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12 U.S.C. § 2076 — Production credit association capitalization
Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** 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 production credit 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, except as provided in subsection (b), its earnings distributed.
**(b) Application of earnings** At the end of each fiscal year, each production credit association shall apply the amount of the earnings of the association for the fiscal year in excess of the operating expenses of the association (including provision for valuation reserves against loan assets in accordance with generally accepted accounting principles)—
(1) first, to the restoration of the impairment (if any) of capital; and
(2) second, to the establishment and maintenance of the surplus accounts, the minimum aggregate amount of which shall be prescribed by the Farm Credit Bank.
**(c) Patronage** When the bylaws of an association so provide and subject to the general directions of the Farm Credit Administration, available net earnings at the end of any fiscal year may be distributed on a patronage basis in stock, participation certificates, or in cash. Any part of the earnings of the fiscal year in excess of the operating expenses for such year held in the surplus account may be allocated to patrons on a patronage basis.
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Source file: Laws/federal/codes/united-states-code/title-12/section-2076-production-credit-association-capitalization--d63853ff49.md
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Source location: Title 12, Chapter 23, § 2076; chapter-023-farm-credit-system.md
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**(a) In general** 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 production credit 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, except as provided in subsection (b), its earnings distributed.
**(b) Application of earnings** At the end of each fiscal year, each production credit association shall apply the amount of the earnings of the association for the fiscal year in excess of the operating expenses of the association (including provision for valuation reserves against loan assets in accordance with generally accepted accounting principles)—
(1) first, to the restoration of the impairment (if any) of capital; and
(2) second, to the establishment and maintenance of the surplus accounts, the minimum aggregate amount of which shall be prescribed by the Farm Credit Bank.
**(c) Patronage** When the bylaws of an association so provide and subject to the general directions of the Farm Credit Administration, available net earnings at the end of any fiscal year may be distributed on a patronage basis in stock, participation certificates, or in cash. Any part of the earnings of the fiscal year in excess of the operating expenses for such year held in the surplus account may be allocated to patrons on a patronage basis.
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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
Page 1305
TITLE 12—BANKS AND BANKING
§ 2077
15 percent of the total of all outstanding loans of all as-
sociations in the district at the end of its preceding fis-
cal year’’ for ‘‘at least 20 percent, or such larger per-
cent as is required by the supervising bank under regu-
lations of the Farm Credit Administration, of the total
processing or marketing for which financing is ex-
tended’’.
1988—Subsec. (b)(1). Pub. L. 100–399, § 401(p), sub-
stituted ‘‘this part’’ for ‘‘this subchapter’’ and sub-
stituted ‘‘or planned’’ for ‘‘planned’’.
Subsec. (d). Pub. L. 100–399, § 401(q), added subsec. (d).
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 1988 AMENDMENT
Amendment by Pub. L. 100–399 effective immediately
after amendment made by section 401 of Pub. L. 100–233,
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
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.
§ 2076. Other services
Each production credit association may pro-
vide technical assistance to borrowers, appli-
cants, and members and may make available to
them at their option such financial related serv-
ices appropriate to their on-farm and aquatic
operations as is determined feasible by the
board of directors of each Farm Credit Bank,
under regulations prescribed by the Farm Credit
Administration.
(Pub. L. 92–181, title II, § 2.5, as added Pub. L.
100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1633.)
Editorial Notes
PRIOR PROVISIONS
A prior section 2076, Pub. L. 92–181, title II, § 2.5, Dec.
10, 1971, 85 Stat. 595; Pub. L. 96–592, title II, § 205, Dec.
24, 1980, 94 Stat. 3442; Pub
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 2076
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