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12 U.S.C. § 771, 772 — Repealed.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12 U.S.C. § 771, 772 — Repealed.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Source file: Laws/federal/codes/united-states-code/title-12/section-771-772-12-u-s-c-771-772-repealed-pub-l-92181-title-v-5-26-a-dec-10-1971-85-stat--5c8b982b06.md
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Source location: Title 12, Chapter 7, § 771, 772; chapter-007-farm-credit-administration.md

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### Statutory Notes Section 711, acts July 17, 1916, ch. 245, title I, § 7, 39 Stat. 365; Aug. 18, 1959, Pub. L. 86–168, title I, § 104(h), 73 Stat. 387, provided for organization of land bank associations. See [section 2031 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2031&num=0&edition=prelim). Section 712, acts July 17, 1916, ch. 245, title I, § 7, 39 Stat. 365; Aug. 19, 1937, ch. 704, § 21, 59 Stat. 266; Aug. 18, 1959, Pub. L. 86–168, title I, § 104(h), (i), 73 Stat. 387, provided for directors, officers, and loan committee of land bank associations. See section 2031 et seq. of this title. Section 713, acts July 17, 1916, ch. 245, title I, § 7, 39 Stat. 365; Ex. Ord. No. 6084, Mar. 27, 1933; Aug. 18, 1959, Pub. L. 86–168, title I, § 104(i), 73 Stat. 387, provided for compensation and qualifications of directors. See [section 2032 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2032&num=0&edition=prelim). Section 714, acts July 17, 1916, ch. 245, title I, § 7, 39 Stat. 365; Mar. 4, 1923, ch. 252, title III, § 305, 42 Stat. 1476; Ex. Ord. No. 6084, Mar. 27, 1933; Aug. 11, 1955, ch. 785, title III, § 301(b), 69 Stat. 664; Aug. 18, 1959, Pub. L. 86–168, title I, § 104(h), (i), 73 Stat. 387, set out duties of manager of each land bank association. See [section 2031 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2031&num=0&edition=prelim). Section 715, acts July 17, 1916, ch. 245, title I, § 7, 39 Stat. 365; Aug. 18, 1959, Pub. L. 86–168, title I, § 104(h), (i), 73 Stat. 387, provided for expenses of personnel of land bank associations. See [section 2033 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2033&num=0&edition=prelim). Section 716, acts July 17, 1916, ch. 245, title I, § 7, 39 Stat. 365; June 3, 1935, ch. 164, § 19(a), (b), 49 Stat. 319; Aug. 18, 1959, Pub. L. 86–168, title I, § 104(h), (i), 73 Stat. 387, provided for incorporators, organization, directors, and managers of land bank associations. See section 2031 et seq. of this title. Section 717, acts July 17, 1916, ch. 245, title I, § 7, 39 Stat. 365; Aug. 18, 1959, Pub. L. 86–168, title I, § 104(i), 73 Stat. 387, covered report and affidavit accompanying articles of association. See [section 2031 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2031&num=0&edition=prelim). Section 718, act July 17, 1916, ch. 245, title I, § 7, 39 Stat. 365; Ex. Ord. No. 6084, Mar. 27, 1933, provided for investigation of solvency of applicants for incorporation. See [section 2254 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2254&num=0&edition=prelim). Section 719, acts July 17, 1916, ch. 245, title I, § 7, 39 Stat. 365; Ex. Ord. No. 6084, Mar. 27, 1933; Aug. 19, 1937, ch. 704, § 8, 50 Stat. 707; Aug. 18, 1959, Pub. L. 86–168, title I, § 104(h), 73 Stat. 387, covered grant or refusal of charters to land bank associations. See section 2031 et seq. of this title. Section 720, acts July 17, 1916, ch. 245, title I, § 7, 39 Stat. 365; Aug. 18, 1959, Pub. L. 86–168, title I, § 104(h), 73 Stat. 387, authorized receipt of funds to be loaned to members. See [section 2033 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2033&num=0&edition=prelim). Section 721, acts July 17, 1916, ch. 245, title I, § 7, 39 Stat. 365; Ex. Ord. No. 6084, Mar. 27, 1933; Aug. 18, 1959, Pub. L. 86–168, title I, § 104(h), 73 Stat. 387, covered subscriptions to land bank stock as collateral and retirement of stock. See [section 2034 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2034&num=0&edition=prelim). Section 722, act July 17, 1916, ch. 245, title I, § 7, 39 Stat. 365, placed a limitation on reduction of capital stock of land banks. See [section 2034 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2034&num=0&edition=prelim). Section 723, acts July 17, 1916, ch. 245, title I, § 7 (pt.), as added Mar. 4, 1933, ch. 270, § 1, 47 Stat. 1547; amended May 12, 1933, ch. 25, title II, § 26, 48 Stat. 44; June 16, 1933, ch. 98, title VIII, § 80(a), 48 Stat. 273; Jan. 31, 1934, ch. 7, § 6, 48 Stat. 346; Aug. 19, 1937, ch. 704, §§ 5(a), 22, 50 Stat. 704, 710; Oct. 29, 1949, ch. 786, § 1(b), 63 Stat. 986; Aug. 18, 1959, Pub. L. 86–168, title I, § 104(h), (i), 73 Stat. 387; Oct. 4, 1961, Pub. L. 87–353, § 3(a), (e), 75 Stat. 773, 774, authorized direct loans. See [section 2020 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2020&num=0&edition=prelim). Section 724, acts Aug. 19, 1937, ch. 704, § 25(b), 50 Stat. 711; Aug. 18, 1959, Pub. L. 86–168, title I, § 104(h), 73 Stat. 387, provided for loans when an association’s stock is impaired. See [section 2020 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2020&num=0&edition=prelim).

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

12 U.S.C. § 2254 — Powers and duties

**(a) Enumerated powers** The Farm Credit Administration shall have the following powers, functions, and responsibilities in connection with the institutions of the Farm Credit System and the administration of this chapter: (1) Modify the boundaries of farm credit districts, with due regard for the farm credit needs of the country, as approved by the Board, with the concurrence of the district banks involved. (2) Where necessary or appropriate to carry out the policy and objectives of this chapter, issue and approve amendments to Federal charters of institutions of the System; approve change in names of banks operating under this chapter; approve the merger of districts when agreed to by the district bank boards involved and by a majority vote of the voting stockholders and contributors to the guaranty funds of each bank for each of such districts, voting in the same manner as is provided in [section 2279a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2279a&num=0&edition=prelim); approve mergers and any related activities as provided for in subchapter VII; and approve the consolidation or division of the territories of institutions when agreed to by a majority vote of the voting stockholders or contributors to the guaranty fund of each of the institutions involved; and approve consolidations of boards of directors when agreed to by a majority vote of the voting stockholders or contributors to the guaranty fund of each of the institutions involved. The Farm Credit Administration Board, after consultation with the respective boards of directors of the affected banks, may require two or more banks operating under the same or different titles to merge if the Board determines that one of such banks has failed to meet its outstan

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

12 U.S.C. § 2020 — Security; terms

**(a) Real estate loans** (1) **Maximum level of loans** (A) *In general* — Real estate mortgage loans originated by a Farm Credit Bank, or in which a Farm Credit Bank participates in with a lender that is not a System institution, shall not exceed 85 percent of the appraised value of the real estate security, except as provided for in subparagraphs (C) and (D). (B) *Regulation* — The Farm Credit Administration may, by regulation, require that loans not exceed 75 percent of the appraised value of the real estate security. (C) *Guaranteed loans* — If the loan is guaranteed by Federal, State, or other governmental agencies, the loan may not exceed 97 percent of the appraised value of the real estate security, as may be authorized under regulations of the Farm Credit Administration. (D) *Private mortgage insurance* — A loan on which private mortgage insurance is obtained may exceed 85 percent of the appraised value of the real estate security to the extent that the loan amount in excess of such 85 percent is covered by the insurance. (2) **Security** — All loans originated or participated in by a bank under this section shall be secured by first liens on interests in real estate of such classes as may be prescribed by regulations of the Farm Credit Administration. (3) **Value of security** — To adequately secure the loan, the value of security shall be determined by appraisal under standards prescribed by the bank in accordance with regulations of the Farm Credit Administration. (4) **Additional security** — Additional security for any loan may be required by the bank to supplement real estate security. Credit factors, other than the ratio between the amount of the loan and the security value, shall be given due consideration. **(b) Intermediate credit** L

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