12 U.S.C. § 2275 — Untitled legal text

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 Repealed.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 Any approvals granted by the Farm Credit Ad- ministration 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 regu- lations 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 Administra- tion 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. (Pub. L. 92–181, title V, § 5.45, as added Pub. L. 100–233, title VIII, § 802(w), Jan. 6, 1988, 101 Stat. 1713.) Editorial Notes REFERENCES IN TEXT The amendments made by section 802 of the Agricul- tural Credit Act of 1987, referred to in subsec. (b)(1), are the amendments made by section 802 of Pub. L. 100–233, title VIII, Jan. 6, 1988, 101 Stat. 1710, which enacted sec- tion 2275a of this title and amended sections 2011 to 2013, 2017, 2031, 2051, 2052, 2071 to 2073, 2077, 2091, 2121, 2122, 2124, 2126, 2130, 2132, 2212, 2213, 2223, and 2252 of this title. For complete classification of section 802 to the Code, see Tables. § 2276. Access to and examination by Comptroller General of books, documents, etc., of farm credit system banks and institutions On and after December 19, 1985, the Comp- troller General or his duly authorized represent- atives shall have access to and the right to ex- amine all books, documents, papers, records, or other recorded information within the posses- sion or control of the Federal land banks and Federal land bank associations, Federal inter- mediate credit banks and production credit as- sociations and banks for cooperatives. (Pub. L. 99–190, § 107, Dec. 19, 1985, 99 Stat. 1316.) Editorial Notes CODIFICATION Section was not enacted as part of the Farm Credit Act of 1971 which comprises this chapter. PART E—FARM CREDIT SYSTEM INSURANCE CORPORATION § 2277a. Definitions As used in this part: (1) Board of Directors The term ‘‘Board of Directors’’ means the Board of Directors of the Corporation. (2) Corporation The term ‘‘Corporation’’ means the Farm Credit System Insurance Corporation estab- lished in section 2277a–1 of this title. (3) Insured obligation The term ‘‘insured obligation’’ means any note, bond, debenture, or other obligation issued under subsection (c) or (d) of section 2153 of this title— (A) on or before January 5, 1989, on behalf of any System bank; and (B) after such date, which, when issued, is issued on behalf of any insured System bank. (4) Insured System bank The term ‘‘insured System bank’’ means any System bank whose participation in notes, bonds, debentures, and other obligations