12 U.S.C. § 2014 — Farm Credit Bank capitalization

Page 1294 TITLE 12—BANKS AND BANKING § 2014 other losses, whether to protect against cap- ital impairment or for any other purpose; and (24) operate as an originator and become cer- tified as a certified facility under subchapter VIII. (Pub. L. 92–181, title I, § 1.5, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1623; amended Pub. L. 100–399, title IV, § 401(d), Aug. 17, 1988, 102 Stat. 995; Pub. L. 104–105, title II, § 201, Feb. 10, 1996, 110 Stat. 172.) Editorial Notes PRIOR PROVISIONS A prior section 2013, Pub. L. 92–181, title I, § 1.5, Dec. 10, 1971, 85 Stat. 585; Pub. L. 96–592, title I, § 102, Dec. 24, 1980, 94 Stat. 3437; Pub. L. 99–205, title II, § 205(d)(2), (3), title VI, § 601, Dec. 23, 1985, 99 Stat. 1703, 1711; Pub. L. 100–233, title VIII, § 802(c), Jan. 6, 1988, 101 Stat. 1710, re- lated to land bank stock, prior to the general amend- ment of this subchapter by Pub. L. 100–233, § 401. AMENDMENTS 1996—Par. (13). Pub. L. 104–105 struck out ‘‘, and the appointment and compensation of the chief executive officer thereof,’’ after ‘‘in its district’’. 1988—Par. (9). Pub. L. 100–399, § 401(d)(1), amended par. (9) generally. Prior to amendment, par. (9) read as fol- lows: ‘‘prescribe by its board of directors— ‘‘(A) the bylaws of such bank that shall not be in- consistent with law, providing for the classes of the stock of the bank and the manner in which such stock shall be issued, transferred, and retired; ‘‘(B) the officers, employees, and agents of the bank as provided for; ‘‘(C) the property of the bank acquired, held, and transferred; ‘‘(D) the loans and discounts made by the bank; ‘‘(E) the general business conducted by the bank; and ‘‘(F) the privileges granted to the bank by law exer- cised and enjoyed;’’. Par. (11). Pub. L. 100–399, § 401(d)(2), substituted ‘‘of securities or’’ for ‘‘or securities of’’. Par. (12)(B), (C). Pub. L. 100–399, § 401(d)(3), struck out ‘‘participate with’’ before ‘‘one or more’’ in subpar. (B) and ‘‘participate with’’ before ‘‘lenders that’’ in subpar. (C). Par. (14). Pub. L. 100–399, § 401(d)(4), substituted ‘‘(within the meaning of section 1813 of this title)’’ for ‘‘as defined in section 1813 of this title’’. Par. (18). Pub. L. 100–399, § 401(d)(5), struck out ‘‘Fed- eral land bank’’ after ‘‘delegate to’’. Par. (22). Pub. L. 100–399, § 401(d)(6), substituted ‘‘in accordance with generally accepted accounting prin- ciples, except as may be authorized by the Farm Credit Administration;’’ for ‘‘as authorized by the Farm Cred- it Administration; and’’. Par. (23). Pub. L. 100–399, § 401(d)(7), struck out ‘‘and approved by the Farm Credit Administration Board’’ after ‘‘of the bank’’ and substituted ‘‘purpose; and’’ for ‘‘purpose.’’ Par. (24). Pub. L. 100–399, § 401(d)(8), added par. (24). Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1996 AMENDMENT Pub. L. 104–105, title III, § 302, Feb. 10, 1996, 110 Stat. 185, provided that: ‘‘Except as otherwise provided in this Act, this Act [see Short Title of 1996 Amendment note set out under section 2001 of this title] and the amendments made by this Act shall become effective on the date of enactment [Feb. 10, 1996].’’ 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. § 2014. Farm Credit Bank capitalization In accordance with section 2154a of this title, the Farm Credit Banks shall provide, through bylaws and subject to Farm Credit Administra- tion regulations, for the capitalization of the bank and the manner in which bank stock shall be issued, held, transferred, and retired and bank earnings distributed. (Pub. L. 92–181, title I, § 1.6, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1624.) Editorial Notes PRIOR PROVISIONS A prior section 2014, Pub. L. 92–181, title I, § 1.6, Dec. 10, 1971, 85 Stat. 585; Pub. L. 96–592, title I, § 103, Dec. 24, 1980, 94 Stat. 3438, related to real estate mortgage loans, 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. § 2015. Lending authority (a) Real estate loans and related assistance (1) Real estate loans The Farm Credit Banks may make or par- ticipate with other lenders in long-term real estate mortgage loans in rural areas, as de- fined by the Farm Credit Administration, or to producers or harvesters of aquatic products, and make continuing commitments to make such loans under specified circumstances, for a term of not less than 5 nor more than 40 years. (2) Financial assistance The Farm Credit Banks may provide and ex- tend financial assistance to, and discount for, or purchase from, a Federal land bank associa- tion any note, draft, or other obligation with the endorsement or guarantee of the associa- tion, the proceeds of which have been ad- vanced to persons eligible and for purposes of financing by the association, as authorized under section 2279b(a) of this title. (b) Intermediate credit (1) In general The Farm Credit Banks are authorized to make loans and extend other similar financial assistance to and to discount for or purchase from— (A) any production credit association, or (B) any national bank, State bank, trust company, agricultural credit corporation, incorporated livestock loan company, sav- ings institution, credit union, or any asso- ciation of agricultural producers engaged in