Browse Arkansas Code titles and sections
12 U.S.C. § 2247 — Organization of Farm Credit Administration
Federal law — U.S. Code and appendices · legal_authorities
**(a) Policies of Board** The Chairman of the Farm Credit Administration Board, in carrying out the powers and duties vested in the Chairman by this chapter, and Acts supplementary thereto, shall be governed by policies of the Board and by such regulatory decisions, findings, and determinations as the Board may by law be authorized to make.
**(b) Appointments** The Chairman of the Board shall appoint such personnel as may be necessary to carry out the functions of the Farm Credit Administration. The appointment by the Chairman of the heads of major administrative divisions under the Board shall be subject to the approval of the Board.
**(c) Personnel**
(1) **Appointments by Board members** — Personnel employed regularly and full-time in the immediate offices of Board members shall be appointed by each such Board member.
(2) **Officers and employees**
(A) *Appointment, compensation, and benefits* — The Chairman shall fix the compensation and number of, and appoint and direct, employees of the Administration. The Chairman may set and adjust the rates of basic pay for employees of the Administration without regard to the provisions of chapter 51, or subchapter III of chapter 53, of title 5. The Chairman may provide such additional compensation and benefits to employees of the Administration as is necessary to maintain comparability with the total amount of compensation and benefits provided by other Federal bank regulatory agencies. In setting and adjusting the total amount of compensation and benefits for employees of the Administration, the Chairman shall consult with, and seek to maintain comparability with, other Federal bank regulatory agencies.
(B) *“Other Federal bank regulatory agencies” defined* — For purposes of this subsection, the term “other Federal
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2247
Stored review status: release_metadata_unconfirmed. A text match is a research starting point; applicability is not established.
Original supplied file — preserved unchanged
Download original Markdown file
File SHA-256: 756de1d7d8a0476da30efbe96715417c71d832d10c5a4b47544286a6eb70a71c. The original may include catalog metadata, neighboring provisions, or embedded records outside this collection's scope. Search shows only the selected federal record. Historical editions and unverified snapshots are not a statement of current law.
Authority boundary: historical or unconfirmed source not current law verified.
Open the recorded source website ↗
Record provenance
Stable record: federal_law:legal_authorities:record_usc_ca514525a456e15eba23254f
Source file: Laws/federal/codes/united-states-code/title-12/section-2247-organization-of-farm-credit-administration--1456bfa156.md
Pages: Not recorded – Not recorded
Passage SHA-256: 67536f0c4296b0f8d31cd3bc8becd7c9d0502067d48286a06093843293b573a2
Source location: Title 12, Chapter 23, § 2247; chapter-023-farm-credit-system.md
Stored source content
**(a) Policies of Board** The Chairman of the Farm Credit Administration Board, in carrying out the powers and duties vested in the Chairman by this chapter, and Acts supplementary thereto, shall be governed by policies of the Board and by such regulatory decisions, findings, and determinations as the Board may by law be authorized to make.
**(b) Appointments** The Chairman of the Board shall appoint such personnel as may be necessary to carry out the functions of the Farm Credit Administration. The appointment by the Chairman of the heads of major administrative divisions under the Board shall be subject to the approval of the Board.
**(c) Personnel**
(1) **Appointments by Board members** — Personnel employed regularly and full-time in the immediate offices of Board members shall be appointed by each such Board member.
(2) **Officers and employees**
(A) *Appointment, compensation, and benefits* — The Chairman shall fix the compensation and number of, and appoint and direct, employees of the Administration. The Chairman may set and adjust the rates of basic pay for employees of the Administration without regard to the provisions of chapter 51, or subchapter III of chapter 53, of title 5. The Chairman may provide such additional compensation and benefits to employees of the Administration as is necessary to maintain comparability with the total amount of compensation and benefits provided by other Federal bank regulatory agencies. In setting and adjusting the total amount of compensation and benefits for employees of the Administration, the Chairman shall consult with, and seek to maintain comparability with, other Federal bank regulatory agencies.
(B) *“Other Federal bank regulatory agencies” defined* — For purposes of this subsection, the term “other Federal bank regulatory agencies” has the same meaning given to the term “appropriate Federal banking agency” in [section 1813(q) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/q&num=0&edition=prelim).
(C) *Ethics in Government* — The officers and employees of the agency shall be—
(i) subject to chapter 131 of title 5; and
(ii) considered officers or employees of the United States for the purposes of sections 201 through 203, and sections 205 through 209, of title 18.
(3) **Delegation** — The powers of the Chairman as chief executive officer necessary for day to day management may be exercised and performed by the Chairman through such other officers and employees of the Administration as the Chairman shall designate, except that the Chairman may not delegate powers specifically reserved to the Chairman by this chapter without Board approval.
**(d) Funding** The operations of the Farm Credit Administration, and the salaries of members of the Board and employees of the Administration, shall be funded and paid for from the fund created under [section 2250 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2250&num=0&edition=prelim).
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, Pub. L. 92–181, title VIII, § 8.38, as added Pub. L. 104–105, title I, § 117, Feb. 10, 1996, 110 Stat. 168, related to recapitalization of Corporation.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2001
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a)** Except as provided in subsection (b) and by the Government Employees Salary Reform Act of 1964 (78 Stat. 400) and notwithstanding the provisions of other statutes, the head of an Executive agency or military department who is authorized to fix by administrative action the annual rate of basic pay for a position or employee may not fix the rate at more than the rate for level IV of the Executive Schedule. This section does not impair the authorities provided by—
(1) sections 248, 482, 1766, and 1819 of title 12, section 206 of the Bank Conservation Act, sections 2B(b) 11 See References in Text note below. and 21A(e)(4) 1 of the Federal Home Loan Bank Act, section 2A(i) 1 of the Home Owners’ Loan Act, and sections 5.11 and 5.58 of the Farm Credit Act of 1971;
(2) [section 831b of title 16](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title16-section831b&num=0&edition=prelim);
(3) sections 403a–403c, 403e–403h, and 403j of title 50; 1 or
(4) 22 So in original. Two pars. (4) have been enacted. section 4802.
(4) 2 section 2(a)(7) of the Commodity Exchange Act ([7 U.S.C. 2(a)(7)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section2/a/7&num=0&edition=prelim)).
**(b)** Subsection (a) shall not affect the authority of the Secretary of Defense or the Secretary of a military department to fix the pay of a civilian employee paid from nonappropriated funds, except that the annual rate of basic pay (including any portion of such pay attributable to comparability with private-sector pay in a locality) of such an employee may not be fixed at a rate greater than the rate for level III of the Executive Schedule.
Source: Supplied U.S. Code snapshot — release unconfirmed · 5 U.S.C. § 5373
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Voluntary liquidation** The Corporation may voluntarily liquidate only with the consent of, and in accordance with a plan of liquidation approved by, the Farm Credit Administration Board.
**(b) Involuntary liquidation**
(1) **In general** — The Farm Credit Administration Board may appoint a conservator or receiver for the Corporation under the circumstances specified in [section 2183(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2183/b&num=0&edition=prelim).
(2) **Application** — In applying [section 2183(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2183/b&num=0&edition=prelim) to the Corporation under paragraph (1)—
(A) the Corporation shall also be considered insolvent if the Corporation is unable to pay its debts as they fall due in the ordinary course of business;
(B) a conservator may also be appointed for the Corporation if the authority of the Corporation to purchase qualified loans or issue or guarantee loan-backed securities is suspended; and
(C) a receiver may also be appointed for the Corporation if—
(i)
(I) the authority of the Corporation to purchase qualified loans or issue or guarantee loan-backed securities is suspended; or
(II) the Corporation is classified under [section 2279bb–4 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2279bb-4&num=0&edition=prelim) as within level III or IV and the alternative actions available under part B are not satisfactory; and
(ii) the Farm Credit Administration determines that the appointment of a conservator would not be appropriate.
(3) **No effect on supervisory actions** — The grounds for appointment of a conservator for the Corporation
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2002
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
The Farm Credit Administration shall have a seal, as adopted by the Board, which shall be judicially noted.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2250
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
#### Codification
Section, Pub. L. 92–181, title V, § 5.0, Dec. 10, 1971, 85 Stat. 614; Pub. L. 96–592, title V, § 501, Dec. 24, 1980, 94 Stat. 3448; Pub. L. 99–205, title II, § 205(g)(1), Dec. 23, 1985, 99 Stat. 1706; Pub. L. 100–233, title VIII, § 805(v), Jan. 6, 1988, 101 Stat. 1716; Pub. L. 100–399, title IX, § 901(q), (r), Aug. 17, 1988, 102 Stat. 1008, which related to creation of districts, was transferred to section 1.2(b) of Pub. L. 92–181 by section 901(r) of Pub. L. 100–399 and is classified to [section 2002(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2002/b&num=0&edition=prelim).
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2241
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section 636, acts May 12, 1933, ch. 25, title II, § 40, 48 Stat. 51; Sept. 6, 1966, Pub. L. 89–554, § 8(a), 80 Stat. 648, provided for organization of Farm Credit Administration. See [section 2247 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2247&num=0&edition=prelim).
Section 636a, act Aug. 6, 1953, ch. 335, § 2, 67 Stat. 390, stated Congressional declaration of policy concerning agricultural credit. See [section 2001 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2001&num=0&edition=prelim).
Section 636a note, act Aug. 6, 1953, ch. 335, § 1, 67 Stat. 390, provided that such act Aug. 6, 1953, should be known as “Farm Credit Act of 1953”.
Section 636b, act Aug. 6, 1953, ch. 335, § 3, 67 Stat. 390, covered the creation of Farm Credit Administration as an independent agency in executive branch. See section 2241 et seq. of this title.
Section 636c, acts Aug. 6, 1953, ch. 335, § 4, 67 Stat. 390; Aug. 11, 1955, ch. 785, title IV, § 402, 69 Stat. 666; Aug. 18, 1959, Pub. L. 86–168, title I, § 104(h), 73 Stat. 387; Aug. 2, 1966, Pub. L. 89–525, § 6, 80 Stat. 335, provided for creation of Federal Farm Credit Board. See section 2242 et seq. of this title.
Section 636d, act Aug. 6, 1953, ch. 335, § 5, 67 Stat. 392; Aug. 18, 1959, Pub. L. 86–168, title I, § 104(j), 73 Stat. 387; Oct. 4, 1961, Pub. L. 87–367, title III, § 302(a), 75 Stat. 793, provided for position of Governor of Farm Credit Administration. See section 2244 et seq. of this title.
Section 636e, act Aug. 6, 1953, ch. 335, § 6, 67 Stat. 393, covered duties of Federal Farm Credit Board. See [section 2227 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2227&num=0&
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 641, 642
Stored review status: release_metadata_unconfirmed. Incoming connection: Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
Page 1352
TITLE 12—BANKS AND BANKING
§ 2246
tence, was repealed by Pub. L. 100–399, § 702(b). See Con-
struction of 1988 Amendment note below.
Pub. L. 100–233, § 431(c), amended section generally,
substituting subsecs. (a) to (d) for former text con-
sisting of single undesignated paragraph.
Subsec. (c)(2)(C). Pub. L. 100–399, § 415(a), substituted
‘‘5373’’ for ‘‘5315’’.
1985—Pub. L. 99–205 substituted provisions respecting
organization of the Farm Credit Administration for
provisions relating to compensation and expense allow-
ance of the Governor of the Farm Credit Administra-
tion.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 1988 AMENDMENT
Amendment by section 415(a) of Pub. L. 100–399 effec-
tive as if enacted immediately after enactment of Pub.
L. 100–233, which was approved Jan. 6, 1988, see section
1001(a) of Pub. L. 100–399, set out as a note under sec-
tion 2002 of this title.
EFFECTIVE DATE OF 1985 AMENDMENT
Amendment by Pub. L. 99–205 effective thirty days
after Dec. 23, 1985, see section 401 of Pub. L. 99–205, set
out as a note under section 2001 of this title.
CONSTRUCTION OF 1988 AMENDMENT
Pub. L. 100–399, title VII, § 702(b), Aug. 17, 1988, 102
Stat. 1006, provided that section 805(x) of Pub. L.
100–233, cited as a credit to this section, is repealed and
that this section shall be applied and administered as
if such section had not been enacted.
INTERIM IMPLEMENTATION OF 1985 AMENDMENT
For provisions authorizing interim implementation
by Governor of Farm Credit Administration of amend-
ments to this section by Pub. L. 99–205, see section 402
of Pub. L. 99–205, set out as a note under section 2241 of
this title.
§ 2246. Advisory committees
The Chairman of the Board, subject to the ap-
proval of the Board, may esta
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 2247
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.