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12 U.S.C. § 2126 — Stock of banks for cooperatives
Federal law — U.S. Code and appendices · legal_authorities
**(a) Amount** The Capital stock of each bank for cooperatives shall be in such amount as its board determines is required for the purpose of providing adequate capital to permit the bank to meet the credit needs of borrowers from the bank and such amounts may be increased or decreased from time to time in accordance with such needs.
**(b) Value** The capital stock of each bank shall be divided into shares of par value of $100 each and may be of such classes as the board may determine. Such stock may be issued in fractional shares.
**(c) Eligible holders of voting stock** Voting stock may be issued or transferred to and held only by (i) cooperative associations eligible to borrow from the banks 11 So in original. There probably should be a semicolon after “banks”. (ii) other categories of persons and entities described in sections 2128 and 2129 of this title eligible to borrow from the bank, as determined by the bank’s board of directors; and (iii) other banks for cooperatives, and shall not be otherwise transferred, pledged, or hypothecated except as consented to by the issuing bank under regulations of the Farm Credit Administration.
**(d) Entitlement to vote** Each holder of one or more shares of voting stock which is eligible to borrow from a bank for cooperatives shall be entitled only to one vote and only in the affairs of the bank in the district in which its principal office is located unless otherwise authorized under regulations issued by the Farm Credit Administration, except that if such holder has not been a borrower from the bank in which it holds such stock within a period of two years next preceding the date fixed by the Farm Credit Administration prior to the commencement of voting, it shall not be entitled to vote.
**(e) Nonvoting investment stock*
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Source file: Laws/federal/codes/united-states-code/title-12/section-2126-stock-of-banks-for-cooperatives--10bf394fe5.md
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Source location: Title 12, Chapter 23, § 2126; chapter-023-farm-credit-system.md
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**(a) Amount** The Capital stock of each bank for cooperatives shall be in such amount as its board determines is required for the purpose of providing adequate capital to permit the bank to meet the credit needs of borrowers from the bank and such amounts may be increased or decreased from time to time in accordance with such needs.
**(b) Value** The capital stock of each bank shall be divided into shares of par value of $100 each and may be of such classes as the board may determine. Such stock may be issued in fractional shares.
**(c) Eligible holders of voting stock** Voting stock may be issued or transferred to and held only by (i) cooperative associations eligible to borrow from the banks 11 So in original. There probably should be a semicolon after “banks”. (ii) other categories of persons and entities described in sections 2128 and 2129 of this title eligible to borrow from the bank, as determined by the bank’s board of directors; and (iii) other banks for cooperatives, and shall not be otherwise transferred, pledged, or hypothecated except as consented to by the issuing bank under regulations of the Farm Credit Administration.
**(d) Entitlement to vote** Each holder of one or more shares of voting stock which is eligible to borrow from a bank for cooperatives shall be entitled only to one vote and only in the affairs of the bank in the district in which its principal office is located unless otherwise authorized under regulations issued by the Farm Credit Administration, except that if such holder has not been a borrower from the bank in which it holds such stock within a period of two years next preceding the date fixed by the Farm Credit Administration prior to the commencement of voting, it shall not be entitled to vote.
**(e) Nonvoting investment stock** Nonvoting investment stock may be issued in such series and in such amounts as may be determined by the board and may be exchanged for voting stock or sold or transferred to any person subject to the approval of the issuing bank.
**(f) Participation certificates** Participation certificates may be issued to parties to whom voting stock may not be issued.
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, Pub. L. 92–181, title VIII, § 8.38, as added Pub. L. 104–105, title I, § 117, Feb. 10, 1996, 110 Stat. 168, related to recapitalization of Corporation.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Definitions** In this section:
(1) **Agricultural commodity** — The term “agricultural commodity” has the meaning given the term in [section 5602 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section5602&num=0&edition=prelim).
(2) **Geographically disadvantaged farmer or rancher** — The term “geographically disadvantaged farmer or rancher” has the meaning given the term in section 10906(a) of the Farm Security and Rural Investment Act of 2002 ([7 U.S.C. 2204](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section2204&num=0&edition=prelim) note; Public Law 107–171).
**(b) Authorization** Subject to the availability of funds under subsection (d), the Secretary may provide geographically disadvantaged farmers or ranchers direct reimbursement payments for activities described in subsection (c).
**(c) Transportation**
(1) **In general** — Subject to paragraphs (2) and (3), the Secretary may provide direct reimbursement payments to a geographically disadvantaged farmer or rancher to transport an agricultural commodity, or inputs used to produce an agricultural commodity, during a fiscal year.
(2) **Proof of eligibility** — To be eligible to receive assistance under paragraph (1), a geographically disadvantaged farmer or rancher shall demonstrate to the Secretary that transportation of the agricultural commodity or inputs occurred over a distance of more than 30 miles, as determined by the Secretary.
(3) **Amount**
(A) *In general* — Subject to paragraph (2), the amount of direct reimbursement payments made to a geographically disadvantaged farmer or rancher under this section for a fiscal year shall equal the product obtained by multiplying—
(i) the amount of costs incurred by the geographically di
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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
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Federal law — U.S. Code and appendices · legal_authorities
Page 1314
TITLE 12—BANKS AND BANKING
§ 2125
cept that if such holder has not been a borrower
from the bank in which it holds such stock with-
in a period of two years next preceding the date
fixed by the Farm Credit Administration prior
to the commencement of voting, it shall not be
entitled to vote.
(e) Nonvoting investment stock
Nonvoting investment stock may be issued in
such series and in such amounts as may be de-
termined by the board and may be exchanged for
voting stock or sold or transferred to any person
subject to the approval of the issuing bank.
(f) Participation certificates
Participation certificates may be issued to
parties to whom voting stock may not be issued.
(Pub. L. 92–181, title III, § 3.3, Dec. 10, 1971, 85
Stat. 603; Pub. L. 96–592, title III, § 302, Dec. 24,
1980, 94 Stat. 3443; Pub. L. 99–205, title II,
§ 205(e)(3), (4), Dec. 23, 1985, 99 Stat. 1705; Pub. L.
100–233, title VIII, §§ 802(o), 805(k), Jan. 6, 1988,
101 Stat. 1712, 1715; Pub. L. 110–234, title V,
§§ 5402, 5403(a), May 22, 2008, 122 Stat. 1154; Pub.
L. 110–246, § 4(a), title V, §§ 5402, 5403(a), June 18,
2008, 122 Stat. 1664, 1915.)
Editorial Notes
CODIFICATION
Pub. L. 110–234 and Pub. L. 110–246 made identical
amendments to this section. The amendments by Pub.
L. 110–234 were repealed by section 4(a) of Pub. L.
110–246.
AMENDMENTS
2008—Subsec. (b). Pub. L. 110–246, § 5402, which di-
rected substitution of ‘‘par’’ for ‘‘per’’, could not be ex-
ecuted because ‘‘per’’ did not appear.
Subsec. (c)(ii), (iii). Pub. L. 110–246, § 5403(a), added cl.
(ii) and redesignated former cl. (ii) as (iii).
1988—Subsec. (a). Pub. L. 100–233, § 802(o)(1), struck
out ‘‘, with the approval of Farm Credit Administra-
tion,’’ after ‘‘board determines’’.
Subsec. (b). Pub. L
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