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12 U.S.C. § 2095 — Repealed. Pub. L. 100–399, title IV,
Federal law — U.S. Code and appendices · legal_authorities
Page 1308
TITLE 12—BANKS AND BANKING
§ 2094
amended Pub. L. 100–399, title IV, § 401(u), Aug.
17, 1988, 102 Stat. 998.)
Editorial Notes
PRIOR PROVISIONS
A prior section 2093, Pub. L. 92–181, title II, § 2.12, Dec.
10, 1971, 85 Stat. 598; Pub. L. 96–592, title II, § 208, Dec.
24, 1980, 94 Stat. 3442; Pub. L. 99–205, title II, § 205(e)(11),
Dec. 23, 1985, 99 Stat. 1704; Pub. L. 100–233, title VII,
§ 705(d), Jan. 6, 1988, 101 Stat. 1707; Pub. L. 100–399, title
VI, § 604, Aug. 17, 1988, 102 Stat. 1006, related to general
corporate powers, prior to the general amendment of
this subchapter by Pub. L. 100–233, § 401.
AMENDMENTS
1988—Par. (7). Pub. L. 100–399, § 401(u)(1), substituted
‘‘provide by its board of directors for’’ for ‘‘elect by its
board of directors’’ and ‘‘serve as’’ for ‘‘be elected or
designated’’.
Par. (8). Pub. L. 100–399, § 401(u)(2), amended par. (8)
generally. Prior to amendment, par. (8) read as follows:
‘‘prescribe by its board of directors, association bylaws,
not inconsistent with law, providing for the classes of
association stock and the manner in which such stock
shall be issued, transferred, and retired; the officers
and employees of the association elected or provided
for, the property of the association that is acquired,
held, and transferred, the general business of the asso-
ciation conducted, and the privileges granted to the as-
sociation by law exercised and enjoyed;’’.
Par. (12). Pub. L. 100–399, § 401(u)(3), substituted
‘‘agreed to by’’ for ‘‘agreed to or delegated to’’.
Par. (22). Pub. L. 100–399, § 401(u)(4)–(6), added par. (22).
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 1988 AMENDMENT
Amendment by Pub. L. 100–399 effective immediately
after amendment made by section 401 of Pub. L. 100–233,
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 2095
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Source location: USCODE-2024-title12-chap23-subchapII-partB-sec2095.pdf
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Page 1308
TITLE 12—BANKS AND BANKING
§ 2094
amended Pub. L. 100–399, title IV, § 401(u), Aug.
17, 1988, 102 Stat. 998.)
Editorial Notes
PRIOR PROVISIONS
A prior section 2093, Pub. L. 92–181, title II, § 2.12, Dec.
10, 1971, 85 Stat. 598; Pub. L. 96–592, title II, § 208, Dec.
24, 1980, 94 Stat. 3442; Pub. L. 99–205, title II, § 205(e)(11),
Dec. 23, 1985, 99 Stat. 1704; Pub. L. 100–233, title VII,
§ 705(d), Jan. 6, 1988, 101 Stat. 1707; Pub. L. 100–399, title
VI, § 604, Aug. 17, 1988, 102 Stat. 1006, related to general
corporate powers, prior to the general amendment of
this subchapter by Pub. L. 100–233, § 401.
AMENDMENTS
1988—Par. (7). Pub. L. 100–399, § 401(u)(1), substituted
‘‘provide by its board of directors for’’ for ‘‘elect by its
board of directors’’ and ‘‘serve as’’ for ‘‘be elected or
designated’’.
Par. (8). Pub. L. 100–399, § 401(u)(2), amended par. (8)
generally. Prior to amendment, par. (8) read as follows:
‘‘prescribe by its board of directors, association bylaws,
not inconsistent with law, providing for the classes of
association stock and the manner in which such stock
shall be issued, transferred, and retired; the officers
and employees of the association elected or provided
for, the property of the association that is acquired,
held, and transferred, the general business of the asso-
ciation conducted, and the privileges granted to the as-
sociation by law exercised and enjoyed;’’.
Par. (12). Pub. L. 100–399, § 401(u)(3), substituted
‘‘agreed to by’’ for ‘‘agreed to or delegated to’’.
Par. (22). Pub. L. 100–399, § 401(u)(4)–(6), added par. (22).
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 1988 AMENDMENT
Amendment by Pub. L. 100–399 effective immediately
after amendment made by section 401 of Pub. L. 100–233,
which was effective 6 months after Jan. 6, 1988, see sec-
tion 1001(b) of Pub. L. 100–399, set out as a note under
section 2002 of this title.
EFFECTIVE DATE
Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat.
1622, provided that this section is effective 6 months
after Jan. 6, 1988.
§ 2094. Federal land bank association capitaliza-
tion
In accordance with section 2154a of this title,
the Federal land bank association shall provide,
through its bylaws and subject to Farm Credit
Administration regulations, for its capitaliza-
tion and the manner in which its stock shall be
issued, held, transferred, and retired and its
earnings distributed.
(Pub. L. 92–181, title II, § 2.13, as added Pub. L.
100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1636.)
Editorial Notes
PRIOR PROVISIONS
A prior section 2094, Pub. L. 92–181, title II, § 2.13, Dec.
10, 1971, 85 Stat. 599; Pub. L. 96–592, title II, § 209, Dec.
24, 1980, 94 Stat. 3442; Pub. L. 99–205, title II,
§ 205(e)(12)–(14), title III, § 304(b), Dec. 23, 1985, 99 Stat.
1705, 1708; Pub. L. 100–233, title VIII, § 805(h), Jan. 6, 1988,
101 Stat. 1715, related to stock and participation certifi-
cates, prior to the general amendment of this sub-
chapter by Pub. L. 100–233, § 401.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE
Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat.
1622, provided that this section is effective 6 months
after Jan. 6, 1988.
§ 2095. Repealed. Pub. L. 100–399, title IV,
§ 401(v), Aug. 17, 1988, 102 Stat. 999
Section, Pub. L. 92–181, title II, § 2.14, as added Pub. L.
100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1636, pro-
vided that whenever any Federal land bank association
was liquidated, a sum equal to its reserve account as
required in this chapter was to be paid and become the
property of the bank in which such association was a
shareholder.
A prior section 2095, Pub. L. 92–181, title II, § 2.14, Dec.
10, 1971, 85 Stat. 600; Pub. L. 99–205, title II, § 205(e)(15),
title VI, § 605, Dec. 23, 1985, 99 Stat. 1705, 1711, related to
application of earnings, restoration of capital impair-
ment, and surplus account, prior to the general amend-
ment of this subchapter by Pub. L. 100–233, § 401.
Statutory Notes and Related Subsidiaries
CONSTRUCTION OF REPEAL
Pub. L. 100–399, title IV, § 401(v), Aug. 17, 1988, 102
Stat. 999, repealed this section and provided that this
chapter be applied and administered as if this section
had not been enacted.
§ 2096. Agreements for sharing gains or losses
Each Farm Credit Bank may enter into agree-
ments with Federal land bank associations in its
district for sharing the gain or losses on loans or
on security held therefor or acquired in liquida-
tion thereof, and associations are authorized to
enter into any such agreements and also, subject
to bank approval, agreements with other asso-
ciations in the district for sharing the risk of
loss on loans endorsed by each such association.
As may be authorized by the bank in accordance
with regulations of the Farm Credit Administra-
tion, associations also may enter into agree-
ments with other Farm Credit System institu-
tions to share loan and other losses, whether to
protect against capital impairment or for any
other purpose.
(Pub. L. 92–181, title II, § 2.14, formerly § 2.15, as
added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988,
101 Stat. 1636; renumbered § 2.14, Pub. L. 100–399,
title IV, § 401(w), Aug. 17, 1988, 102 Stat. 999.)
Editorial Notes
PRIOR PROVISIONS
A prior section 2096, Pub. L. 92–181, title II, § 2.15, Dec.
10, 1971, 85 Stat. 601; Pub. L. 96–592, title II, § 210, Dec.
24, 1980, 94 Stat. 3442; Pub. L. 99–205, title II, § 205(b),
Dec. 23, 1985, 99 Stat. 1703; Pub. L. 100–233, title IV,
§ 431(f), title VIII, § 805(i), Jan. 6, 1988, 101 Stat. 1660,
1715; Pub. L. 100–399, title IV, § 415(b), Aug. 17, 1988, 102
Stat. 1004, related to short- and intermediate-term
loans, participation, other financial assistance, terms,
conditions, interest, and security, prior to the general
amendment of this subchapter by Pub. L. 100–233, § 401.
A prior section 2.14 of Pub. L. 92–181 was classified to
section 2095 of this title and was repealed by Pub. L.
100–399, § 401(v).
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE
Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat.
1622, provided that this section is effective 6 months
after Jan. 6, 1988.
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Federal law — U.S. Code and appendices · legal_authorities
Each Federal land bank association shall be a body corporate and, subject to supervision of the Farm Credit Bank for the district and the regulation of the Farm Credit Administration, shall have the power to—
(1) adopt and use a corporate seal;
(2) have succession until dissolved under the provisions of this chapter or other Act of Congress;
(3) make contracts;
(4) sue and be sued;
(5) acquire, hold, dispose, and otherwise exercise all of the usual incidents of ownership of real estate and personal property necessary or convenient to the business of the association;
(6) operate under the direction of the board of directors of the association in accordance with this chapter;
(7) provide by its board of directors for a manager or other chief executive officer, and provide for such other officers or employees as may be necessary, including joint employees as provided in this chapter, define the duties of such, and require surety bonds or make other provision against losses occasioned by employees, except that no director shall, within one year after the date when such director ceases to be a member of the board, serve as a salaried employee of the association on the board of which such director served;
(8) prescribe, by its board of directors, its bylaws that shall be consistent with law, and that shall provide for—
(A) the classes of its stock and the manner in which such stock shall be issued, transferred, and retired; and
(B) the manner in which it is to—
(i) select officers and employees;
(ii) acquire, hold, and transfer property;
(iii) conduct general business; and
(iv) exercise and enjoy the privileges granted to it by law;
(9) accept applications for Farm Credit Bank loans and receive from such bank and disburse to the borrowers th
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2095
Stored review status: release_metadata_unconfirmed. Same stored citation; legal effect and authority still require review.