§ 2122. Corporate existence; general corporate powers

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.

1. 1971

   Farm Credit Act of 1971

   Pub. L. 92–181 title III § 3 · 85 Stat. 583

   Enacted · 12 U.S.C. § 2122

   Pub. L. 92–181, title III, § 3.1, Dec. 10, 1971, 85 Stat. 602

   Source evidence

   Code source credit
   Pub. L. 92–181, title III, § 3.1, Dec. 10, 1971, 85 Stat. 602

   Enacted provision · exact public law section
   (3) Make contracts.

2. 1980

   Farm Credit Act Amendments of 1980

   Pub. L. 96–592 § 301(1) · 94 Stat. 3437

   Inserted · 12 U.S.C. § 2122(11)

   Pub. L. 96–592, § 301(1), inserted provisions respecting participation with one or more other Farm Credit System institutions in loans

   Source evidence

   Code amendment note
   Par. (11). Pub. L. 96–592, § 301(1), inserted provisions respecting participation with one or more other Farm Credit System institutions in loans.

   Enacted provision · exact public law section
   (1) inserting before the period at the end of paragraph (11) “, and participate with one or more other Farm Credit System institutions in loans made under this title or other titles of this Act on the basis prescribed in section 4.18 of this Act”; Post, p. 3446.

3. 1980

   Farm Credit Act Amendments of 1980

   Pub. L. 96–592 § 301(2) · 94 Stat. 3437

   Inserted · 12 U.S.C. § 2122(12)

   Pub. L. 96–592, § 301(2), inserted applicability to any insured State nonmember bank and to other domestic or foreign financial organizations

   Source evidence

   Code amendment note
   Par. (12). Pub. L. 96–592, § 301(2), inserted applicability to any insured State nonmember bank and to other domestic or foreign financial organizations.

   Enacted provision · exact public law section
   (2) inserting after “System” in the first sentence in paragraph (12) “or any insured State nonmember bank as defined in section 2 of the Federal Deposit Insurance Act or, to the extent necessary 12 USC 264 note, 1811–1831. Post, p. 3444. to facilitate transactions which may be financed under section 3.7(b) of this Act, any other financial organization, domestic or foreign, as may be authorized by its board of directors and approved by the Farm Credit Administration”;

4. 1980

   Farm Credit Act Amendments of 1980

   Pub. L. 96–592 § 301(3) · 94 Stat. 3437

   1. Amended · 12 U.S.C. § 2122(13)

      Pub. L. 96–592, § 301(3), designated existing provisions as subpar. (A)

   2. Added · 12 U.S.C. § 2122(13)

      Pub. L. 96–592, § 301(3), added subpars. (B) and (C)

   Source evidence

   Code amendment note
   Par. (13). Pub. L. 96–592, § 301(3), designated existing provisions as subpar. (A) and added subpars. (B) and (C).

   Enacted provision · exact public law section
   (3) amending paragraph (13) by: (a) inserting immediately after “(13)” the designation “(A)”; (b) inserting after subparagraph (A) the following new subparagraphs (B) and (C): “(B) As may be authorized by its board of directors and approved by the Farm Credit Administration, buy from and sell to Farm Credit System institutions interests in loans and in other financial assistance extended and nonvoting stock. “(C) As may be authorized by its board of directors and approved by the Farm Credit Administration, and solely for the purposes of obtaining credit information and other services needed to facilitate transactions which may be financed under section 3.7(b) of this Act, invest in ownership interests in foreign business entities that are principally engaged in providing credit information to and performing such servicing functions for their members in connection with the members’ international activities.”; and

5. 1980

   Farm Credit Act Amendments of 1980

   Pub. L. 96–592 § 301(4) · 94 Stat. 3437

   Added · 12 U.S.C. § 2122(18); 12 U.S.C. § 2122(19)

   Pub. L. 96–592, § 301(4), added pars. (18) and (19)

   Source evidence

   Code amendment note
   Pars. (18), (19). Pub. L. 96–592, § 301(4), added pars. (18) and (19).

   Enacted provision · exact public law section
   (4) adding new paragraphs (18) and (19) as follows: “(18) As may be authorized by the board of directors and approved by the Farm Credit Administration, maintain credit balances and pay or receive fees or interest thereon, for the purpose of assisting in the transfer of funds to or from parties to transactions that may be financed under section 3.7(b) of this Act: Provided, however, That nothing herein shall authorize the banks for cooperatives to engage in the business of accepting domestic deposits. “(19) As may be authorized by its board of directors and approved by the Farm Credit Administration, agree with other Farm Credit System institutions to share loan or other losses, whether to protect against capital impairment or for any other purpose.”.

6. 1985

   Farm Credit Amendments Act of 1985

   Pub. L. 99–205 title II § 205(e)(1) · 99 Stat. 1678

   Substituted · 12 U.S.C. § 2122

   Pub. L. 99–205 substituted “regulation” for “supervision” in provision preceding par. (1)

   Source evidence

   Code amendment note
   Pub. L. 99–205 substituted “regulation” for “supervision” in provision preceding par. (1).

   Enacted provision · exact public law section
   (1) in section 2.1— (A) striking out “supervision of ” in the matter preceding paragraph (1) and inserting in lieu thereof “regulation by”; (B) striking out “vested in or delegated to the intermediate credit bank” in paragraph (14); and (C) striking out paragraph (21);

7. 1985

   Farm Credit Amendments Act of 1985

   Pub. L. 99–205 title II § 205(e)(1) · 99 Stat. 1678

   Inserted · 12 U.S.C. § 2122(13)(A)

   Pub. L. 99–205 inserted “under regulations issued” after “authorized”

   Source evidence

   Code amendment note
   Par. (13)(A). Pub. L. 99–205 inserted “under regulations issued” after “authorized”.

   Enacted provision · exact public law section
   (1) in section 2.1— (A) striking out “supervision of ” in the matter preceding paragraph (1) and inserting in lieu thereof “regulation by”; (B) striking out “vested in or delegated to the intermediate credit bank” in paragraph (14); and (C) striking out paragraph (21);

8. 1985

   Farm Credit Amendments Act of 1985

   Pub. L. 99–205 title II § 205(e)(1) · 99 Stat. 1678

   1. Struck · 12 U.S.C. § 2122(16)(19)

      Pub. L. 99–205 struck out par. (16) respecting power of bank for cooperatives to perform any function delegated to it by the Farm Credit Administration

   2. Redesignated · 12 U.S.C. § 2122(16)(19)

      Pub. L. 99–205 redesignated pars. (17) to (19) as (16) to (18), respectively

   Source evidence

   Code amendment note
   Pars. (16) to (19). Pub. L. 99–205 struck out par. (16) respecting power of bank for cooperatives to perform any function delegated to it by the Farm Credit Administration, and redesignated pars. (17) to (19) as (16) to (18), respectively.

   Enacted provision · exact public law section
   (1) in section 2.1— (A) striking out “supervision of ” in the matter preceding paragraph (1) and inserting in lieu thereof “regulation by”; (B) striking out “vested in or delegated to the intermediate credit bank” in paragraph (14); and (C) striking out paragraph (21);

9. 1988

   Agricultural Credit Act of 1987

   Pub. L. 100–233 title VIII § 802(n) · 101 Stat. 1568

   Struck · 12 U.S.C. § 2122(12); 12 U.S.C. § 2122(13)(B); 12 U.S.C. § 2122(C); 12 U.S.C. § 2122(17); 12 U.S.C. § 2122(18)

   Pub. L. 100–233 struck out “and approved by the Farm Credit Administration” after “board of directors”

   Source evidence

   Code amendment note
   Pars. (12), (13)(B), (C), (17), (18). Pub. L. 100–233 struck out “and approved by the Farm Credit Administration” after “board of directors”.

   Enacted provision · exact public law section
   (n) Banks for Cooperatives, Corporation.— Section 3.1 (12 U.S.C. 2122) is amended by striking out “and approved by the Farm Credit Administration” each place it appears.

   Effective date note
   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.

10. 1988

    Agricultural Credit Technical Corrections Act of 1988

    Pub. L. 100–399 title IX § 901(b) · 102 Stat. 989

    Substituted · 12 U.S.C. § 2122(12)

    Pub. L. 100–399 substituted “(within the meaning of section 1813 of this title)” for “as defined in section 1812 of this title.”

    Source evidence

    Code amendment note
    Par. (12). Pub. L. 100–399 substituted “(within the meaning of section 1813 of this title)” for “as defined in section 1812 of this title.”

    Enacted provision · exact public law section
    (b) Sections 2.1(12) and 3.1(12) are each amended by striking out 12 USC 2072, 2122. “as defined in section 2 of the Federal Deposit Insurance Act” and inserting in lieu thereof “(within the meaning of section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813))”.

    Effective date note
    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.

11. 1992

    Farm Credit Banks and Associations Safety and Soundness Act of 1992

    Pub. L. 102–552 title V § 502 · 106 Stat. 4102

    1. Amended · 12 U.S.C. § 2122(11)

       Pub. L. 102–552 designated existing provisions as subpar. (A)

    2. Added · 12 U.S.C. § 2122(11)

       Pub. L. 102–552 added subpar. (B)

    Source evidence

    Code amendment note
    Par. (11). Pub. L. 102–552 designated existing provisions as subpar. (A) and added subpar. (B).

    Enacted provision · exact public law section
    SEC. 502. RISK MANAGEMENT PARTICIPATION AUTHORITY. Section 3.1(11) (12 U.S.C. 2122(11)) is amended— (1) by inserting “(A)” after “(11)”; and (2) by adding at the end the following new subparagraph: “(B) (i) Participate in any loan of a type otherwise authorized under this title that is made to a similar entity by any institution in the business of extending credit, including purchases of participations in loans to finance international trade transactions involving the sale of agricultural commodities or the products thereof, except that— “(I) a bank for cooperatives may not participate in a loan— “(aa) if the participation would cause the total amount of all loan participations by the bank under this subparagraph involving a single credit risk to exceed 10 percent of the bank’s total capital; or “(bb) if the participation by the bank will itself equal or exceed 50 percent of the principal of the loan or, when taken together with participations in the loan by the other banks for cooperatives under this subparagraph, will cause the cumulative amount of the participations by all banks for cooperatives in the loan to equal or exceed 50 percent of the principal of the loan; “(II) a bank for cooperatives may not participate in a loan to a similar entity under this subparagraph if the similar entity has a loan or loan commitment outstanding with a Farm Credit Bank or an association chartered under this Act, unless agreed to by the Bank or association; and “(III) the cumulative amount of participations that a bank for cooperatives may have outstanding under this subparagraph at any time may not exceed 15 percent of the bank’s total assets. “(ii) As used in this subparagraph, the term ‘similar entity’ means an entity that, while not eligible for a loan under section 3.8, is functionally similar to an entity eligible for a loan under section 3.8 in that it derives a majority of its income from, or has a majority of its assets invested in, the conduct of activities functionally similar to those conducted by the entity. “(iii) With respect to similar entities that are eligible to borrow from a Farm Credit Bank or association under title I or II, the authority of a bank for cooperatives to participate in loans to the entities under this subparagraph shall be subject to the prior approval of the Farm Credit Bank or Banks in whose chartered territory the entity is eligible to borrow. The approval may be granted on an annual basis and under such terms and conditions as may be agreed on between the bank for cooperatives and the Farm Credit Bank or Banks that serve the territory.”.

12. 1994

    Farm Credit System Agricultural Export and Risk Management Act

    Pub. L. 103–376 § 6 · 108 Stat. 3497

    1. Substituted · 12 U.S.C. § 2122(11)(B)(i)(I)(bb)

       Pub. L. 103–376, § 6, substituted “other Farm Credit System institutions” for “the other banks for cooperatives under this subparagraph”

    2. Substituted · 12 U.S.C. § 2122(11)(B)(i)(I)(bb)

       Pub. L. 103–376, § 6, substituted “all Farm Credit System institutions” for “all banks for cooperatives”

    Source evidence

    Code amendment note
    Par. (11)(B)(i)(I)(bb). Pub. L. 103–376, § 6, substituted “other Farm Credit System institutions” for “the other banks for cooperatives under this subparagraph” and “all Farm Credit System institutions” for “all banks for cooperatives”.

    Enacted provision · exact public law section
    SEC. 6. CONFORMING AMENDMENTS. Section 3.1(11)(B)(i)(I)(bb) of the Farm Credit Act of 1971 (12 U.S.C. 2122(11)(B)(i)(I)(bb)) is amended— (A) by striking “the other banks for cooperatives under this subparagraph” and inserting “other Farm Credit System institutions”; and (B) by striking “all banks for cooperatives” and inserting “all Farm Credit System institutions”.

13. 1994

    Farm Credit System Agricultural Export and Risk Management Act

    Pub. L. 103–376 § 2 · 108 Stat. 3497

    Added · 12 U.S.C. § 2122(11)(B)(iv)

    Pub. L. 103–376, § 2, added cl. (iv)

    Source evidence

    Code amendment note
    Par. (11)(B)(iv). Pub. L. 103–376, § 2, added cl. (iv).

    Enacted provision · exact public law section
    SEC. 2. PARTICIPATION DEFINED. Section 3.1(11)(B) of the Farm Credit Act of 1971 (12 U.S.C. 2122(11)(B)) is amended by adding at the end the following new clause: “(iv) As used in this subparagraph, the term ‘participate’ or ‘participation’ refers to multilender transactions, including syndications, assignments, loan participations, subparticipations, or other forms of the purchase, sale, or transfer of interests in loans, other extensions of credit, or other technical and financial assistance.”.

14. 2002

    Pub. L. 107–171 title V § 5401(a) · 116 Stat. 134

    1. Redesignated · 12 U.S.C. § 2122(11)(B)(iii); 12 U.S.C. § 2122(11)(B)(iv)

       Pub. L. 107–171 redesignated cl. (iv) as (iii)

    2. Struck · 12 U.S.C. § 2122(11)(B)(iii); 12 U.S.C. § 2122(11)(B)(iv)

       Pub. L. 107–171 struck out former cl. (iii) which read as follows: “With respect to similar entities that are eligible to borrow from a Farm Credit Bank or association under subchapter I or II of this chapter, the authority of a bank for cooperatives to participate in loans to the entities under this subparagraph shall be subject to the prior approval of the Farm Credit Bank or Banks in whose chartered territory the entity is eligible to borrow. The approval may be granted on an annual basis and under such terms and conditions as may be agreed on between the bank for cooperatives and the Farm Credit Bank or Banks that serve the territory.”

    Source evidence

    Code amendment note
    Par. (11)(B)(iii), (iv). Pub. L. 107–171 redesignated cl. (iv) as (iii) and struck out former cl. (iii) which read as follows: “With respect to similar entities that are eligible to borrow from a Farm Credit Bank or association under subchapter I or II of this chapter, the authority of a bank for cooperatives to participate in loans to the entities under this subparagraph shall be subject to the prior approval of the Farm Credit Bank or Banks in whose chartered territory the entity is eligible to borrow. The approval may be granted on an annual basis and under such terms and conditions as may be agreed on between the bank for cooperatives and the Farm Credit Bank or Banks that serve the territory.”

    Enacted provision · exact public law section
    (a) Banks for Cooperatives.— Section 3.1(11)(B) of the Farm Credit Act of 1971 (12 U.S.C. 2122(11)(B)) is amended— (1) by striking clause (iii); and (2) by redesignating clause (iv) as clause (iii).

19 of 19 references resolved to an enrolled provision