12 U.S.C. § 2258 — Jurisdiction

Page 1362 TITLE 12—BANKS AND BANKING § 2256 (Pub. L. 92–181, title V, § 5.20, formerly § 5.21, Dec. 10, 1971, 85 Stat. 623; renumbered § 5.20, Pub. L. 99–205, title II, § 203(b), Dec. 23, 1985, 99 Stat. 1694.) Editorial Notes PRIOR PROVISIONS A prior section 5.20 of Pub. L. 92–181 was renumbered section 5.19 and is classified to section 2254 of this title. § 2256. Consent to the availability of reports and to examinations Any organization other than State banks, trust companies, and savings associations shall, as a condition precedent to securing discount privileges with a bank of the Farm Credit Sys- tem, file with such bank its written consent to examination by farm credit examiners as may be directed by the Farm Credit Administration; and State banks, trust companies, and savings associations may be required in like manner to file a written consent that reports of their ex- amination by constituted State authorities may be furnished by such authorities upon the re- quest of the Farm Credit Administration. (Pub. L. 92–181, title V, § 5.21, formerly § 5.22, Dec. 10, 1971, 85 Stat. 623; renumbered § 5.21, Pub. L. 99–205, title II, § 203(b), Dec. 23, 1985, 99 Stat. 1694.) Editorial Notes PRIOR PROVISIONS A prior section 5.21 of Pub. L. 92–181 was renumbered section 5.20 and is classified to section 2255 of this title. § 2257. Reports on conditions of institutions re- ceiving loans or deposits The executive departments, boards, commis- sions, and independent establishments of the Government of the United States, the Federal Deposit Insurance Corporation, the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Re- serve banks are severally authorized under such conditions as they may prescribe, upon request of the Farm Credit Administration, to make available to it or to any institution of the Sys- tem in confidence all reports, records, or other information relating to the condition of any or- ganization to which such institution of the Sys- tem has made or contemplates making loan or for which it has or contemplates discounting paper, or which it is using or contemplates using as a custodian of securities or other credit in- struments, or a depository. The Federal Reserve banks in their capacity as depositories, agents, and custodians for bonds, debentures, and other obligations issued by the banks of the System or book entries thereof are also authorized and di- rected, upon request of the Farm Credit Admin- istration, to make available for audit by farm credit examiners all appropriate books, ac- counts, financial records, files, and other papers. (Pub. L. 92–181, title V, § 5.22, formerly § 5.23, Dec. 10, 1971, 85 Stat. 624; renumbered § 5.22, Pub. L. 99–205, title II, § 203(b), Dec. 23, 1985, 99 Stat. 1694.) Editorial Notes PRIOR PROVISIONS A prior section 5.22 of Pub. L. 92–181 was renumbered section 5.21 and is classified to section 2256 of this title. § 2257a. Uniform financial reporting instructions (a) In general Each System institution shall comply with uniform financial reporting instructions re- quired by the Farm Credit Administration, to standardize and facilitate the reporting of Sys- tem data. (b) Computerized system If the financial reports are maintained by a computer system, each System institution may develop an internal computer system or it may contract out to a vendor under open competitive bidding any or all aspects of the computerized system. (c) Submission of proposal Within 6 months of January 6, 1988, each Sys- tem institution shall submit to the Farm Credit Administration a report on the plan of that in- stitution to bring the operations of the institu- tion into compliance with the uniform financial reporting instructions required by the Farm Credit Administration. (Pub. L. 92–181, title V, § 5.22A, as added Pub. L. 100–233, title IV, § 429, Jan. 6, 1988, 101 Stat. 1658.) § 2258. Jurisdiction Each institution of the System shall for the purposes of jurisdiction be deemed to be a cit- izen of the State, commonwealth, or District of Columbia in which its principal office is located. (Pub. L. 92–181, title V, § 5.23, formerly § 5.24, Dec. 10, 1971, 85 Stat. 624; Pub. L. 94–184, § 1(b), Dec. 31, 1975, 89 Stat. 1060; renumbered § 5.23, Pub. L. 99–205, title II, § 203(b), Dec. 23, 1985, 99 Stat. 1694.) Editorial Notes PRIOR PROVISIONS A prior section 5.23 of Pub. L. 92–181 was renumbered section 5.22 and is classified to section 2257 of this title. AMENDMENTS 1975—Pub. L. 94–184 struck out provisions prohibiting district court jurisdiction on the basis of incorporation under this Act or prior Federal law, and prohibiting ju- risdiction except in cases by or against the United States or one of its officers, or against a person over whom State courts have no jurisdiction and except in cases by or against a receiver or conservator appointed under this chapter. § 2259. State legislation Whenever it is determined by the Farm Credit Administration, or by judicial decision, that a State law is applicable to the obligations and se- curities authorized to be held by the institu- tions of the System under this chapter, which law would provide insufficient protection or in- adequate safeguards against loss in the event of default, the Farm Credit Administration may declare such obligations or securities to be ineli- gible as collateral for the issuance of new notes,