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12 U.S.C. § 2098 — Agreements for sharing gains or losses
Federal law — U.S. Code and appendices · legal_authorities
Each Farm Credit Bank may enter into agreements with Federal land bank associations in its district for sharing the gain or losses on loans or on security held therefor or acquired in liquidation thereof, and associations are authorized to enter into any such agreements and also, subject to bank approval, agreements with other associations in the district for sharing the risk of loss on loans endorsed by each such association. As may be authorized by the bank in accordance with regulations of the Farm Credit Administration, associations also may enter into agreements with other Farm Credit System institutions to share loan and other losses, whether to protect against capital impairment or for any other purpose.
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Stable record: federal_law:legal_authorities:record_usc_be42aba2053068e916d3a3a9
Source file: Laws/federal/codes/united-states-code/title-12/section-2098-agreements-for-sharing-gains-or-losses--f6eb969e6c.md
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Source location: Title 12, Chapter 23, § 2098; chapter-023-farm-credit-system.md
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Each Farm Credit Bank may enter into agreements with Federal land bank associations in its district for sharing the gain or losses on loans or on security held therefor or acquired in liquidation thereof, and associations are authorized to enter into any such agreements and also, subject to bank approval, agreements with other associations in the district for sharing the risk of loss on loans endorsed by each such association. As may be authorized by the bank in accordance with regulations of the Farm Credit Administration, associations also may enter into agreements with other Farm Credit System institutions to share loan and other losses, whether to protect against capital impairment or for any other purpose.
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Federal law — U.S. Code and appendices · legal_authorities
Each Federal land bank association shall be a body corporate and, subject to supervision of the Farm Credit Bank for the district and the regulation of the Farm Credit Administration, shall have the 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 estate and personal property necessary or convenient to the business of the association;
(6) operate under the direction of the board of directors of the association in accordance with this chapter;
(7) provide by its board of directors for a manager or other chief executive officer, and provide for such other officers or employees as may be necessary, including joint employees as provided in this chapter, define the duties of such, and require surety bonds or make other provision against losses occasioned by employees, except that no director shall, within one year after the date when such director ceases to be a member of the board, serve as a salaried employee of the association on the board of which such director served;
(8) prescribe, by its board of directors, its bylaws that shall be consistent with law, and that shall provide for—
(A) the classes of its stock and the manner in which such stock shall be issued, transferred, and retired; and
(B) the manner in which it is to—
(i) select officers and employees;
(ii) acquire, hold, and transfer property;
(iii) conduct general business; and
(iv) exercise and enjoy the privileges granted to it by law;
(9) accept applications for Farm Credit Bank loans and receive from such bank and disburse to the borrowers th
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2095
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Federal law — U.S. Code and appendices · legal_authorities
State and other laws shall apply to corporations organized pursuant to this part to the same extent such laws would apply to the organizing banks engaged in the same activity in the same jurisdiction: Provided, however, That to the extent that sections 2023, 2098, and 2134 of this title may exempt banks or associations of the Farm Credit System from taxation, such exemptions, other than with respect to franchise taxes, shall not extend to corporations organized pursuant to this part.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2216 to 2216k
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Federal law — U.S. Code and appendices · legal_authorities
Page 1309
TITLE 12—BANKS AND BANKING
§ 2121
§ 2097. Liens on stock
Each Federal land bank association shall have
a first lien on the stock and participation cer-
tificates it issues, except on stock or participa-
tion certificates held by other Farm Credit Sys-
tem institutions, for the payment of any liabil-
ity of the stockholder to the association or to
the bank, or to both of them.
(Pub. L. 92–181, title II, § 2.15, formerly § 2.16, as
added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988,
101 Stat. 1637; renumbered § 2.15, Pub. L. 100–399,
title IV, § 401(w), Aug. 17, 1988, 102 Stat. 999.)
Editorial Notes
PRIOR PROVISIONS
A prior section 2097, Pub. L. 92–181, title II, § 2.16, Dec.
10, 1971, 85 Stat. 602; Pub. L. 96–592, title II, § 211, Dec.
24, 1980, 94 Stat. 3443, related to other services, prior to
the general amendment of this subchapter by Pub. L.
100–233, § 401.
A prior section 2.15 of Pub. L. 92–181 was renumbered
section 2.14 and is classified to section 2096 of this title.
Statutory Notes and Related Subsidiaries
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.
§ 2098. 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, ac-
cording 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 obliga-
tions issued by the associations shall be consid-
ered and held to be instrumentalities of the
U
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 2098
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