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12 U.S.C. § 636 to 636h — Repealed.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

12 U.S.C. § 636 to 636h — Repealed. Pub. L. 92–181, title V, § 5.26(a), Dec. 10, 1971, 85 Stat. 624

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Source file: Laws/federal/codes/united-states-code/title-12/section-636-to-636h-12-u-s-c-636-to-636h-repealed-pub-l-92181-title-v-5-26-a-dec-10-1971-85--47667bae5a.md
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Source location: Title 12, Chapter 7, § 636 to 636h; chapter-007-farm-credit-administration.md

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### Statutory Notes Section 1134f, act June 16, 1933, ch. 98, title III, § 30, 48 Stat. 261, authorized the creation of a central bank 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 1134g, acts June 16, 1933, ch. 98, title III, § 31, 48 Stat. 262; Aug. 11, 1955, ch. 785, title I, § 104, 69 Stat. 659; June 11, 1960, Pub. L. 86–503, § 1 (part), 74 Stat. 197, provided for a board of directors for central bank for cooperatives. See [section 2123 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2123&num=0&edition=prelim). Section 1134h, acts June 16, 1933, ch. 98, title III, § 32, 48 Stat. 262; Aug. 11, 1955, ch. 785, title I, § 105, 69 Stat. 661, set out powers of board of directors for central bank for cooperative. See [section 2123 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2123&num=0&edition=prelim). Section 1134i, acts June 16, 1933, ch. 98, title III, § 33, 48 Stat. 262; Aug. 11, 1955, ch. 785, title I, § 108(a), 69 Stat. 662, provided for capital stock of central bank for cooperatives. See [section 2124 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2124&num=0&edition=prelim). Section 1134j, acts June 16, 1933, ch. 98, title III, §§ 34, 38, 48 Stat. 262, 264; June 3, 1935, ch. 164, § 13, 49 Stat. 317; Aug. 19, 1937, ch. 704, § 35, 50 Stat. 716; Oct. 31, 1949, ch. 792, title IV, § 417(b), 63 Stat. 1059; Aug. 11, 1955, ch. 785, title I, §§ 106, 108(b), 69 Stat. 661, 662; July 26, 1956, ch. 741, title I, § 105(j), 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, authorized central bank to make loans and provided for prevention of duplication of effort on part of central bank and 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 1134k, acts June 16, 1933, ch. 98, title III, § 35, 48 Stat. 263; June 3, 1935, ch. 164, § 15, 49 Stat. 318; Aug. 11, 1955, ch. 785, title I, § 102, 69 Stat. 658, made regional bank stock provisions applicable to ownership of stock by central bank borrowers and provided for payments for such stock. See [section 2130 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2130&num=0&edition=prelim). Section 1134l, acts June 16, 1933, ch. 98, title III, § 36, 48 Stat. 263; Aug. 6, 1953, ch. 335, § 12, 67 Stat. 395; Aug. 11, 1955, ch. 785, title I, § 103(a), 69 Stat. 658; Oct. 3, 1961, Pub. L. 87–343, § 2(3), 75 Stat. 758; Aug. 31, 1964, Pub. L. 88–528, 78 Stat. 736, provided for disposition of earnings and maintenance of reserves of central bank. See [section 2132 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2132&num=0&edition=prelim). Section 1134m, acts June 16, 1933, ch. 98, title III, § 37, 48 Stat. 263; Aug. 23, 1954, ch. 834, § 1, 68 Stat. 770, covered debentures, amount of such debentures, security, preparation, and issuance of such debentures, and consolidated debentures of central and regional banks for cooperatives. See [section 2153 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2153&num=0&edition=prelim).

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 2123 — Establishment; titles; branches

The banks for cooperatives established pursuant to sections 2 and 30 of the Farm Credit Act of 1933, as amended, shall continue as federally chartered instrumentalities of the United States. The Farm Credit Administration shall approve amendments consistent with this chapter to charters and organizational certificates of banks for cooperatives. Unless an existing bank for cooperatives is merged with another bank, there shall be a bank for cooperatives in each farm credit district. A bank for cooperatives may include in its title the name of the city in which it is located or other geographical designation. When authorized by the Farm Credit Administration each bank for cooperatives may establish such branches or other offices as may be appropriate for the effective operation of its business.

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 2130 — Loans, commitments, and technical and financial assistance

**(a) Authorities** The banks for cooperatives are authorized to make loans and commitments to eligible cooperative associations and to extend to them other technical and financial assistance at any time (whether or not they have a loan from the bank outstanding), including but not limited to discounting notes and other obligations, guarantees, currency exchange necessary to service individual transactions that may be financed under subsection (b) of this section, collateral custody, or participation with other banks for cooperatives and commercial banks or other financial institutions in loans to eligible cooperatives, under such terms and conditions as may be determined to be feasible by the board of directors of each bank for cooperatives under regulations of the Farm Credit Administration. Each bank may own and lease, or lease with option to purchase, to stockholders eligible to borrow from the bank equipment needed in the operations of the stockholder and may make or participate in loans or commitments and extend other technical and financial assistance to other domestic parties for the acquisition of equipment and facilities to be leased to such stockholders for use in their operations in the United States. **(b) Additional authorities** (1) A bank for cooperatives is authorized to make or participate in loans and commitments to, and to extend other technical and financial assistance to a domestic or foreign party with respect to its transactions with an association that is a voting stockholder of the bank for the import of agricultural commodities or products thereof, agricultural supplies, or aquatic products through purchases, sales or exchanges, if the bank for cooperatives determines, under regulations of the Farm Credit Administration, that the voting stoc

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 2122 — Taxation

Each Federal land bank association 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 Federal land bank association to the same extent, according to its value, as other similar property held by other persons is taxed. The mortgages held by the Federal land bank associations and the notes, bonds, debentures, and other obligations issued by the associations 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)).

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 2121 — Liens on stock

Each Federal land bank association shall have a first lien on the stock and participation certificates it issues, except on stock or participation certificates held by other Farm Credit System institutions, for the payment of any liability of the stockholder to the association or to the bank, or to both of them.

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 2153 — Repealed. Pub. L. 115–334, title V, § 5411(17), Dec. 20, 2018, 132 Stat. 4680

### Statutory Notes Section, Pub. L. 92–181, title IV, § 4.0, Dec. 10, 1971, 85 Stat. 609; Pub. L. 99–205, title I, § 101(1), Dec. 23, 1985, 99 Stat. 1678; Pub. L. 100–233, title II, § 202, Jan. 6, 1988, 101 Stat. 1605; Pub. L. 100–399, title II, § 202, Aug. 17, 1988, 102 Stat. 992, related to the revolving fund in effect immediately before Jan. 6, 1988.

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 2124 — Corporate existence; general corporate powers

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

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 2132 — Ownership of stock by borrowers

**(a)** Each borrower entitled to hold voting stock shall, at the time a loan is made by a bank for cooperatives, own at least one share of voting stock and shall be required by the bank to invest in additional voting stock or nonvoting investment stock at that time, or from time to time, as the lending bank may determine, but the requirement for investment in stock at the time the loan is closed shall not exceed an amount equal to 10 per centum of the face amount of the loan. Such additional ownership requirements may be based on the face amount of the loan, the outstanding loan balance or on a percentage of the interest payable by the borrower during any year or during any quarter thereof, or upon such other basis as the bank determines will provide adequate capital for the operation of the bank and equitable ownership thereof among borrowers. **(b)** Notwithstanding the provisions of subsection (a) of this section, the purchase of stock need not be required with respect to that part of any loan made by a bank for cooperatives which it sells to or makes in participation with financial institutions other than any of the banks for cooperatives. In such cases the distribution of earnings of the bank for cooperatives shall be on the basis of the interest in the loan retained by such bank.

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