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12 U.S.C. § 2148 — Capitalization
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), each consolidated bank shall provide, through bylaws and subject to Farm Credit Administration regulations, for the capitalization of the bank and the manner in which bank stock shall be issued, held, transferred, and retired and bank earnings distributed.
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Source file: Laws/federal/codes/united-states-code/title-12/section-2148-capitalization--175546f218.md
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Source location: Title 12, Chapter 23, § 2148; chapter-023-farm-credit-system.md
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In accordance with [section 2154a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2154a&num=0&edition=prelim), each consolidated bank shall provide, through bylaws and subject to Farm Credit Administration regulations, for the capitalization of the bank and the manner in which bank stock shall be issued, held, transferred, and retired and bank earnings distributed.
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Federal law — U.S. Code and appendices · legal_authorities
Each of the banks of the System, in order to obtain funds for its authorized purposes, shall have power, subject to regulation by the Farm Credit Administration, and subject to the limitations of paragraph (e) of this section, to—
**(a)** Borrow money from or loan to any other institution of the System, borrow from any commercial bank or other lending institution, issue its notes or other evidence of debt on its own individual responsibility and full faith and credit, and invest its excess funds in such sums, at such times, and on such terms and conditions as it may determine.
**(b)** Issue its own notes, bonds, debentures, or other similar obligations, fully collateralized as provided in [section 2154(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2154/c&num=0&edition=prelim) by the notes, mortgages, and security instruments it holds in the performance of its functions under this chapter in such sums, maturities, rates of interest, and terms and conditions of each issue as it may determine with approval of the Farm Credit Administration.
**(c)** Join with any or all banks organized and operating under the same subchapter of this chapter in borrowing or in issuance of consolidated notes, bonds, debentures, or other obligations as may be agreed with approval of the Farm Credit Administration.
**(d)** Join with other banks of the System in issuance of System-wide notes, bonds, debentures, and other obligations in the manner, form, amounts, and on such terms and conditions as may be agreed upon with approval of the Farm Credit Administration. Such System-wide issue by the participating banks and such participations by each bank shall not exceed the limits to which each such bank is subject in the issuance of its individual
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2154a
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Voluntary liquidation** The Corporation may voluntarily liquidate only with the consent of, and in accordance with a plan of liquidation approved by, the Farm Credit Administration Board.
**(b) Involuntary liquidation**
(1) **In general** — The Farm Credit Administration Board may appoint a conservator or receiver for the Corporation under the circumstances specified in [section 2183(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2183/b&num=0&edition=prelim).
(2) **Application** — In applying [section 2183(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2183/b&num=0&edition=prelim) to the Corporation under paragraph (1)—
(A) the Corporation shall also be considered insolvent if the Corporation is unable to pay its debts as they fall due in the ordinary course of business;
(B) a conservator may also be appointed for the Corporation if the authority of the Corporation to purchase qualified loans or issue or guarantee loan-backed securities is suspended; and
(C) a receiver may also be appointed for the Corporation if—
(i)
(I) the authority of the Corporation to purchase qualified loans or issue or guarantee loan-backed securities is suspended; or
(II) the Corporation is classified under [section 2279bb–4 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2279bb-4&num=0&edition=prelim) as within level III or IV and the alternative actions available under part B are not satisfactory; and
(ii) the Farm Credit Administration determines that the appointment of a conservator would not be appropriate.
(3) **No effect on supervisory actions** — The grounds for appointment of a conservator for the Corporation
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2002
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Federal law — U.S. Code and appendices · legal_authorities
Page 1322
TITLE 12—BANKS AND BANKING
§ 2144
may consider the creation of regional service
centers to accommodate such loan concentra-
tions.
(Pub. L. 92–181, title III, § 3.22, as added Pub. L.
100–233, title IV, § 415(2), Jan. 6, 1988, 101 Stat.
1643; amended Pub. L. 100–399, title IV, § 407(e),
Aug. 17, 1988, 102 Stat. 1000.)
Editorial Notes
REFERENCES IN TEXT
Section 413 of the Agricultural Credit Act of 1987, re-
ferred to in text, is section 413 of Pub. L. 100–233, which
is set out as a note under section 2121 of this title.
AMENDMENTS
1988—Pub. L. 100–399 substituted ‘‘consolidated bank’’
for ‘‘United Bank for Cooperatives or the National
Bank for Cooperatives’’ and ‘‘establishment of the bank
under section 413 of the Agricultural Credit Act of 1987’’
for ‘‘merger’’.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 1988 AMENDMENT
Amendment by Pub. L. 100–399 effective as if enacted
immediately after enactment of Pub. L. 100–233, which
was approved Jan. 6, 1988, see section 1001(a) of Pub. L.
100–399, set out as a note under section 2002 of this title.
§ 2144. Consolidation of functions
Subject to section 2143 of this title, to the
greatest extent practicable, the functions of the
consolidated bank shall be consolidated in the
central office of the bank.
(Pub. L. 92–181, title III, § 3.23, as added Pub. L.
100–233, title IV, § 415(2), Jan. 6, 1988, 101 Stat.
1644.)
§ 2145. Exchange of ownership interests
On the establishment of the consolidated
bank, ownership interests of the stockholders
and subscribers to the guaranty funds of the
constituent district banks for cooperatives (in-
cluding stock, participation certificates, and al-
located equities) shall be exchanged for like
ownership interests in the consolidated bank o
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 2148
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