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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes Section, Pub. L. 92–181, title IV, § 4.16, Dec. 10, 1971, 85 Stat. 613, prohibited tax-exempt guarantees.
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Source file: Laws/federal/codes/united-states-code/title-12/section-2206-repealed-pub-l-102552-title-v-508-oct-28-1992-106-stat-4132--5691c8d2ab.md
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Source location: Title 12, Chapter 23, § 2206; chapter-023-farm-credit-system.md
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Federal law — U.S. Code and appendices · legal_authorities
Each Farm Credit Bank shall be a body corporate and, subject to regulation by the Farm Credit Administration, shall have power to— (1) adopt and use a corporate seal; (2) have succession until dissolved under the provisions of this chapter or other Act of Congress; (3) make contracts; (4) sue and be sued; (5) acquire, hold, dispose, and otherwise exercise all the usual incidents of ownership of real and personal property necessary or convenient to its business; (6) make, participate in, and discount loans, make commitments for credit, accept advance payments, and provide services as authorized in this chapter, and charge fees for such; (7) operate under the direction of its board of directors; (8) provide by its board of directors for a president, one or more vice presidents, a secretary, a treasurer, and provide for such other officers, employees, and agents as may be necessary, as provided in this chapter, define their duties, and require surety bonds or make other provision against losses occasioned by employees; (9) prescribe, by its board of directors, its bylaws that shall be consistent with law, and that shall provide for— (A) the classes of its stock and the manner in which such stock shall be issued, transferred, and retired; and (B) the manner in which it is to— (i) select officers, employees, and agents; (ii) acquire, hold, and transfer property; (iii) make loans and discounts; (iv) conduct general business; and (v) exercise and enjoy the privileges granted to it by law; (10) borrow money and issue notes, bonds, debentures, or other obligations individually, or in concert with one or more other banks of the System, of such character, terms, conditions, and rates of interest as may be determined as provided for in this
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2015
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Real estate loans and related assistance** (1) **Real estate loans** — The Farm Credit Banks may make or participate with other lenders in long-term real estate mortgage loans in rural areas, as defined by the Farm Credit Administration, or to producers or harvesters of aquatic products, and make continuing commitments to make such loans under specified circumstances, for a term of not less than 5 nor more than 40 years. (2) **Financial assistance** — The Farm Credit Banks may provide and extend financial assistance to, and discount for, or purchase from, a 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, as authorized under [section 2279b(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2279b/a&num=0&edition=prelim). **(b) Intermediate credit** (1) **In general** — The Farm Credit Banks are authorized to make loans and extend other similar financial assistance to and to discount for or purchase from— (A) any production credit association, or (B) any national bank, State bank, trust company, agricultural credit corporation, incorporated livestock loan company, savings institution, credit union, or any association of agricultural producers engaged in the making of loans to farmers and ranchers, and any corporation engaged in the making of loans to producers or harvesters of aquatic products, any note, draft, or other obligation with the institution’s endorsement or guarantee, the proceeds of which note, draft, or other obligation have been advanced to persons and for purposes eligible for financing by production credit associatio
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2017
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Federal law — U.S. Code and appendices · legal_authorities
Each production credit association shall be a body corporate and, subject to supervision by the Farm Credit Bank for the district and regulation by the Farm Credit Administration, shall have the power to— (1) have succession until terminated in accordance with this chapter or any other Act of Congress; (2) adopt and use a corporate seal; (3) make contracts; (4) sue and be sued; (5) acquire, hold, dispose, and otherwise exercise all of the usual incidents of ownership of real and personal property necessary or convenient to the business of the association; (6) operate under the direction of the board of directors of the association in accordance with the provisions of this chapter; (7) subscribe to stock of the bank; (8) purchase stock of the bank held by other production credit associations and stock of other production credit associations; (9) contribute to the capital of the bank or other production credit associations; (10) invest funds of the association as may be approved by the Farm Credit Bank under regulations of the Farm Credit Administration and deposit the current funds and securities of such with the Farm Credit Bank, a member bank of the Federal Reserve System, or any bank insured under the Federal Deposit Insurance Corporation, and may pay fees therefor and receive interest thereon as may be agreed; (11) buy and sell obligations of or insured by the United States or of any agency thereof or of any banks of the Farm Credit System and buy from and sell to such banks, interests in loans and in other financial assistance extended and nonvoting stock, as may be authorized by the Farm Credit Bank in accordance with regulations of the Farm Credit Administration; (12) borrow money from the Farm Credit Bank, and with the approval of such bank, borrow fr
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2075
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Federal law — U.S. Code and appendices · legal_authorities
Each bank for cooperatives shall be a body corporate and, subject to regulation by the Farm Credit Administration, shall have power to— (1) Adopt and use a corporate seal. (2) Have succession until dissolved under the provisions of this chapter or other Act of Congress. (3) Make contracts. (4) Sue and be sued. (5) Acquire, hold, dispose, and otherwise exercise all of the usual incidents of ownership of real and personal property necessary or convenient to its business. (6) Make loans and commitments for credit, provide services and other assistance as authorized in this chapter, and charge fees therefor. (7) Operate under the direction of its board of directors. (8) Elect by its board of directors a president, any vice presidents, a secretary, a treasurer, and provide for such other officers, employees, and agents as may be necessary, including joint employees as provided in this chapter, define their duties and require surety bonds or make other provisions against losses occasioned by employees. (9) Prescribe by its board of directors its bylaws not inconsistent with law providing for the classes of its stock and the manner in which its stock shall be issued, transferred, and retired; its officers, employees, or agents elected or provided for; its property acquired, held, and transferred; its loans made; its general business conducted; and the privileges granted it by law exercised and enjoyed. (10) Borrow money and issue notes, bonds, debentures, or other obligations individually or in concert with one or more other banks of the System, of such character, and such terms, conditions, and rates of interest as may be determined. (11) (A) Participate in loans under this subchapter with one or more other banks for cooperatives and with commercial banks and ot
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2124
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Federal law — U.S. Code and appendices · legal_authorities
Page 1340 TITLE 12—BANKS AND BANKING § 2206 which was effective 6 months after Jan. 6, 1988, see sec- tion 1001(b) of Pub. L. 100–399, set out as a note under section 2002 of this title. EFFECTIVE DATE OF 1985 AMENDMENT Amendment by Pub. L. 99–205 effective thirty days after Dec. 23, 1985, see section 401 of Pub. L. 99–205, set out as a note under section 2001 of this title. § 2206. Participation loans Notwithstanding any other provisions of this chapter, the terms of any loan participated in by two or more Farm Credit System institutions operating under different subchapters of this chapter, including provisions for capitalization of the portion of the loan participated in by each institution, shall be as may be agreed upon among such institutions and authorized under regulations issued by the Farm Credit Adminis- tration, except that for purposes of determining borrower eligibility, membership, term, amount, loan security, and purchase of stock or partici- pation certificates by the borrower, the provi- sions of law applicable to the loan shall be the provisions in the subchapter under which the in- stitution that originates the loan operates. (Pub. L. 92–181, title IV, § 4.18, as added Pub. L. 96–592, title IV, § 403, Dec. 24, 1980, 94 Stat. 3446; amended Pub. L. 99–205, title II, § 205(f)(7), Dec. 23, 1985, 99 Stat. 1706.) Editorial Notes AMENDMENTS 1985—Pub. L. 98–205 inserted ‘‘under regulations issued’’ after ‘‘authorized’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1985 AMENDMENT Amendment by Pub. L. 99–205 effective thirty days after Dec. 23, 1985, see section 401 of Pub. L. 99–205, set out as a note under section 2001 of this title. § 2206a. Authority of Farm Credit Banks and di- rect lender associations to partic
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 2206
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