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12 U.S.C. § 1040 to 1045 — Repealed. Pub. L. 92–181, title V, § 5.26(a), Dec. 10, 1971, 85 Stat. 624
Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section 1021, act July 17, 1916, ch. 245, title II, § 201(a), as added Mar. 4, 1923, ch. 252, title I, § 2, 42 Stat. 1454; amended Ex. Ord. No. 6084, Mar. 27, 1933, authorized the Farm Credit Administration to grant charters for 12 intermediate credit banks. See [section 2071 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2071&num=0&edition=prelim).
Section 1022, act July 17, 1916, ch. 245, title II, § 201 (b), as added Mar. 4, 1923, ch. 252, title I, § 2, 42 Stat. 1454; amended June 16, 1933, ch. 98, title VII, § 76(a), 48 Stat. 271; Aug. 19, 1937, ch. 704, § 10, 50 Stat. 707; July 26, 1956, ch. 741, title I, § 104(a), 70 Stat. 663, covered the location, directors, officers, employees, and by-laws of intermediate credit banks. See [section 2072 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2072&num=0&edition=prelim).
Section 1023, act July 17, 1916, ch. 245, title II, § 201(c), as added Mar. 4, 1923, ch. 252, title I, § 2, 42 Stat. 1454; amended Aug. 19, 1937, ch. 704, § 26, 50 Stat. 715, set out the corporate powers of intermediate credit banks. See [section 2072 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2072&num=0&edition=prelim).
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1040 to 1045
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Stable record: federal_law:legal_authorities:record_usc_941ba2c99046d7b9f9dec205
Source file: Laws/federal/codes/united-states-code/title-12/section-1040-to-1045-12-u-s-c-1040-to-1045-repealed-pub-l-92181-title-v-5-26-a-dec-10-1971-85--dfe8e1fd4f.md
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Source location: Title 12, Chapter 7, § 1040 to 1045; chapter-007-farm-credit-administration.md
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### Statutory Notes
Section 1021, act July 17, 1916, ch. 245, title II, § 201(a), as added Mar. 4, 1923, ch. 252, title I, § 2, 42 Stat. 1454; amended Ex. Ord. No. 6084, Mar. 27, 1933, authorized the Farm Credit Administration to grant charters for 12 intermediate credit banks. See [section 2071 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2071&num=0&edition=prelim).
Section 1022, act July 17, 1916, ch. 245, title II, § 201 (b), as added Mar. 4, 1923, ch. 252, title I, § 2, 42 Stat. 1454; amended June 16, 1933, ch. 98, title VII, § 76(a), 48 Stat. 271; Aug. 19, 1937, ch. 704, § 10, 50 Stat. 707; July 26, 1956, ch. 741, title I, § 104(a), 70 Stat. 663, covered the location, directors, officers, employees, and by-laws of intermediate credit banks. See [section 2072 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2072&num=0&edition=prelim).
Section 1023, act July 17, 1916, ch. 245, title II, § 201(c), as added Mar. 4, 1923, ch. 252, title I, § 2, 42 Stat. 1454; amended Aug. 19, 1937, ch. 704, § 26, 50 Stat. 715, set out the corporate powers of intermediate credit banks. See [section 2072 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2072&num=0&edition=prelim).
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Federal law — U.S. Code and appendices · legal_authorities
The Farm Credit Banks shall have a first lien on the stock or participation certificates it issues for the payment of any liability of the stockholders to the bank.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2071
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Federal law — U.S. Code and appendices · legal_authorities
The Farm Credit Banks 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 Farm Credit Bank to the same extent, according to its value, as other similar property held by other persons is taxed. The mortgages held by the Farm Credit Banks and the notes, bonds, debentures, and other obligations issued by the banks shall be considered and held to be instrumentalities of the United States and, as such, they and the income therefrom shall be exempt from all Federal, State, municipal, and local taxation, other than Federal income tax liability of the holder thereof under the Public Debt Act of 1941 ([31 U.S.C. 3124](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section3124&num=0&edition=prelim)).
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2072
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