Title 12 — Banks and Banking
Part B · Chapter 23 — Farm Credit System
§ 2091. Organizations; articles; charters; powers of the Farm Credit Administration
Statutory text
Charter
Each Federal land bank association shall continue as a federally chartered instrumentality of the United States.
Organization
In general
A Federal land bank association may be organized by any group of 10 or more persons desiring to borrow money from a Farm Credit Bank under section 2015(a) of this title, including persons to whom the Farm Credit Bank has made a loan directly or through an agent and has taken as security real estate located in the territory proposed to be served by the association.
Articles of association
Description of territory
The articles of association shall describe the territory within which the association proposes to carry on its operations.
Submission to FCB
Proposed articles shall be forwarded to the Farm Credit Bank for the district, accompanied by an agreement to subscribe on behalf of the association for stock in accordance with the bylaws of the Farm Credit Bank.
Stock purchase
Association stock may be paid for by surrendering for cancellation stock in the bank held by a borrower and the issuance of an equivalent amount of stock to such borrower in the association.
Statement
The articles shall be accompanied by a statement signed by each of the members of the proposed association establishing—
the individual’s eligibility and request for a Farm Credit Bank loan;
that the real estate with respect to which the individual desires the loan for is not being served by another Federal land bank association; and
that the individual is or will become a stockholder in the proposed association.
Submission to FCA
A copy of the articles of association shall be forwarded to the Farm Credit Administration with the recommendations of the bank concerning the need for the proposed association in order to adequately serve the credit needs of eligible persons in the proposed territory and a statement as to whether or not the territory includes any territory described in the charter of another Federal land bank association.
Denials of charters
The Farm Credit Administration for good cause shown may deny the charter applied for.
Approval of articles
On the approval of the proposed articles by the Farm Credit Administration and the issuance of such charter, the association shall become as of such date a federally chartered body corporate and an instrumentality of the United States.
FCA authority on organization
The Farm Credit Administration shall have power, in the terms of the charter, under rules and regulations prescribed by the Farm Credit Administration—
to provide for the organization of the association;
to provide for the initial amount of stock of the association;
to provide for the territory within which the association may carry on its operations; and
to approve amendments to the charter of such association.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Farm Credit Act of 1971
Pub. L. 92–181 title II § 2 · 85 Stat. 583
Enacted · 12 U.S.C. § 2091
Pub. L. 92–181, title II, § 2.10, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1634
Source evidence
Code source credit
Pub. L. 92–181, title II, § 2.10, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1634Enacted provision · exact public law section
(2) Have succession until dissolved under the provisions of this Act or other Act of Congress.Agricultural Credit Technical Corrections Act of 1988
Pub. L. 100–399 § 401(s)(1) · 102 Stat. 989
Inserted · 12 U.S.C. § 2091(b)(1)
Pub. L. 100–399, § 401(s)(1), inserted “under section 2015(a) of this title” after “a Farm Credit Bank”
Source evidence
Code amendment note
Subsec. (b)(1). Pub. L. 100–399, § 401(s)(1), inserted “under section 2015(a) of this title” after “a Farm Credit Bank”.Enacted provision · exact public law section
(1) in paragraph (1), by inserting “under section 1.7(a)” before the first comma; andEffective date note
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 section 1001(b) of Pub. L. 100–399, set out as a note under section 2002 of this title.Agricultural Credit Technical Corrections Act of 1988
Pub. L. 100–399 § 401(s)(2) · 102 Stat. 989
Amended · 12 U.S.C. § 2091(b)(2)(D)(i)
Pub. L. 100–399, § 401(s)(2), amended cl. (i) generally. Prior to amendment, cl. (i) read as follows: “the individual’s eligibility for, and request or need of the individual of a Farm Credit Bank loan;”
Source evidence
Code amendment note
Subsec. (b)(2)(D)(i). Pub. L. 100–399, § 401(s)(2), amended cl. (i) generally. Prior to amendment, cl. (i) read as follows: “the individual’s eligibility for, and request or need of the individual of a Farm Credit Bank loan;”.Enacted provision · exact public law section
(2) by amending paragraph (2)(D)(i) to read as follows: “(i) the individual’s eligibility and request for a Farm Credit Bank loan;”.Effective date note
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 section 1001(b) of Pub. L. 100–399, set out as a note under section 2002 of this title.Agricultural Credit Technical Corrections Act of 1988
Pub. L. 100–399 § 401(t) · 102 Stat. 989
Amended · 12 U.S.C. § 2091(c)
Pub. L. 100–399, § 401(t), amended subsec. (c) generally. Prior to amendment, subsec. (c) read as follows: “The Farm Credit Administration shall have power, in the terms of the charter, under rules and regulations prescribed by the Farm Credit Administration or by approving the bylaws of the association, to provide for the—
Source evidence
Code amendment note
Subsec. (c). Pub. L. 100–399, § 401(t), amended subsec. (c) generally. Prior to amendment, subsec. (c) read as follows: “The Farm Credit Administration shall have power, in the terms of the charter, under rules and regulations prescribed by the Farm Credit Administration or by approving the bylaws of the association, to provide for the—“(1) organization of the association; “(2) the initial amount of stock of such association; “(3) the territory within which the operations of the association may be carried on; and “(4) to direct at any time changes in the charter of such association as the Farm Credit Administration finds necessary in accomplishing the purposes of this chapter.”
Enacted provision · exact public law section
(t) Section 2.10(c) is amended to read as follows: “(c) FCA Authority on Organization.— The Farm Credit Administration shall have power, in the terms of the charter, under rules and regulations prescribed by the Farm Credit Administration— “(1) to provide for the organization of the association; “(2) to provide for the initial amount of stock of the association; “(3) to provide for the territory within which the association may carry on its operations; and “(4) to approve amendments to the charter of such association.”.Effective date note
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 section 1001(b) of Pub. L. 100–399, set out as a note under section 2002 of this title.
4 of 4 references resolved to an enrolled provision
Editorial Notes
Prior Provisions
A prior section 2091, Pub. L. 92–181, title II, § 2.10, , 85 Stat. 597; Pub. L. 96–592, title II, § 207, , 94 Stat. 3442; Pub. L. 99–205, title II, § 205(e)(10), , 99 Stat. 1704; Pub. L. 100–233, title VIII, §§ 802(l), 805(g), , 101 Stat. 1711, 1715, related to organization and charters of production credit associations, prior to the general amendment of this subchapter by Pub. L. 100–233, § 401.
Amendments
1988—Subsec. (b)(1). Pub. L. 100–399, § 401(s)(1), inserted “under section 2015(a) of this title” after “a Farm Credit Bank”.
Subsec. (b)(2)(D)(i). Pub. L. 100–399, § 401(s)(2), amended cl. (i) generally. Prior to amendment, cl. (i) read as follows: “the individual’s eligibility for, and request or need of the individual of a Farm Credit Bank loan;”.
Subsec. (c). Pub. L. 100–399, § 401(t), amended subsec. (c) generally. Prior to amendment, subsec. (c) read as follows: “The Farm Credit Administration shall have power, in the terms of the charter, under rules and regulations prescribed by the Farm Credit Administration or by approving the bylaws of the association, to provide for the—
“(1) organization of the association;
“(2) the initial amount of stock of such association;
“(3) the territory within which the operations of the association may be carried on; and
“(4) to direct at any time changes in the charter of such association as the Farm Credit Administration finds necessary in accomplishing the purposes of this chapter.”
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 , see section 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, , 101 Stat. 1622, provided that this section is effective 6 months after .
Credits
1988 · 2 acts
- 1988Pub. L. 92–181, title II, § 2.10, as added Pub. L. 100–233, title IV, § 401, , 101 Stat. 1634
- 1988amended Pub. L. 100–399, title IV, § 401(s), (t), , 102 Stat. 998.
Show as published
(Pub. L. 92–181, title II, § 2.10, as added Pub. L. 100–233, title IV, § 401, , 101 Stat. 1634; amended Pub. L. 100–399, title IV, § 401(s), (t), , 102 Stat. 998.)