12 U.S.C. § 2251 — Quarters and facilities for the Farm Cred-

Page 1354 TITLE 12—BANKS AND BANKING § 2251 PRIOR PROVISIONS A prior section 5.15 of Pub. L. 92–181 was renumbered section 5.14 and is classified to section 2249 of this title. AMENDMENTS 1992—Subsec. (b)(1). Pub. L. 102–552 inserted ‘‘, for purposes of sequestration,’’ after ‘‘regard’’ and struck out ‘‘or any other law’’ before ‘‘, to pay the expenses’’. 1988—Pub. L. 100–233 amended section generally. Prior to amendment, section read as follows: ‘‘(a) The Farm Credit Administration shall prior to the first day of each fiscal year estimate the cost of ad- ministrative expenses for the ensuing fiscal year in ad- ministering this chapter, including official functions, and shall apportion the amount so determined among the institutions of the System on such equitable basis as the Farm Credit Administration shall determine, and shall assess against and collect in advance the amounts so apportioned from the institutions among which the apportionment is made. ‘‘(b) The amounts collected pursuant to subsection (a) of this section shall be covered into the Treasury, and credited to a special fund and, without regard to other law, shall be available to the Farm Credit Administra- tion for expenditure during each fiscal year for salaries and expenses of the Farm Credit Administration. As soon as practicable after the end of each such fiscal year, the Farm Credit Administration shall determine, on a fair and reasonable basis, the cost of operation of the Farm Credit Administration and the part thereof which fairly and equitably should be allocated to each bank and association as its share of the cost during the fiscal year of the Farm Credit Administration. If the amount so allocated is greater than the amount col- lected from the bank or other institutions, the dif- ference shall be collected from such bank or other in- stitutions, and, if less, shall be refunded from the spe- cial fund to the bank or other institutions entitled thereto or credited in the special fund to such bank or other institutions for use for the same purposes in fu- ture fiscal years.’’ Subsec. (a)(2)(A). Pub. L. 100–399, § 416(a), substituted ‘‘the assessment described in paragraph (1)(B)’’ for ‘‘such assessment’’. Subsec. (a)(2)(C). Pub. L. 100–399, § 416(b), substituted ‘‘described’’ for ‘‘specified’’. 1985—Subsec. (b). Pub. L. 99–205, § 205(g)(6), sub- stituted ‘‘the Farm Credit Administration’’ for ‘‘said Administration’’ twice in first sentence, and for ‘‘the Administration’’ and ‘‘such Administration’’ in second sentence. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1988 AMENDMENT Amendment by Pub. L. 100–399 effective as if enacted immediately after enactment of Pub. L. 100–233, which was approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100–399, set out as a note under section 2002 of this title. EFFECTIVE DATE OF 1985 AMENDMENT Amendment by Pub. L. 99–205 effective thirty days after Dec. 23, 1985, see section 401 of Pub. L. 99–205, set out as a note under section 2001 of this title. § 2251. Quarters and facilities for the Farm Cred- it Administration (a) Location of principal office The Farm Credit Administration shall main- tain its principal office within the Washington D.C.-Maryland-Virginia standard metropolitan statistical area, and such other offices within the United States as in its judgment are nec- essary. (b) Alternate property authorizations for System banks As an alternate to the rental of quarters under section 2249 of this title, and without regard to any other provision of law, the banks of the Sys- tem, with the concurrence of two-thirds of the bank boards, are hereby authorized— (1) To lease or acquire real property in the District of Columbia or elsewhere for quarters of the Farm Credit Administration. (2) To construct, develop, furnish, and equip such building thereon and such facilities ap- purtenant thereto as in their judgment may be appropriate to provide, to the extent the Board may deem advisable, suitable, and ade- quate quarters and facilities for the Farm Credit Administration. (3) To enlarge, remodel, or reconstruct the same. (4) To make or enter into contracts for any of the foregoing. (5) To sell or otherwise dispose of any inter- est in property leased or acquired under the foregoing if authorized by the Board. (c) Financing (1) In general The Board may require of the respective banks of the System, and they shall make to the Farm Credit Administration, such ad- vances of funds for the purposes set out in this section as in the sole judgment of the Board may from time to time be advisable for the purposes of this section. (2) Advances The advances of funds described in para- graph (1) shall be in addition to and kept in a separate fund from the assessments authorized in section 2250 of this title and shall be appor- tioned by the Board among the banks in pro- portion to the total assets of the respective banks, and determined in such manner and at such times as the Board may prescribe. (3) Powers of banks The powers of the banks of the System and purposes for which obligations may be issued by such banks are hereby enlarged to include the purpose of obtaining funds to permit the making of advances required by this section. (4) Approval of board The plans and decisions for such building and facilities and for the enlargement, remod- eling, or reconstruction thereof shall be such as is approved in the sole discretion of the Board. (5) Agent for banks In actions undertaken by the banks pursu- ant to this section, the Farm Credit Adminis- tration may act as agent for the banks. (Pub. L. 92–181, title V, § 5.16, formerly § 5.17, Dec. 10, 1971, 85 Stat. 621; Pub. L. 96–592, title V, § 506, Dec. 24, 1980, 94 Stat. 3449; renumbered § 5.16 and amended Pub. L. 99–205, title II, § 201(6), Dec. 23, 1985, 99 Stat. 1690; Pub. L. 100–233, title VIII, § 805(y), Jan. 6, 1988, 101 Stat. 1717; Pub. L. 100–399, title IX, § 901(l), Aug. 17, 1988, 102 Stat. 1008; Pub. L. 115–334, title V, §§ 5405, 5411(28), Dec. 20, 2018, 132 Stat. 4676, 4682.) Editorial Notes PRIOR PROVISIONS A prior section 5.16 of Pub. L. 92–181 was renumbered section 5.15 and is classified to section 2250 of this title. Page 1355 TITLE 12—BANKS AND BANKING § 2252 AMENDMENTS 2018—Subsecs. (a), (b). Pub. L. 115–334, § 5405, added subsec. (a) and designated existing introductory provi- sions and pars. (1) to (5) as subsec. (b). Subsec. (c). Pub. L. 115–334, § 5411(28), designated ex- isting concluding provisions as subsec. (c) and first to fifth sentences thereof as pars. (1) to (5), respectively, and inserted subsec. and par. headings. Subsec. (c)(2). Pub. L. 115–334, § 5411(28)(D), sub- stituted ‘‘The advances of funds described in paragraph (1)’’ for ‘‘Such advances’’. Subsec. (c)(5). Pub. L. 115–334, § 5411(28)(A), sub- stituted ‘‘In actions undertaken by the banks pursuant to this section’’ for ‘‘In actions undertaken by the banks pursuant to the foregoing provisions of this sec- tion’’. 1988—Pub. L. 100–399 substituted ‘‘bank boards’’ for ‘‘district boards’’ in introductory provisions. Pub. L. 100–233 transferred undesignated provisions following par. (4) consisting of four sentences relating to advances of funds for purposes set out in this section as in the sole judgment of the Board may from time to time be advisable for purposes of this section, to a posi- tion immediately before last sentence of this section which provides for agency status of Administration for the banks. 1985—Pub. L. 99–205, § 201(6)(A)–(C), made technical amendments to the references to sections 2249 and 2250 of this title in first and third sentences to reflect the renumbering of the corresponding sections of the origi- nal act, and struck out ‘‘Federal Farm Credit’’ before ‘‘Board’’ in par. (2) of first sentence. 1980—Pub. L. 96–592 added par. (5) and provisions re- specting agency status of Administration for the banks. 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 OF 1985 AMENDMENT Amendment by Pub. L. 99–205 effective thirty days after Dec. 23, 1985, see section 401 of Pub. L. 99–205, set out as a note under section 2001 of this title. § 2252. Powers and duties (a) Enumerated powers The Farm Credit Administration shall have the following powers, functions, and responsibil- ities in connection with the institutions of the Farm Credit System and the administration of this chapter: (1) Modify the boundaries of farm credit dis- tricts, with due regard for the farm credit needs of the country, as approved by the Board, with the concurrence of the district banks involved. (2) Where necessary or appropriate to carry out the policy and objectives of this chapter, issue and approve amendments to Federal charters of institutions of the System; ap- prove change in names of banks operating under this chapter; approve the merger of dis- tricts when agreed to by the district bank boards involved and by a majority vote of the voting stockholders and contributors to the guaranty funds of each bank for each of such districts, voting in the same manner as is pro- vided in section 2279a of this title; approve mergers and any related activities as provided for in subchapter VII; and approve the consoli- dation or division of the territories of institu- tions when agreed to by a majority vote of the voting stockholders or contributors to the guaranty fund of each of the institutions in- volved; and approve consolidations of boards of directors when agreed to by a majority vote of the voting stockholders or contributors to the guaranty fund of each of the institutions involved. The Farm Credit Administration Board, after consultation with the respective boards of directors of the affected banks, may require two or more banks operating under the same or different titles to merge if the Board determines that one of such banks has failed to meet its outstanding obligations. (3) Make annual reports directly to Congress on the condition of the System and its institu- tions, based on the examinations carried out under section 2254 of this title, and on the manner and extent to which the purposes and objectives of this chapter are being carried out and, from time to time, recommend directly legislative changes. The annual reports shall include a summary and analysis of the reports submitted to the Farm Credit Administration by the Farm Credit Banks under section 2207(b) of this title relating to programs for serving young, beginning, and small farmers and ranchers. (4) Approve the issuance of obligations of the System under subsections (c) and (d) of section 2153 of this title for the purpose of funding the authorized operations of the institutions of the System, and prescribe collateral therefor. (5) Grant approvals provided for under this chapter either on a case-by-case basis or through regulations that confer approval on actions of Farm Credit System institutions. (6) Establish standards for the System insti- tutions with respect to loan security require- ments and regulate the borrowing, repayment, and transfer of funds and equities between in- stitutions of the System. (7) Conduct loan and collateral security re- view. (8) Regulate the preparation by System in- stitutions and the dissemination to stock- holders and investors of information on the fi- nancial condition and operations of such insti- tutions, except that the requirements of the Farm Credit Administration governing the dissemination to stockholders of quarterly re- ports of System institutions may not be more burdensome or costly than the requirements applicable to national banks, and the Farm Credit Administration may not require any System institution to disclose in any report to stockholders information concerning the con- dition or classification of a loan— (A) to a director of the institution— (i) who has resigned before the time for filing the applicable report with the Farm Credit Administration; or (ii) whose term of office will expire no later than the date of the meeting of stockholders to which the report relates; or (B) to a member of the immediate family of a director of the institution unless— (i) the family member resides in the same household as the director; or