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12 U.S.C. § 2072 — Taxation
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)).
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Stable record: federal_law:legal_authorities:record_usc_fd03e95399f14a8e8ecf646c
Source file: Laws/federal/codes/united-states-code/title-12/section-2072-taxation--b994371980.md
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Passage SHA-256: 302e646d193383c4e39349591aa30b2a803c808f28558fc969a3e9787c649a50
Source location: Title 12, Chapter 23, § 2072; chapter-023-farm-credit-system.md
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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)).
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** Stocks and obligations of the United States Government are exempt from taxation by a State or political subdivision of a State. The exemption applies to each form of taxation that would require the obligation, the interest on the obligation, or both, to be considered in computing a tax, except—
(1) a nondiscriminatory franchise tax or another nonproperty tax instead of a franchise tax, imposed on a corporation; and
(2) an estate or inheritance tax.
**(b)** The tax status of interest on obligations and dividends, earnings, or other income from evidences of ownership issued by the Government or an agency and the tax treatment of gain and loss from the disposition of those obligations and evidences of ownership is decided under the Internal Revenue Code of 1986 ([26 U.S.C. 1](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section1&num=0&edition=prelim) et seq.). An obligation that the Federal Housing Administration had agreed, under a contract made before March 1, 1941, to issue at a future date, has the tax exemption privileges provided by the authorizing law at the time of the contract. This subsection does not apply to obligations and evidences of ownership issued by the District of Columbia, a territory or possession of the United States, or a department, agency, instrumentality, or political subdivision of the District, territory, or possession.
Source: Supplied U.S. Code snapshot — release unconfirmed · 31 U.S.C. § 3124
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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
**(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
**(a)** It is declared to be the policy of the Congress, recognizing that a prosperous, productive agriculture is essential to a free nation and recognizing the growing need for credit in rural areas, that the farmer-owned cooperative Farm Credit System be designed to accomplish the objective of improving the income and well-being of American farmers and ranchers by furnishing sound, adequate, and constructive credit and closely related services to them, their cooperatives, and to selected farm-related businesses necessary for efficient farm operations.
**(b)** It is the objective of this chapter to continue to encourage farmer- and rancher-borrowers participation in the management, control, and ownership of a permanent system of credit for agriculture which will be responsive to the credit needs of all types of agricultural producers having a basis for credit, and to modernize and improve the authorizations and means for furnishing such credit and credit for housing in rural areas made available through the institutions constituting the Farm Credit System as herein provided.
**(c)** It is declared to be the policy of Congress that the credit needs of farmers, ranchers, and their cooperatives are best served if the institutions of the Farm Credit System provide equitable and competitive interest rates to eligible borrowers, taking into consideration the creditworthiness and access to alternative sources of credit for borrowers, the cost of funds, the operating costs of the institution, including the costs of any loan loss amortization under section 2254(b)11 See References in Text note below. of this title, the cost of servicing loans, the need to retain earnings to protect borrowers’ stock, and the volume of net new borrowing. Further, it is declared to be the policy
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2011
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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).
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2012
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** The Farm Credit Banks shall, except as otherwise herein provided, make loans of the type authorized under [section 2015(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2015/a&num=0&edition=prelim) through a Federal land bank association chartered to serve the territory in which the real estate of the borrower is located.
**(b) No active association** If there is no active association chartered to serve territory where the real estate is located, the bank may make the loan directly or through such bank or trust company or savings or other financial institution as such bank may designate.
**(c) Purchase of stock required** When the loan is not made through a Federal land bank association, the applicant shall purchase stock in the bank in accordance with the capitalization requirements provided for in the bylaws of the bank.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2023
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section 1021, act July 17, 1916, ch. 245, title II, § 201(a), as added Mar. 4, 1923, ch. 252, title I, § 2, 42 Stat. 1454; amended Ex. Ord. No. 6084, Mar. 27, 1933, authorized the Farm Credit Administration to grant charters for 12 intermediate credit banks. See [section 2071 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2071&num=0&edition=prelim).
Section 1022, act July 17, 1916, ch. 245, title II, § 201 (b), as added Mar. 4, 1923, ch. 252, title I, § 2, 42 Stat. 1454; amended June 16, 1933, ch. 98, title VII, § 76(a), 48 Stat. 271; Aug. 19, 1937, ch. 704, § 10, 50 Stat. 707; July 26, 1956, ch. 741, title I, § 104(a), 70 Stat. 663, covered the location, directors, officers, employees, and by-laws of intermediate credit banks. See [section 2072 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2072&num=0&edition=prelim).
Section 1023, act July 17, 1916, ch. 245, title II, § 201(c), as added Mar. 4, 1923, ch. 252, title I, § 2, 42 Stat. 1454; amended Aug. 19, 1937, ch. 704, § 26, 50 Stat. 715, set out the corporate powers of intermediate credit banks. See [section 2072 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2072&num=0&edition=prelim).
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1040 to 1045
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Federal law — U.S. Code and appendices · legal_authorities
Page 1302
TITLE 12—BANKS AND BANKING
§ 2072
‘‘(A) a majority of the stockholders of the asso-
ciation voting, in person or by proxy, at a duly au-
thorized stockholders’ meeting held for such pur-
pose;
‘‘(B) the board of directors of the adjoining dis-
trict bank;
‘‘(C) the Farm Credit System Assistance Board;
and
‘‘(D) the Farm Credit Administration Board.’’
§ 2072. Board of directors
Each production credit association shall elect
from the voting members of such association, a
board of directors of such number, for such
terms, with such qualifications, and in such
manner as may be required by the bylaws of the
association, except that at least one member
shall be elected by the other directors, which
member shall not be a director, officer, em-
ployee, stockholder, or agent of a System insti-
tution.
(Pub. L. 92–181, title II, § 2.1, as added Pub. L.
100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1630;
amended Pub. L. 100–399, title IV, § 401(n), Aug.
17, 1988, 102 Stat. 997; Pub. L. 102–237, title V,
§ 502(c), Dec. 13, 1991, 105 Stat. 1868.)
Editorial Notes
PRIOR PROVISIONS
A prior section 2072, Pub. L. 92–181, title II, § 2.1, Dec.
10, 1971, 85 Stat. 591; Pub. L. 96–592, title II, § 201, Dec.
24, 1980, 94 Stat. 3439; Pub. L. 99–205, title II, § 205(e)(1),
Dec. 23, 1985, 99 Stat. 1704; Pub. L. 100–233, title VII,
§ 705(c), title VIII, §§ 802(i), 805(d), Jan. 6, 1988, 101 Stat.
1707, 1711, 1715; Pub. L. 100–399, title VI, § 604, title IX,
§ 901(b), Aug. 17, 1988, 102 Stat. 1006, 1007, related to cor-
porate existence and general corporate powers, prior to
the general amendment of this subchapter by Pub. L.
100–233, § 401.
AMENDMENTS
1991—Pub. L. 102–237 substituted ‘‘stockholder, or
agent’’ for ‘‘or stockholder’’.
1988—Pub. L. 100–399
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 2072
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Federal law — U.S. Code and appendices · legal_authorities
Page 229
TITLE 31—MONEY AND FINANCE
§ 3124
in a foreign currency stated in the bond, note, or
certificate. The Secretary may dispose of the
bonds, notes, and certificates at a price that is
at least par value without complying with sec-
tion 3102(b)–(d) of this title.
(2) In determining the dollar amount of bonds,
notes, and certificates of indebtedness that may
be issued under this chapter, the dollar equiva-
lent of the amount of bonds, notes, and certifi-
cates payable in a foreign currency is deter-
mined by the par of the exchange value on the
date of issue of the bonds, notes, or certificates
as published by the Secretary under section 5151
of this title.
(3) The Secretary may designate depositaries
in foreign countries in which any part of the
proceeds of bonds, notes, or certificates of in-
debtedness payable in the foreign currency may
be deposited.
(Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 945.)
HISTORICAL AND REVISION NOTES
Revised
Section
Source (U.S. Code)
Source (Statutes at Large)
3123(a) .....
31:731.
R.S. § 3693.
31:753(d)(2d sen-
tence).
Sept. 24, 1917, ch. 56, 40 Stat.
288,
§ 18(d)(2d
sentence);
added Mar. 3, 1919, ch. 100,
§ 1, 40 Stat. 1310.
31:768(words before
semicolon).
Feb. 4, 1910, ch. 25, § 1(words
before semicolon), 36 Stat.
192.
3123(b) .....
31:732.
R.S. § 3698.
31:733(words before
semicolon).
R.S. § 3699(words before semi-
colon);
restated
Jan.
30,
1934, ch. 6, § 9, 48 Stat. 341.
3123(c) .....
31:766.
Sept. 24, 1917, ch. 56, 40 Stat.
288, § 16; added Apr. 4, 1918,
ch. 44, § 6, 40 Stat. 505; Nov.
13, 1966, Pub. L. 89–809, § 401,
80 Stat. 1590.
In subsection (a), the words ‘‘legal tender’’ are sub-
stituted for ‘‘in coin or its equivalent’’ in 31:731 and
‘‘gold coin of the present standard of
Source: Supplied 2024 U.S. Code historical extraction · 31 U.S.C. § 3124
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