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12 U.S.C. § 2277a–10a — Insurance Fund
Federal law — U.S. Code and appendices · legal_authorities
**(a) Establishment** There is hereby established a Farm Credit Insurance Fund (hereinafter referred to in this section as the “Insurance Fund”) for insuring the timely payment of principal and interest on insured obligations. The assets in the Fund shall be held by the Corporation for the uses and purposes of the Corporation.
**(b) Amounts in Fund** The Corporation shall deposit in the Insurance Fund all premium payments received by the Corporation under this part.
**(c) Uses of Fund**
(1) **Mandatory use** — Beginning January 1, 1993, the Corporation shall expend amounts in the Insurance Fund to the extent necessary to insure the timely payment of interest and principal on insured obligations.
(2) **Other mandatory uses** — Beginning January 1, 1993, the Corporation shall use amounts in the Insurance Fund to ensure the retirement of eligible borrower stock at par value under [section 2162 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2162&num=0&edition=prelim).
(3) **Permissive uses** — The Corporation may expend amounts in the Insurance Fund to carry out [section 2277a–10 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2277a-10&num=0&edition=prelim) and to cover the operating costs of the Corporation.
(4) **Corporate payment or refunds** — The Corporation shall make all payments and refunds required to be made by the Corporation under this part from amounts in the Insurance Fund.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2277a–10a
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Stable record: federal_law:legal_authorities:record_usc_ea31f02546105be431b1dbfb
Source file: Laws/federal/codes/united-states-code/title-12/section-2277a10a-insurance-fund--982d3625d2.md
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Passage SHA-256: d5ae0e68114762ac6141cb1d3d502d6972daf58d2cec234f8b1d8929d511bb97
Source location: Title 12, Chapter 23, § 2277a–10a; chapter-023-farm-credit-system.md
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**(a) Establishment** There is hereby established a Farm Credit Insurance Fund (hereinafter referred to in this section as the “Insurance Fund”) for insuring the timely payment of principal and interest on insured obligations. The assets in the Fund shall be held by the Corporation for the uses and purposes of the Corporation.
**(b) Amounts in Fund** The Corporation shall deposit in the Insurance Fund all premium payments received by the Corporation under this part.
**(c) Uses of Fund**
(1) **Mandatory use** — Beginning January 1, 1993, the Corporation shall expend amounts in the Insurance Fund to the extent necessary to insure the timely payment of interest and principal on insured obligations.
(2) **Other mandatory uses** — Beginning January 1, 1993, the Corporation shall use amounts in the Insurance Fund to ensure the retirement of eligible borrower stock at par value under [section 2162 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2162&num=0&edition=prelim).
(3) **Permissive uses** — The Corporation may expend amounts in the Insurance Fund to carry out [section 2277a–10 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2277a-10&num=0&edition=prelim) and to cover the operating costs of the Corporation.
(4) **Corporate payment or refunds** — The Corporation shall make all payments and refunds required to be made by the Corporation under this part from amounts in the Insurance Fund.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Establishment** There is hereby established the Federal Farm Credit Banks Funding Corporation (hereinafter in this section referred to as the “Corporation”), which shall be an institution of the Farm Credit System.
**(b) Duties** The Corporation—
(1) shall issue, market, and handle the obligations of the banks of the Farm Credit System, and interbank or intersystem flow of funds as may from time to time be required;
(2) acting for the banks of the Farm Credit System, subject to approval of the Farm Credit Administration, shall determine the amount, maturities, rates of interest, terms, and conditions of participation by the several banks in each issue of joint, consolidated, or System-wide obligations; and
(3) shall exercise such other powers as were provided to the predecessor Federal Farm Credit Banks Funding Corporation in accordance with its charter issued under [section 2211 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2211&num=0&edition=prelim), in effect immediately before January 6, 1988.
**(c) Officers and committees**
(1) **Designation** — The board of directors may designate such officers and committees for such terms and such purposes as may be agreed on by the board.
(2) **Issuance of obligations** — When appropriate to the board’s functions under this section, a committee of the board of directors of the Corporation, or representatives thereof, may act on behalf of the board in connection with the issuance of joint, consolidated, and System-wide obligations.
**(d) Board of directors**
(1) **Composition** — The board of directors shall be composed of nine voting members and one nonvoting member, as follows:
(A) Four voting members shall be current or former directors of the System banks elected
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2162
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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
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Federal law — U.S. Code and appendices · legal_authorities
The Farm Credit Administration may not establish lending limits for the consolidated bank with respect to any loans or borrowers that are more restrictive than the combined lending limits that were previously established by the Farm Credit Administration for the constituent banks described in section 413(b) of the Agricultural Credit Act of 1987 ([12 U.S.C. 2121](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2121&num=0&edition=prelim) note; Public Law 100–233) with respect to such loans or borrowers.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2151
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.