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12 U.S.C. § 2012 — Farm Credit System
Federal law — U.S. Code and appendices · legal_authorities
**(a) Composition** The Farm Credit System shall include the Farm Credit Banks, the bank for cooperatives, Agricultural Credit Banks, the Federal Land Bank Associations, the Federal Land Credit Associations, the Production Credit Associations, the agricultural credit associations, the Federal Farm Credit Banks Funding Corporation, the Federal Agricultural Mortgage Corporation, service corporations established pursuant to [section 2211 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2211&num=0&edition=prelim), and such other institutions as may be made a part of the Farm Credit System, all of which shall be chartered by and subject to regulation by the Farm Credit Administration.
**(b) Farm credit districts** There shall be not more than twelve farm credit districts in the United States, which may be designated by number, one of which districts shall include the Commonwealth of Puerto Rico and one of which districts may, if authorized by the Farm Credit Administration, include the Virgin Islands of the United States: Provided, That the extension of credit and other services authorized by this chapter in the Virgin Islands of the United States shall be undertaken only if determined to be feasible under regulations of the Farm Credit Administration. The boundaries of the twelve farm credit districts existing on December 10, 1971, may be readjusted from time to time by the Farm Credit Administration, with the concurrence of the boards of the banks in each district involved. Two or more districts may be merged as provided in [section 2252(a)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2252/a/2&num=0&edition=prelim).
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Source file: Laws/federal/codes/united-states-code/title-12/section-2012-farm-credit-system--36f76a1825.md
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Source location: Title 12, Chapter 23, § 2012; chapter-023-farm-credit-system.md
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**(a) Composition** The Farm Credit System shall include the Farm Credit Banks, the bank for cooperatives, Agricultural Credit Banks, the Federal Land Bank Associations, the Federal Land Credit Associations, the Production Credit Associations, the agricultural credit associations, the Federal Farm Credit Banks Funding Corporation, the Federal Agricultural Mortgage Corporation, service corporations established pursuant to [section 2211 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2211&num=0&edition=prelim), and such other institutions as may be made a part of the Farm Credit System, all of which shall be chartered by and subject to regulation by the Farm Credit Administration.
**(b) Farm credit districts** There shall be not more than twelve farm credit districts in the United States, which may be designated by number, one of which districts shall include the Commonwealth of Puerto Rico and one of which districts may, if authorized by the Farm Credit Administration, include the Virgin Islands of the United States: Provided, That the extension of credit and other services authorized by this chapter in the Virgin Islands of the United States shall be undertaken only if determined to be feasible under regulations of the Farm Credit Administration. The boundaries of the twelve farm credit districts existing on December 10, 1971, may be readjusted from time to time by the Farm Credit Administration, with the concurrence of the boards of the banks in each district involved. Two or more districts may be merged as provided in [section 2252(a)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2252/a/2&num=0&edition=prelim).
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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
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Federal law — U.S. Code and appendices · legal_authorities
**(a)**
(1) When requested by a committee of Congress having jurisdiction over receipts or appropriations, the President shall provide the committee with assistance and information.
(2) When requested by a committee of Congress, additional information related to the amount of an appropriation originally requested by an Office of Inspector General shall be submitted to the committee.
**(b)** When requested by a committee of Congress, by the Comptroller General, or by the Director of the Congressional Budget Office, the Secretary of the Treasury, the Director of the Office of Management and Budget, and the head of each executive agency shall—
(1) provide information on the location and kind of available fiscal, budget, and program information;
(2) to the extent practicable, prepare summary tables of that fiscal, budget, and program information and related information the committee, the Comptroller General, or the Director of the Congressional Budget Office considers necessary; and
(3) provide a program evaluation carried out or commissioned by an executive agency.
**(c)** In cooperation with the Director of the Congressional Budget Office, the Secretary, and the Director of the Office of Management and Budget, the Comptroller General shall—
(1) establish and maintain a current directory of sources of, and information systems for, fiscal, budget, and program information and a brief description of the contents of each source and system;
(2) when requested, provide assistance to committees of Congress and members of Congress in obtaining information from the sources in the directory; and
(3) when requested, provide assistance to committees and, to the extent practicable, to members of Congress in evaluating the information obtained from the sources in the directory
Source: Supplied U.S. Code snapshot — release unconfirmed · 31 U.S.C. § 1113
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Federal law — U.S. Code and appendices · legal_authorities
In any election or merger vote, or other proceeding subject to a vote of the stockholders (or subscribers to the guaranty fund of a bank for cooperatives), conducted by a lending institution of the Farm Credit System, the institution—
(1) may not use signed ballots; and
(2) shall implement measures to safeguard the voting process for the protection of the right of stockholders (or subscribers) to a secret ballot.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2211
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Federal law — U.S. Code and appendices · legal_authorities
At the time a System institution or an agricultural mortgage loan originator (as defined in [section 2279aa of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2279aa&num=0&edition=prelim)) approves a loan made to a borrower that, in the opinion of the institution or originator, would be ineligible for a loan made, insured, or guaranteed under the Consolidated Farm and Rural Development Act ([7 U.S.C. 1921](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1921&num=0&edition=prelim) et seq.) by reason of subtitle B or C of title XII of the Food Security Act of 1985 ([16 U.S.C. 3811](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title16-section3811&num=0&edition=prelim) et seq.), the institution or originator, as the case may be, shall encourage the borrower to contact the Department of Agriculture Soil Conservation Service to obtain information about soil conservation methods and practices.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2221
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Establishment** The banks established pursuant to the merger of each District Federal Intermediate Credit Bank and Federal Land Bank (hereinafter referred to in this subchapter as “Farm Credit Banks”), as provided in section 410 of the Agricultural Credit Act of 1987, shall be Federally chartered instrumentalities of the United States.
**(b) Charters** The Farm Credit Administration shall, consistent with this chapter, issue charters for, and approve amendments to charters of, the Farm Credit Banks.
**(c) Title** Each Farm Credit Bank may include in its title the name of the city in which it is located or other geographical designation.
**(d) Branches** Each Farm Credit Bank may establish such branches or other offices as may be appropriate for the effective operation of its business.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2013
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Federal law — U.S. Code and appendices · legal_authorities
The Farm Credit Banks 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 Farm Credit Bank to the same extent, according to its value, as other similar property held by other persons is taxed. The mortgages held by the Farm Credit Banks and the notes, bonds, debentures, and other obligations issued by the banks 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)).
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2072
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section 672, acts July 17, 1916, ch. 245, title I, § 4, 39 Stat. 362; Feb. 27, 1921, ch. 78, 41 Stat. 1148; Mar. 4, 1923, ch. 252, title III, § 303, 42 Stat. 1474; Mar. 4, 1929, ch. 700, 45 Stat. 1558; May 17, 1932, ch. 190, 47 Stat. 158; Ex. Ord. No. 6084, Mar. 27, 1933; Aug. 19, 1937, ch. 704, § 5(a), 50 Stat. 704; June 30, 1945, ch. 204, § 3, 59 Stat. 267; Oct. 29, 1949, ch. 786, § 1(a), 63 Stat. 985; Aug. 18, 1959, Pub. L. 86–168, title I, § 104(h), 73 Stat. 387, provided for establishment of Federal land banks. See [section 2011 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2011&num=0&edition=prelim).
Section 672a, acts Mar. 10, 1924, ch. 46, § 2, 43 Stat. 17; Ex. Ord. No. 6084, Mar. 27, 1933; Aug. 19, 1937, ch. 704, § 5(a), 50 Stat. 704, provided for extension of farm credit system under Farm Credit Administration to Hawaii.
Section 673, act July 17, 1916, ch. 245, title I, § 4, 39 Stat. 362; Ex. Ord. No. 6084, Mar. 27, 1933, provided for temporary management of Federal land banks.
Section 674, acts July 17, 1916, ch. 245, title I, § 4, 39 Stat. 362; June 16, 1933, ch. 98, title VIII, § 80(a), 48 Stat. 273; Aug. 18, 1959, Pub. L. 86–168, title I, § 104(h), 73 Stat. 387, set out requisite contents of organization certificates for land banks.
Section 675, act July 17, 1916, ch. 245, title I, § 4, 39 Stat. 363; Ex. Ord. No. 6084, Mar. 27, 1933, authorized changes in organization certificates on direction of Farm Credit Administration.
Section 676, act July 17, 1916, ch. 245, title I, § 4, 39 Stat. 363; Ex. Ord. No. 6084, Mar. 27, 1933, set time for commencement of corporate existence of land banks and enumerated their powers. See [section 2012 of this title](https://uscode.house.gov/view.xhtml?req
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 698
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, act July 17, 1916, ch. 245, title I, § 6, 39 Stat. 365, covered land banks as government depositaries and agents. See [section 2012 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2012&num=0&edition=prelim).
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 761
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section 751, acts July 17, 1916, ch. 245, title I, § 10(a), 39 Stat. 369; Apr. 20, 1920, ch. 154, § 2, 41 Stat. 570; June 30, 1945, ch. 204, § 2, 59 Stat. 266; Aug. 18, 1959, Pub. L. 86–168, title I, § 102(b), 73 Stat. 384, covered investigation of applications for mortgage loans by the loan committee. See [section 2033 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2033&num=0&edition=prelim).
Section 752, acts July 17, 1916, ch. 245, title I, § 10(b), 39 Stat. 369; Apr. 20, 1920, ch. 154, § 2, 41 Stat. 570; June 30, 1945, ch. 204, § 2, 59 Stat. 266; Aug. 18, 1959, Pub. L. 86–168, title I, § 102(b), 73 Stat. 385, covered submission of loan applications and required reports to land banks. See [section 2033 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2033&num=0&edition=prelim).
Section 753, acts July 17, 1916, ch. 245, title I, § 10(c), 39 Stat. 369; June 30, 1945, ch. 204, § 2, 59 Stat. 266; Aug. 18, 1959, Pub. L. 86–168, title I, § 102(b), 73 Stat. 385, provided for form for appraisal reports.
Section 754, acts July 17, 1916, ch. 245, title I, § 10(d), 39 Stat. 369; Aug. 18, 1959, Pub. L. 86–168, title I, § 102(b), 73 Stat. 385, dealt with conflicting interests of farm credit or land bank appraisers, committeemen, and association directors. See [section 2254 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2254&num=0&edition=prelim).
Section 755, acts July 17, 1916, ch. 245, title I, § 10(e), 39 Stat. 369; Ex. Ord. No. 6084, Mar. 27, 1933; Aug. 18, 1959, Pub. L. 86–168, title I, § 102(b), 73 Stat. 385, provided for appraisal standards studies by Federal land banks. See [section 2033 of this title](https://uscode.ho
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 781
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, acts July 17, 1916, ch. 245, § 13, 39 Stat. 372; Jan. 23, 1932, ch. 9, § 5, 47 Stat. 14; Mar. 4, 1933, ch. 270, §§ 3, 4, 47 Stat. 1548; Ex. Ord. No. 6084, Mar. 27, 1933; May 12, 1933, ch. 25, title II, §§ 22, 23, 48 Stat. 42, 43; June 16, 1933, ch. 98, title VII, § 79, title VIII, § 80(a), 48 Stat. 272, 273; Jan. 31, 1934, ch. 7, § 8(a), 48 Stat. 347; Aug. 19, 1937, ch. 704, §§ 5(a), 15(a), (b), 16, 17, 19, 50 Stat. 704, 708, 709; June 30, 1945, ch. 204, §§ 5–7, 59 Stat. 267; Oct. 29, 1949, ch. 786, § 3, 63 Stat. 986; June 1, 1955, ch. 117, 69 Stat. 81; Aug. 11, 1955, ch. 785, title III, § 305, 69 Stat. 665; July 26, 1956, ch. 741, title I, § 104(e), 70 Stat. 664; Aug. 18, 1959, Pub. L. 86–168, title I, § 104(h), 73 Stat. 387; Oct. 4, 1961, Pub. L. 87–353, § 3(g), (h), 75 Stat. 774; Aug. 2, 1966, Pub. L. 89–525, § 2, 80 Stat. 334, enumerated powers of Federal land banks generally. See [section 2012 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2012&num=0&edition=prelim).
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 841 to 844
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