Browse Arkansas Code titles and sections
12 U.S.C. § 2021 — Loans through associations or agents
Federal law — U.S. Code and appendices · legal_authorities
Page 1299
TITLE 12—BANKS AND BANKING
§ 2023
1988—Subsec. (a). Pub. L. 100–399 designated existing
provision as subsec. (a), inserted heading, substituted
‘‘directors of the bank’’ for ‘‘directors of each district
bank’’, and added subsec. (b).
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 2008 AMENDMENT
Amendment of this section and repeal of Pub. L.
110–234 by Pub. L. 110–246 effective May 22, 2008, the
date of enactment of Pub. L. 110–234, see section 4 of
Pub. L. 110–246, set out as an Effective Date note under
section 8701 of Title 7, Agriculture.
EFFECTIVE DATE OF 2002 AMENDMENT
Pub. L. 107–171, title V, § 5403(b), May 13, 2002, 116
Stat. 351, provided that: ‘‘The amendments made by
this section [amending this section and sections 2277a–4
and 2277a–5 of this title] shall apply with respect to de-
terminations of premiums for calendar year 2002 and
for any succeeding calendar year, and to certified
statements with respect to such premiums.’’
EFFECTIVE DATE OF 1989 AMENDMENT
Pub. L. 101–220, § 6(c), Dec. 12, 1989, 103 Stat. 1880, pro-
vided that: ‘‘The amendments made by subsections (a)
and (b) [amending sections 2020, 2277a–4, 2277a–8, and
2277a–10 of this title] shall be effective for insurance
premiums due to the Farm Credit System Insurance
Corporation under the Farm Credit Act of 1971 (12
U.S.C. 2001 et seq.) on or after January 1, 1990, based on
the loan volume of each bank for each calendar year be-
ginning with calendar year 1989, and shall be effective
for the calculation of the initial premium payment re-
quired under section 5.56(c) of the Farm Credit Act of
1971 (12 U.S.C. 2277a–5(c)).’’
EFFECTIVE DATE OF 1988 AMENDMENT
Amendment by Pub. L. 100–399 effective immediately
after amendment made by section 401 of Pub. L.
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Page 1299
TITLE 12—BANKS AND BANKING
§ 2023
1988—Subsec. (a). Pub. L. 100–399 designated existing
provision as subsec. (a), inserted heading, substituted
‘‘directors of the bank’’ for ‘‘directors of each district
bank’’, and added subsec. (b).
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 2008 AMENDMENT
Amendment of this section and repeal of Pub. L.
110–234 by Pub. L. 110–246 effective May 22, 2008, the
date of enactment of Pub. L. 110–234, see section 4 of
Pub. L. 110–246, set out as an Effective Date note under
section 8701 of Title 7, Agriculture.
EFFECTIVE DATE OF 2002 AMENDMENT
Pub. L. 107–171, title V, § 5403(b), May 13, 2002, 116
Stat. 351, provided that: ‘‘The amendments made by
this section [amending this section and sections 2277a–4
and 2277a–5 of this title] shall apply with respect to de-
terminations of premiums for calendar year 2002 and
for any succeeding calendar year, and to certified
statements with respect to such premiums.’’
EFFECTIVE DATE OF 1989 AMENDMENT
Pub. L. 101–220, § 6(c), Dec. 12, 1989, 103 Stat. 1880, pro-
vided that: ‘‘The amendments made by subsections (a)
and (b) [amending sections 2020, 2277a–4, 2277a–8, and
2277a–10 of this title] shall be effective for insurance
premiums due to the Farm Credit System Insurance
Corporation under the Farm Credit Act of 1971 (12
U.S.C. 2001 et seq.) on or after January 1, 1990, based on
the loan volume of each bank for each calendar year be-
ginning with calendar year 1989, and shall be effective
for the calculation of the initial premium payment re-
quired under section 5.56(c) of the Farm Credit Act of
1971 (12 U.S.C. 2277a–5(c)).’’
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.
§ 2021. Loans through associations or agents
(a) In general
The Farm Credit Banks shall, except as other-
wise herein provided, make loans of the type au-
thorized under section 2015(a) of this title
through a Federal land bank association char-
tered to serve the territory in which the real es-
tate 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 des-
ignate.
(c) Purchase of stock required
When the loan is not made through a Federal
land bank association, the applicant shall pur-
chase stock in the bank in accordance with the
capitalization requirements provided for in the
bylaws of the bank.
(Pub. L. 92–181, title I, § 1.13, as added Pub. L.
100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1628.)
Editorial Notes
PRIOR PROVISIONS
A prior section 1.13 of Pub. L. 92–181 was classified to
section 2031 of this title prior to the general amend-
ment of this subchapter 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.
§ 2022. Liens on stock
The Farm Credit Banks shall have a first lien
on the stock or participation certificates it
issues for the payment of any liability of the
stockholders to the bank.
(Pub. L. 92–181, title I, § 1.14, as added Pub. L.
100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1629.)
Editorial Notes
PRIOR PROVISIONS
A prior section 1.14 of Pub. L. 92–181 was classified to
section 2032 of this title prior to the general amend-
ment of this subchapter 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.
§ 2023. Taxation
The Farm Credit Banks and the capital, re-
serves, and surplus thereof, and the income de-
rived 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 in-
come therefrom shall be exempt from all Fed-
eral, 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).
(Pub. L. 92–181, title I, § 1.15, as added Pub. L.
100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1629;
amended Pub. L. 100–399, title IV, § 401(l), Aug.
17, 1988, 102 Stat. 997.)
Editorial Notes
PRIOR PROVISIONS
A prior section 1.15 of Pub. L. 92–181 was classified to
section 2033 of this title prior to the general amend-
ment of this subchapter by Pub. L. 100–233, § 401.
A prior section 2031, Pub. L. 92–181, title I, § 1.13, Dec.
10, 1971, 85 Stat. 587; Pub. L. 99–205, title II, § 205(d)(4),
Dec. 23, 1985, 99 Stat. 1703; Pub. L. 100–233, title VIII,
§ 802(e), Jan. 6, 1988, 101 Stat. 1710, related to organiza-
tions, articles, and charters of Federal land bank asso-
ciations, and powers of Farm Credit Administration,
prior to the general amendment of this subchapter by
Pub. L. 100–233, § 401. See section 2011 of this title.
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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
Page 1282
TITLE 12—BANKS AND BANKING
§ 2001
Sec.
PART E—FARM CREDIT SYSTEM INSURANCE
CORPORATION
2277a.
Definitions.
2277a–1.
Establishment of Farm Credit System
Insurance Corporation.
2277a–2.
Board of Directors.
2277a–3.
Commencement of insurance.
2277a–4.
Premiums.
2277a–5.
Certification of premiums.
2277a–6.
Overpayment and underpayment of pre-
miums; remedies.
2277a–7.
General corporate powers.
2277a–8.
Conduct of corporate affairs; examina-
tion of System institutions.
2277a–9.
Insurance Fund.
2277a–10.
Powers of Corporation with respect to
troubled insured System banks.
2277a–10a.
Oversight actions by Corporation.
2277a–10b.
Authority to regulate golden parachute
and indemnification payments.
2277a–10c.
Corporation as conservator or receiver;
certain other powers.
2277a–11.
Investment of funds.
2277a–12.
Exemption from taxation.
2277a–13.
Omitted.
2277a–14.
Prohibitions.
SUBCHAPTER VI—ASSISTANCE TO FARM CREDIT
SYSTEM
2278a to 2278b–11. Repealed.
SUBCHAPTER VII—RESTRUCTURING OF SYSTEM
INSTITUTIONS
PART A—MERGER OF BANKS WITHIN A DISTRICT
2279a.
Power to merge.
2279a–1.
Board of directors.
2279a–2.
Powers of merged banks.
2279a–3.
Capitalization.
2279a–4, 2279a–5. Repealed or Transferred.
PART B—MERGERS, TRANSFERS OF ASSETS, AND
POWERS OF ASSOCIATIONS WITHIN A DISTRICT
SUBPART 1—TRANSFERS BY FEDERAL LAND BANKS TO
FEDERAL LAND BANK ASSOCIATIONS
2279b.
Transfer of lending authority.
2279c.
Equalization of loan-making powers of
certain district associations.
SUBPART 2—MERGER OF LIKE AND UNLIKE ASSOCIATIONS
2279c–1.
Merger of associations.
SUBPART 3—RECONSIDERATION
2279c–2.
Reconsideration.
SUBPART 4—TERMINATION AND DISSOLUTION OF
INSTITUTIONS
2279d.
Termination of System institution sta-
tus.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Agricultural or aquatic purposes**
(1) **In general** — Loans made by a Farm Credit Bank to farmers, ranchers, and producers or harvesters of aquatic products may be for any agricultural or aquatic purpose and other credit needs of the applicant, including financing for basic processing and marketing directly related to the applicant’s operations and those of other eligible farmers, ranchers, and producers or harvesters of aquatic products, except that the operations of the applicant shall supply some portion of the total processing or marketing for which financing is extended.
(2) **Limitation on loans for basic processing and marketing operations** — The aggregate of the financing provided by any Farm Credit Bank for basic processing and marketing directly related to the operations of farmers, ranchers, and producers or harvesters of aquatic products, if the operations of the applicant supply less than 20 percent of the total processing or marketing for which financing is extended, shall not exceed 15 percent of the total of all outstanding loans of such bank.
**(b) Rural housing financing**
(1) **In general** — Loans and discounts may be made to rural residents for rural housing financing under regulations of the Farm Credit Administration.
(2) **Limitations** — Rural housing financed under this subchapter shall be for single-family, moderate-priced dwellings and their appurtenances not inconsistent with the general quality and standards of housing existing in, or planned or recommended for, the rural area where it is located, except that a Farm Credit Bank may not at any one time have a total amount of loans outstanding for such rural housing to persons other than farmers or ranchers in amounts exceeding 15 percent of the total of all loans outstanding in
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** Any approvals granted by the Farm Credit Administration before January 6, 1988, shall remain in effect on and after such date.
**(b) Authority to issue regulations**
(1) **In general** — Any approval authority of the Farm Credit Administration that, under the amendments made by section 802 of the Agricultural Credit Act of 1987, became an authority to issue regulations may be exercised only until the earlier of the date the Farm Credit Administration issues final regulations under such authority, or 1 year after January 6, 1988.
(2) **Enforcement actions** — At the close of the 1-year period referred to in paragraph (1), the Farm Credit Administration shall not take any enforcement action against any System institution with respect to any provision so amended, until the Farm Credit Administration issues final regulations under such provision.
**(c) Effect of section** This section shall not affect the authority of the Farm Credit Administration to exercise any other approval authority either on a case-by-case basis or through regulation, as provided in [section 2252(a)(5) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2252/a/5&num=0&edition=prelim).
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Federal law — U.S. Code and appendices · legal_authorities
Page 1372
TITLE 12—BANKS AND BANKING
§ 2274
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE
Section effective thirty days after Dec. 23, 1985, see
section 401 of Pub. L. 99–205, set out as an Effective
Date of 1985 Amendment note under section 2001 of this
title.
§ 2274. Power to remove directors and officers
Notwithstanding any other provision of this
chapter, a Farm Credit Bank board, officer, or
employee shall not remove any director or offi-
cer of any association.
(Pub. L. 92–181, title V, § 5.38, as added Pub. L.
100–233, title IV, § 432(c), Jan. 6, 1988, 101 Stat.
1661; amended Pub. L. 115–334, title V, § 5411(35),
Dec. 20, 2018, 132 Stat. 4683.)
Editorial Notes
AMENDMENTS
2018—Pub. L. 115–334 substituted ‘‘a Farm Credit
Bank board, officer, or employee shall not remove any
director or officer of any’’ for ‘‘a farm credit district
board, bank board, or bank officer or employee shall
not remove any director or officer of any production
credit association or Federal land bank’’.
PART D—MISCELLANEOUS
§ 2275.
Repealed.
Pub.
L.
115–334,
title
V,
§ 5411(36), Dec. 20, 2018, 132 Stat. 4683
Section, Pub. L. 92–181, title V, § 5.44, formerly § 5.30,
as added Pub. L. 96–592, title V, § 509, Dec. 24, 1980, 94
Stat. 3450; renumbered § 5.44, Pub. L. 99–205, title II,
§ 205(a)(2), Dec. 23, 1985, 99 Stat. 1703; Pub. L. 108–271,
§ 8(b), July 7, 2004, 118 Stat. 814, related to Government
Accountability Office audit, report to Congress, and ac-
cess and examination of recorded information by the
Comptroller General. See section 2276 of this title.
Editorial Notes
CODIFICATION
Section was formerly classified to section 2260 of this
title.
§ 2275a. Transition rules relating to amendment
of certain FCA approval authorities
(a) In general
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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.
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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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