§ 2124. Stock of banks for cooperatives

Statutory text

Amount

The Capital stock of each bank for cooperatives shall be in such amount as its board determines is required for the purpose of providing adequate capital to permit the bank to meet the credit needs of borrowers from the bank and such amounts may be increased or decreased from time to time in accordance with such needs.

Value

The capital stock of each bank shall be divided into shares of par value of $100 each and may be of such classes as the board may determine. Such stock may be issued in fractional shares.

Eligible holders of voting stock

Voting stock may be issued or transferred to and held only by (i) cooperative associations eligible to borrow from the banks 1 (ii) other categories of persons and entities described in sections 2128 and 2129 of this title eligible to borrow from the bank, as determined by the bank’s board of directors; and (iii) other banks for cooperatives, and shall not be otherwise transferred, pledged, or hypothecated except as consented to by the issuing bank under regulations of the Farm Credit Administration.

Entitlement to vote

Each holder of one or more shares of voting stock which is eligible to borrow from a bank for cooperatives shall be entitled only to one vote and only in the affairs of the bank in the district in which its principal office is located unless otherwise authorized under regulations issued by the Farm Credit Administration, except that if such holder has not been a borrower from the bank in which it holds such stock within a period of two years next preceding the date fixed by the Farm Credit Administration prior to the commencement of voting, it shall not be entitled to vote.

Nonvoting investment stock

Nonvoting investment stock may be issued in such series and in such amounts as may be determined by the board and may be exchanged for voting stock or sold or transferred to any person subject to the approval of the issuing bank.

Participation certificates

Participation certificates may be issued to parties to whom voting stock may not be issued.

Footnotes

1 So in original. There probably should be a semicolon after “banks”.

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.

1971
Farm Credit Act of 1971
Pub. L. 92–181 title III § 3 · 85 Stat. 583
Enacted · 12 U.S.C. § 2124
Pub. L. 92–181, title III, § 3.3, Dec. 10, 1971, 85 Stat. 603
Source evidence
Code source credit
Pub. L. 92–181, title III, § 3.3, Dec. 10, 1971, 85 Stat. 603
Enacted provision · exact public law section
(3) Make contracts.
1980
Farm Credit Act Amendments of 1980
Pub. L. 96–592 title III § 302 · 94 Stat. 3437
Added · 12 U.S.C. § 2124(f)
Pub. L. 96–592 added subsec. (f)
Source evidence
Code amendment note
Subsec. (f). Pub. L. 96–592 added subsec. (f).
Enacted provision · exact public law section
Sec. 302. Section 3.3 of the Farm Credit Act of 1971 is amended by 12 USC 2124. adding a new subsection (f) as follows: “(f) Participation certificates may be issued to parties to whom voting stock may not be issued.”.
1985
Farm Credit Amendments Act of 1985
Pub. L. 99–205 § 205(e)(3) · 99 Stat. 1678
Inserted · 12 U.S.C. § 2124(d)
Pub. L. 99–205, § 205(e)(3), inserted “under regulations issued by” after “authorized”
Source evidence
Code amendment note
Subsec. (d). Pub. L. 99–205, § 205(e)(3), inserted “under regulations issued by” after “authorized”.
Enacted provision · exact public law section
(3) in section 2.2(f)— (A) striking out “Dividends” and all that follows through “noncumulative” and inserting “Noncumulative” in lieu thereof in the first sentence; and (B) striking out “, when the Governor of the Farm Credit Administration holds no stock in the bank,” in the second sentence;
1985
Farm Credit Amendments Act of 1985
Pub. L. 99–205 § 205(e)(4) · 99 Stat. 1678
Struck · 12 U.S.C. § 2124(e)
Pub. L. 99–205, § 205(e)(4), struck out “, except for stock held by the Governor,” before “may be exchanged”
Source evidence
Code amendment note
Subsec. (e). Pub. L. 99–205, § 205(e)(4), struck out “, except for stock held by the Governor,” before “may be exchanged”.
Enacted provision · exact public law section
(4) in section 2.2(g), striking out “After all stock held” and all that follows through “other stock” and inserting in lieu thereof “The bank may retire stock”;
1988
Agricultural Credit Act of 1987
Pub. L. 100–233 § 802 · 101 Stat. 1568
Struck · 12 U.S.C. § 2124(a)
Pub. L. 100–233, § 802(o)(1), struck out “, with the approval of Farm Credit Administration,” after “board determines”
Source evidence
Code amendment note
Subsec. (a). Pub. L. 100–233, § 802(o)(1), struck out “, with the approval of Farm Credit Administration,” after “board determines”.
Enacted provision · exact public law section
SEC. 802. REPEAL OF PREAPPROVAL AND RELATED AUTHORITIES. (a) Approval of Amendments to Federal Land Bank Charters.— Section 1.3 (12 U.S.C. 2011) is amended by striking out the second sentence and inserting in lieu thereof “The Farm Credit Administration shall approve amendments consistent with this Act to charters of Federal land banks.”. (b) Federal Land Bank Powers.— Section 1.4 (12 U.S.C. 2012) is amended— (1) in paragraph (15), by striking out “and approved by” and inserting in lieu thereof “in accordance with regulations of”; (2) in paragraph (21), by striking out “as” and by inserting in lieu thereof “in accordance with generally accepted accounting principles, except as may be”; and (3) in paragraph (22), by striking out “and approved by the Farm Credit Administration”. (c) Land Bank Stock.— Section 1.5 (12 U.S.C. 2013) is amended— (1) in subsection (a), by striking out “with the approval of the Farm Credit Administration”; (2) in subsection (d), by striking out “and approved by the Farm Credit Administration”; and (3) in subsection (f), by striking out “the Farm Credit Administration may approve” and inserting in lieu thereof “may be approved by the board of directors of the bank”. (d) Security for Federal Land Bank Loans.— Section 1.9 (12 U.S.C. 2017) is amended— (1) in the first sentence, by striking out “approved by” and inserting in lieu thereof “prescribed by regulations of”; and (2) in the second sentence, by striking out “and approved by” and inserting in lieu thereof “in accordance with regulations of”. (e) FCA Authority Over Federal Land Bank Associations.— The last sentence of section 1.13 (12 U.S.C. 2031) is amended— (1) by striking out “or by approving bylaws of the association,”; (2) by striking out “direct at any time changes in” and inserting in lieu thereof “approve amendments to”; and (3) by striking out “as” and all that follows through “Act”. (f) Land Bank Reserves.— Section 1.17 (12 U.S.C. 2051) is amended— (1) in subsection (a), by inserting “regulations of’ before “the Farm Credit Administration”; and (2) in subsection (b)— (A) by striking out “(1)”; and (B) by striking out “hereof, and (2) the approval of the Farm Credit Administration”. (g) Association Reserves.— Section 1.18(a) (12 U.S.C. 2052(a)) is amended by inserting “regulations of” before “the Farm Credit Administration”. (h) Federal Intermediate Credit Bank, Establishment.— Section 2.0 (12 U.S.C. 2017) is amended by striking out the second 12 USC 2071. sentence and inserting in lieu thereof “The Farm Credit Administration shall approve amendments consistent with this Act to charters of Federal intermediate credit banks.”. (i) Federal Intermediate Credit Bank, Corporate Powers.— Section 2.1 (12 U.S.C. 2018) is amended— 12 USC 2072. (1) in paragraph (13), by striking out “and approved by” and inserting in lieu thereof “in accordance with regulations of”; and (2) in paragraph (18), by striking out “and approved by the Farm Credit Administration”. (j) Federal Intermediate Credit Bank, Stock.— Section 2.2 (12 U.S.C. 2019) is amended— 12 USC 2073. (1) in subsection (a), by striking out “with the approval of the Farm Credit Administration”; (2) in subsection (d), by striking out “and approved by the Farm Credit Administration”; and (3) in subsection (g)— (A) in the first paragraph, by striking out “, with the approval of the Farm Credit Administration,”; (B) in the second paragraph, by striking out “, with approval of the Farm Credit Administration,”; and (C) in the first sentence of the fourth paragraph, by striking out “under” and inserting in lieu thereof “in accordance with”. (k) Net Earnings.— The second sentence of section 2.6(c) (12 U.S.C. 2077(a)) is amended— (1) by striking out “approved” and inserting in lieu thereof “established”; and (2) by inserting after “Administration” the following “in regulations”. (l) Production Credit Associations, Charter.— The last sentence of section 2.10 (12 U.S.C. 2019) is amended— 12 USC 2091. (1) by striking out “or by approval of bylaws of the association,”; and (2) by striking out “direct” and all that follows through the period and inserting in lieu thereof “approve amendments to the charter of such association.”. (m) Banks for Cooperatives, Establishemnt.— Section 3.0 (12 U.S.C. 2121) is amended by striking out the second sentence and inserting in lieu thereof “The Farm Credit Administration shall approve amendments consistent with this Act to charters and organizational certificates of banks for cooperatives.”. (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. (o) Banks for Cooperatives, Stock.— Section 3.3 (12 U.S.C. 2124) is amended— (1) in subsection (a), by striking out “, with the approval of the Farm Credit Administration,”; (2) in subsection (b), by striking out “with the approval of the Farm Credit Administration”; and (3) in subsection (e), by striking out “and approved by the Farm Credit Administration”. (p) Banks for Cooperatives, Retirement of Stock.— Section 3.5 12 USC 2126. (12 U.S.C. 2125) is amended by striking out “with approval of the Farm Credit Administration”. (q) Ownership of Stock.— Section 3.9(a) (12 U.S.C. 2130(a)) is amended— (1) in the first sentence, by striking out “with the approval of the Farm Credit Administration”; (2) in the second sentence, by striking out “, with the approval of the Farm Credit Administration,”; and (3) in the third sentence, by striking out “as may be approved by the Farm Credit Administration”. (r) 12 USC 2132. Earnings and Reserves.— Section 3.11 (12 U.S.C. 2131) is amended— (1) in subsection (b), by striking out “as may be approved by the Farm Credit Administration”; (2) in subsection (c), by striking out “the Farm Credit Administration may approve” and inserting in lieu thereof “may be approved by the board of directors”; and (3) in subsection (d), by striking out “the Farm Credit Administration may approve” and inserting in lieu thereof “may be approved by the board of directors”. (s) Powers of the Farm Credit Administration.— Section 4.26 (12 U.S.C. 2212) is amended— (1) by striking out “or by prescribing in the terms of the charter or by approval of the bylaws of the corporation”; (2) by striking out “direct at any time” and all that follows through the period at the end of the first sentence and inserting in lieu thereof “approve amendments consistent with this Act to charters or articles of service corporations.”; and (3) by striking out the second sentence. (t) Supervision.— The heading of section 4.27 (12 U.S.C. 2213) is amended by striking out “Supervision” and inserting in lieu thereof “Regulation”. (u) District Elections.— Section 5.2 (12 U.S.C. 2223) is amended— (1) in subsection (b)— (A) by striking out “Farm Credit Administration” the first place it appears and inserting in lieu thereof “district election committee of the district where the election will be held”; and (B) by striking out “Farm Credit Administration” each place it appears thereafter and inserting in lieu thereof “district election committee”; (2) in subsection (c)— (A) by striking out “Farm Credit Administration” the first place it appears and inserting in lieu thereof “district election committee of the district where the election will be held”; (B) by striking out “Farm Credit Administration” each place it appears thereafter and inserting in lieu thereof “district election committee”; and (C) by striking out “(b)” and inserting in lieu thereof “(c)”; and (3) by redesignating subsections (b), (c), and (d), as subsections (c), (d), and (e), respectively, and inserting after subsection (a) the following: “(b) Each district board shall designate a district election committee. No member of such district election committee shall be a candidate for election to the district board. The responsibilities and authorities of the district election committee, delegated by the district board, shall be those set forth in this section.”. (v) Farm Credit Administration, Powers.— Section 5.17 (12 U.S.C. 2251) is amended— 12 USC 2252. (1) in subsection (a)— (A) in paragraph (2), by striking out “amend or modify” and inserting in lieu thereof “approve amendments to”; and (B) in paragraph (5), by striking out “that meet standards and criteria” and all that follows through “refunds by Farm Credit System institutions”; and (2) by redesignating subsections (b) and (c) as subsections (c) and (d), respectively, and by inserting after subsection (a) the following: “(b) The Farm Credit Administration shall not have authority, either direct or indirect, to approve bylaws, or any amendments or modifications or changes to bylaws, of System institutions.”. (w) Transition Rules Relating to Amendment of Certain FCA Approval Authorities.—Part D of title V (12 U.S.C. 2001 note, et seq.) is amended by adding at the end thereof the following new section: “SEC. 5.45. TRANSITION RILES RELATING TO AMENDMENT OF CERTAIN FCA APPROVAL AUTHORITIES. “(a) In General.— Any approvals granted by the Farm Credit Administration before the date of the enactment of this section shall remain in effect on and after such date. “(b) Authority to Issue Regulations.— “(1) In general.— Any approval authority of the Farm Credit Administration that, under the amendments made by section 802 of the Agricultural Credit Act of 1987, became an authority to issue regulations may be exercised only until the earlier of the date the Farm Credit Administration issues final regulations under such authority, or 1 year after the date of the enactment of this section. “(2) Enforcement actions.— At the close of the 1-year period referred to in paragraph (1), the Farm Credit Administration shall not take any enforcement action against any System institution with respect to any provision so amended, until the Farm Credit Administration issues final regulations under such provision. “(c) Effect of Section.— This section shall not affect the authority of the Farm Credit Administration to exercise any other approval authority either on a case-by-case basis or through regulation, as provided in section 5.17(a)(5).”.
1988
Agricultural Credit Act of 1987
Pub. L. 100–233 § 802 · 101 Stat. 1568
Struck · 12 U.S.C. § 2124(b)
Pub. L. 100–233, § 802(o)(2), struck out “with the approval of the Farm Credit Administration” after “board may determine”
Source evidence
Code amendment note
Subsec. (b). Pub. L. 100–233, § 802(o)(2), struck out “with the approval of the Farm Credit Administration” after “board may determine”.
Enacted provision · exact public law section
SEC. 802. REPEAL OF PREAPPROVAL AND RELATED AUTHORITIES. (a) Approval of Amendments to Federal Land Bank Charters.— Section 1.3 (12 U.S.C. 2011) is amended by striking out the second sentence and inserting in lieu thereof “The Farm Credit Administration shall approve amendments consistent with this Act to charters of Federal land banks.”. (b) Federal Land Bank Powers.— Section 1.4 (12 U.S.C. 2012) is amended— (1) in paragraph (15), by striking out “and approved by” and inserting in lieu thereof “in accordance with regulations of”; (2) in paragraph (21), by striking out “as” and by inserting in lieu thereof “in accordance with generally accepted accounting principles, except as may be”; and (3) in paragraph (22), by striking out “and approved by the Farm Credit Administration”. (c) Land Bank Stock.— Section 1.5 (12 U.S.C. 2013) is amended— (1) in subsection (a), by striking out “with the approval of the Farm Credit Administration”; (2) in subsection (d), by striking out “and approved by the Farm Credit Administration”; and (3) in subsection (f), by striking out “the Farm Credit Administration may approve” and inserting in lieu thereof “may be approved by the board of directors of the bank”. (d) Security for Federal Land Bank Loans.— Section 1.9 (12 U.S.C. 2017) is amended— (1) in the first sentence, by striking out “approved by” and inserting in lieu thereof “prescribed by regulations of”; and (2) in the second sentence, by striking out “and approved by” and inserting in lieu thereof “in accordance with regulations of”. (e) FCA Authority Over Federal Land Bank Associations.— The last sentence of section 1.13 (12 U.S.C. 2031) is amended— (1) by striking out “or by approving bylaws of the association,”; (2) by striking out “direct at any time changes in” and inserting in lieu thereof “approve amendments to”; and (3) by striking out “as” and all that follows through “Act”. (f) Land Bank Reserves.— Section 1.17 (12 U.S.C. 2051) is amended— (1) in subsection (a), by inserting “regulations of’ before “the Farm Credit Administration”; and (2) in subsection (b)— (A) by striking out “(1)”; and (B) by striking out “hereof, and (2) the approval of the Farm Credit Administration”. (g) Association Reserves.— Section 1.18(a) (12 U.S.C. 2052(a)) is amended by inserting “regulations of” before “the Farm Credit Administration”. (h) Federal Intermediate Credit Bank, Establishment.— Section 2.0 (12 U.S.C. 2017) is amended by striking out the second 12 USC 2071. sentence and inserting in lieu thereof “The Farm Credit Administration shall approve amendments consistent with this Act to charters of Federal intermediate credit banks.”. (i) Federal Intermediate Credit Bank, Corporate Powers.— Section 2.1 (12 U.S.C. 2018) is amended— 12 USC 2072. (1) in paragraph (13), by striking out “and approved by” and inserting in lieu thereof “in accordance with regulations of”; and (2) in paragraph (18), by striking out “and approved by the Farm Credit Administration”. (j) Federal Intermediate Credit Bank, Stock.— Section 2.2 (12 U.S.C. 2019) is amended— 12 USC 2073. (1) in subsection (a), by striking out “with the approval of the Farm Credit Administration”; (2) in subsection (d), by striking out “and approved by the Farm Credit Administration”; and (3) in subsection (g)— (A) in the first paragraph, by striking out “, with the approval of the Farm Credit Administration,”; (B) in the second paragraph, by striking out “, with approval of the Farm Credit Administration,”; and (C) in the first sentence of the fourth paragraph, by striking out “under” and inserting in lieu thereof “in accordance with”. (k) Net Earnings.— The second sentence of section 2.6(c) (12 U.S.C. 2077(a)) is amended— (1) by striking out “approved” and inserting in lieu thereof “established”; and (2) by inserting after “Administration” the following “in regulations”. (l) Production Credit Associations, Charter.— The last sentence of section 2.10 (12 U.S.C. 2019) is amended— 12 USC 2091. (1) by striking out “or by approval of bylaws of the association,”; and (2) by striking out “direct” and all that follows through the period and inserting in lieu thereof “approve amendments to the charter of such association.”. (m) Banks for Cooperatives, Establishemnt.— Section 3.0 (12 U.S.C. 2121) is amended by striking out the second sentence and inserting in lieu thereof “The Farm Credit Administration shall approve amendments consistent with this Act to charters and organizational certificates of banks for cooperatives.”. (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. (o) Banks for Cooperatives, Stock.— Section 3.3 (12 U.S.C. 2124) is amended— (1) in subsection (a), by striking out “, with the approval of the Farm Credit Administration,”; (2) in subsection (b), by striking out “with the approval of the Farm Credit Administration”; and (3) in subsection (e), by striking out “and approved by the Farm Credit Administration”. (p) Banks for Cooperatives, Retirement of Stock.— Section 3.5 12 USC 2126. (12 U.S.C. 2125) is amended by striking out “with approval of the Farm Credit Administration”. (q) Ownership of Stock.— Section 3.9(a) (12 U.S.C. 2130(a)) is amended— (1) in the first sentence, by striking out “with the approval of the Farm Credit Administration”; (2) in the second sentence, by striking out “, with the approval of the Farm Credit Administration,”; and (3) in the third sentence, by striking out “as may be approved by the Farm Credit Administration”. (r) 12 USC 2132. Earnings and Reserves.— Section 3.11 (12 U.S.C. 2131) is amended— (1) in subsection (b), by striking out “as may be approved by the Farm Credit Administration”; (2) in subsection (c), by striking out “the Farm Credit Administration may approve” and inserting in lieu thereof “may be approved by the board of directors”; and (3) in subsection (d), by striking out “the Farm Credit Administration may approve” and inserting in lieu thereof “may be approved by the board of directors”. (s) Powers of the Farm Credit Administration.— Section 4.26 (12 U.S.C. 2212) is amended— (1) by striking out “or by prescribing in the terms of the charter or by approval of the bylaws of the corporation”; (2) by striking out “direct at any time” and all that follows through the period at the end of the first sentence and inserting in lieu thereof “approve amendments consistent with this Act to charters or articles of service corporations.”; and (3) by striking out the second sentence. (t) Supervision.— The heading of section 4.27 (12 U.S.C. 2213) is amended by striking out “Supervision” and inserting in lieu thereof “Regulation”. (u) District Elections.— Section 5.2 (12 U.S.C. 2223) is amended— (1) in subsection (b)— (A) by striking out “Farm Credit Administration” the first place it appears and inserting in lieu thereof “district election committee of the district where the election will be held”; and (B) by striking out “Farm Credit Administration” each place it appears thereafter and inserting in lieu thereof “district election committee”; (2) in subsection (c)— (A) by striking out “Farm Credit Administration” the first place it appears and inserting in lieu thereof “district election committee of the district where the election will be held”; (B) by striking out “Farm Credit Administration” each place it appears thereafter and inserting in lieu thereof “district election committee”; and (C) by striking out “(b)” and inserting in lieu thereof “(c)”; and (3) by redesignating subsections (b), (c), and (d), as subsections (c), (d), and (e), respectively, and inserting after subsection (a) the following: “(b) Each district board shall designate a district election committee. No member of such district election committee shall be a candidate for election to the district board. The responsibilities and authorities of the district election committee, delegated by the district board, shall be those set forth in this section.”. (v) Farm Credit Administration, Powers.— Section 5.17 (12 U.S.C. 2251) is amended— 12 USC 2252. (1) in subsection (a)— (A) in paragraph (2), by striking out “amend or modify” and inserting in lieu thereof “approve amendments to”; and (B) in paragraph (5), by striking out “that meet standards and criteria” and all that follows through “refunds by Farm Credit System institutions”; and (2) by redesignating subsections (b) and (c) as subsections (c) and (d), respectively, and by inserting after subsection (a) the following: “(b) The Farm Credit Administration shall not have authority, either direct or indirect, to approve bylaws, or any amendments or modifications or changes to bylaws, of System institutions.”. (w) Transition Rules Relating to Amendment of Certain FCA Approval Authorities.—Part D of title V (12 U.S.C. 2001 note, et seq.) is amended by adding at the end thereof the following new section: “SEC. 5.45. TRANSITION RILES RELATING TO AMENDMENT OF CERTAIN FCA APPROVAL AUTHORITIES. “(a) In General.— Any approvals granted by the Farm Credit Administration before the date of the enactment of this section shall remain in effect on and after such date. “(b) Authority to Issue Regulations.— “(1) In general.— Any approval authority of the Farm Credit Administration that, under the amendments made by section 802 of the Agricultural Credit Act of 1987, became an authority to issue regulations may be exercised only until the earlier of the date the Farm Credit Administration issues final regulations under such authority, or 1 year after the date of the enactment of this section. “(2) Enforcement actions.— At the close of the 1-year period referred to in paragraph (1), the Farm Credit Administration shall not take any enforcement action against any System institution with respect to any provision so amended, until the Farm Credit Administration issues final regulations under such provision. “(c) Effect of Section.— This section shall not affect the authority of the Farm Credit Administration to exercise any other approval authority either on a case-by-case basis or through regulation, as provided in section 5.17(a)(5).”.
1988
Agricultural Credit Act of 1987
Pub. L. 100–233 § 805(k) · 101 Stat. 1568
Substituted · 12 U.S.C. § 2124(d)
Pub. L. 100–233, § 805(k), substituted “by” for “by by” after “regulations issued”
Source evidence
Code amendment note
Subsec. (d). Pub. L. 100–233, § 805(k), substituted “by” for “by by” after “regulations issued”.
Enacted provision · exact public law section
(k) Section 3.3(d) is amended by striking out “by” the first place it 12 USC 2124. appears.
1988
Agricultural Credit Act of 1987
Pub. L. 100–233 § 802 · 101 Stat. 1568
Struck · 12 U.S.C. § 2124(e)
Pub. L. 100–233, § 802(o)(3), struck out “and approved by the Farm Credit Administration” after “Board”
Source evidence
Code amendment note
Subsec. (e). Pub. L. 100–233, § 802(o)(3), struck out “and approved by the Farm Credit Administration” after “Board”.
Enacted provision · exact public law section
SEC. 802. REPEAL OF PREAPPROVAL AND RELATED AUTHORITIES. (a) Approval of Amendments to Federal Land Bank Charters.— Section 1.3 (12 U.S.C. 2011) is amended by striking out the second sentence and inserting in lieu thereof “The Farm Credit Administration shall approve amendments consistent with this Act to charters of Federal land banks.”. (b) Federal Land Bank Powers.— Section 1.4 (12 U.S.C. 2012) is amended— (1) in paragraph (15), by striking out “and approved by” and inserting in lieu thereof “in accordance with regulations of”; (2) in paragraph (21), by striking out “as” and by inserting in lieu thereof “in accordance with generally accepted accounting principles, except as may be”; and (3) in paragraph (22), by striking out “and approved by the Farm Credit Administration”. (c) Land Bank Stock.— Section 1.5 (12 U.S.C. 2013) is amended— (1) in subsection (a), by striking out “with the approval of the Farm Credit Administration”; (2) in subsection (d), by striking out “and approved by the Farm Credit Administration”; and (3) in subsection (f), by striking out “the Farm Credit Administration may approve” and inserting in lieu thereof “may be approved by the board of directors of the bank”. (d) Security for Federal Land Bank Loans.— Section 1.9 (12 U.S.C. 2017) is amended— (1) in the first sentence, by striking out “approved by” and inserting in lieu thereof “prescribed by regulations of”; and (2) in the second sentence, by striking out “and approved by” and inserting in lieu thereof “in accordance with regulations of”. (e) FCA Authority Over Federal Land Bank Associations.— The last sentence of section 1.13 (12 U.S.C. 2031) is amended— (1) by striking out “or by approving bylaws of the association,”; (2) by striking out “direct at any time changes in” and inserting in lieu thereof “approve amendments to”; and (3) by striking out “as” and all that follows through “Act”. (f) Land Bank Reserves.— Section 1.17 (12 U.S.C. 2051) is amended— (1) in subsection (a), by inserting “regulations of’ before “the Farm Credit Administration”; and (2) in subsection (b)— (A) by striking out “(1)”; and (B) by striking out “hereof, and (2) the approval of the Farm Credit Administration”. (g) Association Reserves.— Section 1.18(a) (12 U.S.C. 2052(a)) is amended by inserting “regulations of” before “the Farm Credit Administration”. (h) Federal Intermediate Credit Bank, Establishment.— Section 2.0 (12 U.S.C. 2017) is amended by striking out the second 12 USC 2071. sentence and inserting in lieu thereof “The Farm Credit Administration shall approve amendments consistent with this Act to charters of Federal intermediate credit banks.”. (i) Federal Intermediate Credit Bank, Corporate Powers.— Section 2.1 (12 U.S.C. 2018) is amended— 12 USC 2072. (1) in paragraph (13), by striking out “and approved by” and inserting in lieu thereof “in accordance with regulations of”; and (2) in paragraph (18), by striking out “and approved by the Farm Credit Administration”. (j) Federal Intermediate Credit Bank, Stock.— Section 2.2 (12 U.S.C. 2019) is amended— 12 USC 2073. (1) in subsection (a), by striking out “with the approval of the Farm Credit Administration”; (2) in subsection (d), by striking out “and approved by the Farm Credit Administration”; and (3) in subsection (g)— (A) in the first paragraph, by striking out “, with the approval of the Farm Credit Administration,”; (B) in the second paragraph, by striking out “, with approval of the Farm Credit Administration,”; and (C) in the first sentence of the fourth paragraph, by striking out “under” and inserting in lieu thereof “in accordance with”. (k) Net Earnings.— The second sentence of section 2.6(c) (12 U.S.C. 2077(a)) is amended— (1) by striking out “approved” and inserting in lieu thereof “established”; and (2) by inserting after “Administration” the following “in regulations”. (l) Production Credit Associations, Charter.— The last sentence of section 2.10 (12 U.S.C. 2019) is amended— 12 USC 2091. (1) by striking out “or by approval of bylaws of the association,”; and (2) by striking out “direct” and all that follows through the period and inserting in lieu thereof “approve amendments to the charter of such association.”. (m) Banks for Cooperatives, Establishemnt.— Section 3.0 (12 U.S.C. 2121) is amended by striking out the second sentence and inserting in lieu thereof “The Farm Credit Administration shall approve amendments consistent with this Act to charters and organizational certificates of banks for cooperatives.”. (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. (o) Banks for Cooperatives, Stock.— Section 3.3 (12 U.S.C. 2124) is amended— (1) in subsection (a), by striking out “, with the approval of the Farm Credit Administration,”; (2) in subsection (b), by striking out “with the approval of the Farm Credit Administration”; and (3) in subsection (e), by striking out “and approved by the Farm Credit Administration”. (p) Banks for Cooperatives, Retirement of Stock.— Section 3.5 12 USC 2126. (12 U.S.C. 2125) is amended by striking out “with approval of the Farm Credit Administration”. (q) Ownership of Stock.— Section 3.9(a) (12 U.S.C. 2130(a)) is amended— (1) in the first sentence, by striking out “with the approval of the Farm Credit Administration”; (2) in the second sentence, by striking out “, with the approval of the Farm Credit Administration,”; and (3) in the third sentence, by striking out “as may be approved by the Farm Credit Administration”. (r) 12 USC 2132. Earnings and Reserves.— Section 3.11 (12 U.S.C. 2131) is amended— (1) in subsection (b), by striking out “as may be approved by the Farm Credit Administration”; (2) in subsection (c), by striking out “the Farm Credit Administration may approve” and inserting in lieu thereof “may be approved by the board of directors”; and (3) in subsection (d), by striking out “the Farm Credit Administration may approve” and inserting in lieu thereof “may be approved by the board of directors”. (s) Powers of the Farm Credit Administration.— Section 4.26 (12 U.S.C. 2212) is amended— (1) by striking out “or by prescribing in the terms of the charter or by approval of the bylaws of the corporation”; (2) by striking out “direct at any time” and all that follows through the period at the end of the first sentence and inserting in lieu thereof “approve amendments consistent with this Act to charters or articles of service corporations.”; and (3) by striking out the second sentence. (t) Supervision.— The heading of section 4.27 (12 U.S.C. 2213) is amended by striking out “Supervision” and inserting in lieu thereof “Regulation”. (u) District Elections.— Section 5.2 (12 U.S.C. 2223) is amended— (1) in subsection (b)— (A) by striking out “Farm Credit Administration” the first place it appears and inserting in lieu thereof “district election committee of the district where the election will be held”; and (B) by striking out “Farm Credit Administration” each place it appears thereafter and inserting in lieu thereof “district election committee”; (2) in subsection (c)— (A) by striking out “Farm Credit Administration” the first place it appears and inserting in lieu thereof “district election committee of the district where the election will be held”; (B) by striking out “Farm Credit Administration” each place it appears thereafter and inserting in lieu thereof “district election committee”; and (C) by striking out “(b)” and inserting in lieu thereof “(c)”; and (3) by redesignating subsections (b), (c), and (d), as subsections (c), (d), and (e), respectively, and inserting after subsection (a) the following: “(b) Each district board shall designate a district election committee. No member of such district election committee shall be a candidate for election to the district board. The responsibilities and authorities of the district election committee, delegated by the district board, shall be those set forth in this section.”. (v) Farm Credit Administration, Powers.— Section 5.17 (12 U.S.C. 2251) is amended— 12 USC 2252. (1) in subsection (a)— (A) in paragraph (2), by striking out “amend or modify” and inserting in lieu thereof “approve amendments to”; and (B) in paragraph (5), by striking out “that meet standards and criteria” and all that follows through “refunds by Farm Credit System institutions”; and (2) by redesignating subsections (b) and (c) as subsections (c) and (d), respectively, and by inserting after subsection (a) the following: “(b) The Farm Credit Administration shall not have authority, either direct or indirect, to approve bylaws, or any amendments or modifications or changes to bylaws, of System institutions.”. (w) Transition Rules Relating to Amendment of Certain FCA Approval Authorities.—Part D of title V (12 U.S.C. 2001 note, et seq.) is amended by adding at the end thereof the following new section: “SEC. 5.45. TRANSITION RILES RELATING TO AMENDMENT OF CERTAIN FCA APPROVAL AUTHORITIES. “(a) In General.— Any approvals granted by the Farm Credit Administration before the date of the enactment of this section shall remain in effect on and after such date. “(b) Authority to Issue Regulations.— “(1) In general.— Any approval authority of the Farm Credit Administration that, under the amendments made by section 802 of the Agricultural Credit Act of 1987, became an authority to issue regulations may be exercised only until the earlier of the date the Farm Credit Administration issues final regulations under such authority, or 1 year after the date of the enactment of this section. “(2) Enforcement actions.— At the close of the 1-year period referred to in paragraph (1), the Farm Credit Administration shall not take any enforcement action against any System institution with respect to any provision so amended, until the Farm Credit Administration issues final regulations under such provision. “(c) Effect of Section.— This section shall not affect the authority of the Farm Credit Administration to exercise any other approval authority either on a case-by-case basis or through regulation, as provided in section 5.17(a)(5).”.
2008
Food, Conservation, and Energy Act of 2008
Pub. L. 110–246 § 5402 · 122 Stat. 1651
Substituted · 12 U.S.C. § 2124(b)
Pub. L. 110–246, § 5402, which directed substitution of “par” for “per”, could not be executed because “per” did not appear
Source evidence
Code amendment note
Subsec. (b). Pub. L. 110–246, § 5402, which directed substitution of “par” for “per”, could not be executed because “per” did not appear.
Enacted provision · exact public law section
SEC. 5402. TECHNICAL CORRECTION. Section 3.3(b) of the Farm Credit Act of 1971 (12 U.S.C. 2124(b)) is amended in the first sentence by striking “per” and inserting “par”.
Effective date note
Amendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of Title 7, Agriculture.
2008
Food, Conservation, and Energy Act of 2008
Pub. L. 110–246 § 5403(a) · 122 Stat. 1651
1. Added · 12 U.S.C. § 2124(c)(ii); 12 U.S.C. § 2124(c)(iii)
  Pub. L. 110–246, § 5403(a), added cl. (ii)
2. Redesignated · 12 U.S.C. § 2124(c)(ii); 12 U.S.C. § 2124(c)(iii)
  Pub. L. 110–246, § 5403(a), redesignated former cl. (ii) as (iii)
Source evidence
Code amendment note
Subsec. (c)(ii), (iii). Pub. L. 110–246, § 5403(a), added cl. (ii) and redesignated former cl. (ii) as (iii).
Enacted provision · exact public law section
(a) In General.— Section 3.3(c) of the Farm Credit Act of 1971 (12 U.S.C. 2124(c)) is amended by striking “and (ii)” and inserting “(ii) other categories of persons and entities described in sections 3.7 and 3.8 eligible to borrow from the bank, as determined by the bank’s board of directors; and (iii)”.
Effective date note
Amendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of Title 7, Agriculture.

11 of 11 references resolved to an enrolled provision

Editorial Notes

Codification

Pub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246.

Amendments1980–2008 · 4 rounds

2008

Subsec. (b). Pub. L. 110–246, § 5402, which directed substitution of “par” for “per”, could not be executed because “per” did not appear.

Subsec. (c)(ii), (iii). Pub. L. 110–246, § 5403(a), added cl. (ii) and redesignated former cl. (ii) as (iii).

1988

Subsec. (a). Pub. L. 100–233, § 802(o)(1), struck out “, with the approval of Farm Credit Administration,” after “board determines”.

Subsec. (b). Pub. L. 100–233, § 802(o)(2), struck out “with the approval of the Farm Credit Administration” after “board may determine”.

Subsec. (d). Pub. L. 100–233, § 805(k), substituted “by” for “by by” after “regulations issued”.

Subsec. (e). Pub. L. 100–233, § 802(o)(3), struck out “and approved by the Farm Credit Administration” after “Board”.

1985

Subsec. (d). Pub. L. 99–205, § 205(e)(3), inserted “under regulations issued by” after “authorized”.

Subsec. (e). Pub. L. 99–205, § 205(e)(4), struck out “, except for stock held by the Governor,” before “may be exchanged”.

1980

Subsec. (f). Pub. L. 96–592 added subsec. (f).

Statutory Notes and Related Subsidiaries

Effective Date of 2008 Amendment

Amendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of Title 7, Agriculture.

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.

Credits

1971–2008 · 6 acts

1971Pub. L. 92–181, title III, § 3.3, Dec. 10, 1971, 85 Stat. 603
1980Pub. L. 96–592, title III, § 302, Dec. 24, 1980, 94 Stat. 3443
1985Pub. L. 99–205, title II, § 205(e)(3), (4), Dec. 23, 1985, 99 Stat. 1705
1988Pub. L. 100–233, title VIII, §§ 802(o), 805(k), Jan. 6, 1988, 101 Stat. 1712, 1715
2008Pub. L. 110–234, title V, §§ 5402, 5403(a), May 22, 2008, 122 Stat. 1154
2008Pub. L. 110–246, § 4(a), title V, §§ 5402, 5403(a), June 18, 2008, 122 Stat. 1664, 1915.

Show as published

(Pub. L. 92–181, title III, § 3.3, Dec. 10, 1971, 85 Stat. 603; Pub. L. 96–592, title III, § 302, Dec. 24, 1980, 94 Stat. 3443; Pub. L. 99–205, title II, § 205(e)(3), (4), Dec. 23, 1985, 99 Stat. 1705; Pub. L. 100–233, title VIII, §§ 802(o), 805(k), Jan. 6, 1988, 101 Stat. 1712, 1715; Pub. L. 110–234, title V, §§ 5402, 5403(a), May 22, 2008, 122 Stat. 1154; Pub. L. 110–246, § 4(a), title V, §§ 5402, 5403(a), June 18, 2008, 122 Stat. 1664, 1915.)