), 70 Stat. 664, authorized creation of regional banks for cooperatives and establishment of boards of directors of such banks. See [section 2121 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2121&num=0&edition=prelim).
Section 1134a, acts June 16, 1933, ch. 98, title I, § 3, 48 Stat. 257; July 26, 1956, ch. 741, title I, § 105(b), 70 Stat. 665, provided for charters and bylaws for banks for cooperatives. See [section 2121 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2121&num=0&edition=prelim).
Section 1134b, act June 16, 1933, ch. 98, title IV, § 40, 48 Stat. 264, provided for capital stock of banks for cooperatives and its amounts, value, and payments. See [section 2124 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2124&num=0&edition=prelim).
Section 1134c, acts June 16, 1933, ch. 98, title IV, § 41, 48 Stat. 264; June 3, 1935, ch. 164, § 14, 49 Stat. 317; Aug. 19, 1937, ch. 704, § 36, 50 Stat. 717; Oct. 31, 1949, ch. 792, title IV, § 417(a), 63 Stat. 1058; Aug. 11, 1955, ch. 785, title I, § 107, 69 Stat. 662; July 26, 1956, ch. 741, title I, § 105(k), 70 Stat. 665; Aug. 2, 1966, Pub. L. 89–525, § 4(a), 80 Stat. 334; Dec. 15, 1967, Pub. L. 90–204, § 3(b), 81 Stat. 612, covered lending powers of banks for cooperatives. See [section 2122 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2122&num=0&edition=prelim).
Section 1134d, acts June 16, 1933, ch. 98, title IV, § 42, 48 Stat. 264; Aug. 6, 1953, ch. 335, § 13, 67 Stat
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1138f
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Federal law — U.S. Code and appendices · legal_authorities
The banks for cooperatives established pursuant to sections 2 and 30 of the Farm Credit Act of 1933, as amended, shall continue as federally chartered instrumentalities of the United States. The Farm Credit Administration shall approve amendments consistent with this chapter to charters and organizational certificates of banks for cooperatives. Unless an existing bank for cooperatives is merged with another bank, there shall be a bank for cooperatives in each farm credit district. A bank for cooperatives may include in its title the name of the city in which it is located or other geographical designation. When authorized by the Farm Credit Administration each bank for cooperatives 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. § 2123
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Charter** The National Bank for Cooperatives (hereinafter in this part referred to as the “consolidated bank”), established under section 413 of the Agricultural Credit Act of 1987, shall be a federally chartered instrumentality of the United States and an institution of the Farm Credit System.
**(b) Powers** The consolidated bank and the board of directors of such bank shall have all of the powers, rights, responsibilities, and obligations of 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) and the boards of directors of such banks, except as otherwise provided for in this chapter.
**(c) Operation** The consolidated bank shall be organized and operated on a cooperative basis.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2143
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Federal law — U.S. Code and appendices · legal_authorities
On a determination by the board of directors of the consolidated bank that the bank’s loan portfolio is concentrated in any one district or districts (according to the district boundaries in effect immediately prior to the effective date of the establishment of the bank under section 413 of the Agricultural Credit Act of 1987), the bank may consider the creation of regional service centers to accommodate such loan concentrations.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2145
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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.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2151
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section 1134f, act June 16, 1933, ch. 98, title III, § 30, 48 Stat. 261, authorized the creation of a central bank for cooperatives. See [section 2121 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2121&num=0&edition=prelim).
Section 1134g, acts June 16, 1933, ch. 98, title III, § 31, 48 Stat. 262; Aug. 11, 1955, ch. 785, title I, § 104, 69 Stat. 659; June 11, 1960, Pub. L. 86–503, § 1 (part), 74 Stat. 197, provided for a board of directors for central bank for cooperatives. See [section 2123 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2123&num=0&edition=prelim).
Section 1134h, acts June 16, 1933, ch. 98, title III, § 32, 48 Stat. 262; Aug. 11, 1955, ch. 785, title I, § 105, 69 Stat. 661, set out powers of board of directors for central bank for cooperative. See [section 2123 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2123&num=0&edition=prelim).
Section 1134i, acts June 16, 1933, ch. 98, title III, § 33, 48 Stat. 262; Aug. 11, 1955, ch. 785, title I, § 108(a), 69 Stat. 662, provided for capital stock of central bank for cooperatives. See [section 2124 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2124&num=0&edition=prelim).
Section 1134j, acts June 16, 1933, ch. 98, title III, §§ 34, 38, 48 Stat. 262, 264; June 3, 1935, ch. 164, § 13, 49 Stat. 317; Aug. 19, 1937, ch. 704, § 35, 50 Stat. 716; Oct. 31, 1949, ch. 792, title IV, § 417(b), 63 Stat. 1059; Aug. 11, 1955, ch. 785, title I, §§ 106, 108(b), 69 Stat. 661, 662; July 26, 1956, ch. 741, title I, § 105(j), 70 Stat. 665; Aug. 2, 1966, Pub. L. 89–525, § 4(a), 80 Stat. 334; Dec. 15, 1967, Pub. L. 90–204, § 3(b), 81
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 636 to 636h
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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
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