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12 U.S.C. § 2129 — Guaranty fund subscriptions in lieu of stock
Federal law — U.S. Code and appendices · legal_authorities
If any cooperative association is not authorized under the laws of the State in which it is organized to take and hold stock in a bank for cooperatives, the bank shall, in lieu of any requirement for stock purchase, require the association to pay into or have on deposit in a guaranty fund, or the bank may retain out of the amount of the loan and credit to the guaranty fund account of the borrower, a sum equal to the amount of stock which the association would otherwise be required to own. Each reference to stock of the banks for cooperatives in this chapter shall include such guaranty fund equivalents. The holder of the guaranty fund equivalent and the bank shall each be entitled to the same rights and obligations with respect thereto as the rights and obligations associated with the class or classes of stock involved.
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Stable record: federal_law:legal_authorities:record_usc_c2d4e24236e4a7497f19dba6
Source file: Laws/federal/codes/united-states-code/title-12/section-2129-guaranty-fund-subscriptions-in-lieu-of-stock--f3c6e70638.md
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Passage SHA-256: 99593ea7ef78cf730f12ec10caee993acf0664ef5f5475a397148d32f224e5de
Source location: Title 12, Chapter 23, § 2129; chapter-023-farm-credit-system.md
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If any cooperative association is not authorized under the laws of the State in which it is organized to take and hold stock in a bank for cooperatives, the bank shall, in lieu of any requirement for stock purchase, require the association to pay into or have on deposit in a guaranty fund, or the bank may retain out of the amount of the loan and credit to the guaranty fund account of the borrower, a sum equal to the amount of stock which the association would otherwise be required to own. Each reference to stock of the banks for cooperatives in this chapter shall include such guaranty fund equivalents. The holder of the guaranty fund equivalent and the bank shall each be entitled to the same rights and obligations with respect thereto as the rights and obligations associated with the class or classes of stock involved.
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Federal law — U.S. Code and appendices · legal_authorities
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
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2124
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Federal law — U.S. Code and appendices · legal_authorities
Page 1317
TITLE 12—BANKS AND BANKING
§ 2129
2128(f)] in a manner inconsistent with section 343(a)(13)
of the Consolidated Farm and Rural Development Act
[7 U.S.C. 1991(a)(13)].’’
§ 2129. Eligibility
(a) Any association of farmers, producers or
harvesters of aquatic products, or any federa-
tion of such associations, which is operated on a
cooperative basis, and has the powers for proc-
essing, preparing for market, handling, or mar-
keting farm or aquatic products; or for pur-
chasing, testing, grading, processing, distrib-
uting, or furnishing farm or aquatic supplies or
furnishing farm or aquatic business services or
services to eligible cooperatives and conforms to
either of the two following requirements:
(1) no member of the association is allowed
more than one vote because of the amount of
stock or membership capital he may own
therein; or
(2) does not pay dividends on stock or mem-
bership capital in excess of such per centum
per annum as may be approved under regula-
tions of the Farm Credit Administration; and
in any case
(3) does not deal in farm products or aquatic
products, or products processed therefrom,
farm or aquatic supplies, farm or aquatic busi-
ness services, or services to eligible coopera-
tives with or for nonmembers in an amount
greater in value than the total amount of such
business transacted by it with or for members,
excluding from the total of member and non-
member business transactions with the United
States or any agency or instrumentality
thereof or services or supplies furnished as a
public utility; and
(4) a percentage of the voting control of the
association not less than 80 per centum (60 per
centum (A) in the case of rural electric, tele-
phone, public utility, and service cooperatives;
(B) in the case o
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 2129
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