§ 2129. Eligibility

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. § 2129

   Pub. L. 92–181, title III, § 3.8, Dec. 10, 1971, 85 Stat. 605

   Source evidence

   Code source credit
   Pub. L. 92–181, title III, § 3.8, Dec. 10, 1971, 85 Stat. 605

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

2. 1975

   Pub. L. 94–184 § 1(a) · 89 Stat. 1060

   Inserted · 12 U.S.C. § 2129(d)

   Pub. L. 94–184 inserted provision relating to 70 per centum of voting control in the case of rural electric, telephone, and public utility cooperatives

   Source evidence

   Code amendment note
   Subsec. (d). Pub. L. 94–184 inserted provision relating to 70 per centum of voting control in the case of rural electric, telephone, and public utility cooperatives.

3. 1980

   Farm Credit Act Amendments of 1980

   Pub. L. 96–592 § 305(1) · 94 Stat. 3437

   Inserted · 12 U.S.C. § 2129

   Pub. L. 96–592, § 305(1), inserted reference to aquatic business in introductory text

   Source evidence

   Code amendment note
   Pub. L. 96–592, § 305(1), inserted reference to aquatic business in introductory text.

   Enacted provision · exact public law section
   (1) in the first paragraph striking out the second comma and inserting “or aquatic” before “business”;

4. 1980

   Farm Credit Act Amendments of 1980

   Pub. L. 96–592 § 305(2) · 94 Stat. 3437

   Inserted · 12 U.S.C. § 2129(c)

   Pub. L. 96–592, § 305(2), inserted reference to aquatic business services or services to eligible cooperatives

   Source evidence

   Code amendment note
   Subsec. (c). Pub. L. 96–592, § 305(2), inserted reference to aquatic business services or services to eligible cooperatives.

   Enacted provision · exact public law section
   (2) striking out in subsection (c) “or farm business services” and inserting in lieu thereof “farm or aquatic business services, or services to eligible cooperatives”; and

5. 1980

   Farm Credit Act Amendments of 1980

   Pub. L. 96–592 § 305(3) · 94 Stat. 3437

   1. Substituted · 12 U.S.C. § 2129(d)

      Pub. L. 96–592, § 305(3), substituted “60” for “70”

   2. Amended · 12 U.S.C. § 2129(d)

      Pub. L. 96–592, § 305(3), designated former parenthetical material as item (1)

   3. Added · 12 U.S.C. § 2129(d)

      Pub. L. 96–592, § 305(3), added items (2) and (3) and limitation with respect to any type of association or cooperative

   Source evidence

   Code amendment note
   Subsec. (d). Pub. L. 96–592, § 305(3), substituted “60” for “70”, and designated former parenthetical material as item (1), and added items (2) and (3) and limitation with respect to any type of association or cooperative.

   Enacted provision · exact public law section
   (3) amending subsection (d) to read as follows: “(d) A percentage of the voting control of the association not less than 80 per centum (60 per centum (1) in the case of rural electric, telephone, public utility, and service cooperatives; (2) in the case of local farm supply cooperatives that have historically served needs of the community that would not adequately be served by other suppliers and have experienced a reduction in the percentage of farmer membership due to changed circumstances beyond their control such as, but not limited to, urbanization of the community; and (3) in the case of local farm supply cooperatives that provide or will provide needed services to a community and that are or will be in competition with a cooperative specified in paragraph (2)) or, with respect to any type of association or cooperative, such higher percentage as established by the district board, is held by farmers, producers or harvesters of aquatic products, or eligible cooperative associations as defined herein;”.

6. 1985

   Food Security Act of 1985

   Pub. L. 99–198 § 1322(1) · 99 Stat. 1354

   1. Amended · 12 U.S.C. § 2129

      Pub. L. 99–198, § 1322(1), designated existing provisions as subsec. (1)

   2. Added · 12 U.S.C. § 2129

      Pub. L. 99–198, § 1322(1), added subsec. (2)

   Source evidence

   Code amendment note
   Pub. L. 99–198, § 1322(1), designated existing provisions as subsec. (1) and added subsec. (2).

   Enacted provision · exact public law section
   (1) inserting “(1)” immediately before “Any association”; and

7. 1988

   Agricultural Credit Act of 1987

   Pub. L. 100–233 § 805(m) · 101 Stat. 1568

   Redesignated · 12 U.S.C. § 2129

   Pub. L. 100–233, § 805(m), redesignated subsec. (1) as subsec. (a) and pars. (a) to (d) as pars. (1) to (4), respectively, in par. (4) redesignated cls. (1) to (3) as (A) to (C), respectively, and in cl. (C) substituted “paragraph (B)” for “paragraph (2)”

   Target inherited from the preceding amendment note.

   Source evidence

   Code amendment note
   Pub. L. 100–233, § 805(m), redesignated subsec. (1) as subsec. (a) and pars. (a) to (d) as pars. (1) to (4), respectively, in par. (4) redesignated cls. (1) to (3) as (A) to (C), respectively, and in cl. (C) substituted “paragraph (B)” for “paragraph (2)”.

   Enacted provision · exact public law section
   (m) Section 3.8 is amended— (1) by redesignating subsection (1) as subsection (a); 12 USC 2129. (2) by redesignating paragraphs (a), (b), (c), and (d) of the subsection redesignated by paragraph (1) of this subsection, as paragraphs (1), (2), (3), and (4), respectively; (3) by redesignating clauses (1), (2), and (3) of the paragraph redesignated as paragraph (4) by paragraph (2) of this subsection, as clauses (A), (B), and (C), respectively; (4) in the clause redesignated as clause (C) by paragraph (4), by striking out “(2)” and inserting in lieu thereof “(B)”.

8. 1988

   Agricultural Credit Act of 1987

   Pub. L. 100–233 § 421 · 101 Stat. 1568

   1. Added · 12 U.S.C. § 2129

      Pub. L. 100–233, § 421, added subsec. (b)

   2. Struck · 12 U.S.C. § 2129

      Pub. L. 100–233, § 421, struck out former subsec. (2) which read as follows: “Notwithstanding any other provision of this subchapter, cooperatives and other entities that have received a loan, loan commitment, or loan guarantee from the Rural Electrification Administration, or a loan or loan commitment from the Rural Telephone Bank, or that have been certified by the Administrator of the Rural Electrification Administration to be eligible for such a loan, loan commitment, or loan guarantee, and subsidiaries of such cooperatives or other entities, shall also be eligible to borrow from a bank for cooperatives.”

   Target inherited from the preceding amendment note.

   Source evidence

   Code amendment note
   Pub. L. 100–233, § 421, added subsec. (b) and struck out former subsec. (2) which read as follows: “Notwithstanding any other provision of this subchapter, cooperatives and other entities that have received a loan, loan commitment, or loan guarantee from the Rural Electrification Administration, or a loan or loan commitment from the Rural Telephone Bank, or that have been certified by the Administrator of the Rural Electrification Administration to be eligible for such a loan, loan commitment, or loan guarantee, and subsidiaries of such cooperatives or other entities, shall also be eligible to borrow from a bank for cooperatives.”

   Enacted provision · exact public law section
   SEC. 421. ELIGIBILITY TO BORROW FROM A BANK FOR COOPERATIVES. Section 3.8 (12 U.S.C. 2129) is amended by striking out subsection (2) and inserting in lieu thereof the following new subsection: “(b) Notwithstanding any other provision of this section: “(1) The following entities shall also be eligible to borrow from a bank for cooperatives: “(A) Cooperatives and other entities that have received a loan, loan commitment, or loan guarantee from the Rural Electrification Administration, or a loan or loan commitment from the Rural Telephone Bank, or that have been certified by the Administrator of the Rural Electrification Administration to be eligible for such a loan, loan commitment, or loan guarantee, and subsidiaries of such cooperatives or other entities. “(B) Any legal entity more than 50 percent of the voting control of which is held by one or more associations or other entities that are eligible to borrow from a bank for cooperatives under subsection (a) or subparagraph (A) of this paragraph, except that any such legal entity, when considered together with one or more such associations or other entities that hold such control, meet the requirement of subsection (a)(3). “(C) Any legal entity that (i) holds more than 50 percent of the voting control of an association or other entity that is eligible to borrow from a bank for cooperatives under subsection (a) or subparagraph (A) of this paragraph, and (ii) borrows for the purpose of making funds available to that association or entity, and make funds available to that association or entity under the same terms and conditions that the funds are borrowed from a bank for cooperatives. “(2) Notwithstanding the provisions of section 3.9, the board of directors of a bank for cooperatives may determine that, with respect to a loan to any borrower eligible to borrow from a bank under paragraph (1)(A) that is fully guaranteed by the United States, no stock purchase requirement shall apply, other than the requirement that a borrower eligible to own voting stock shall purchase one share of such stock. “(3) Each association and other entity eligible to borrow from a bank for cooperatives under this subsection, for purposes of section 3.7(a), shall be treated as an eligible cooperative association and a stockholder eligible to borrow from the bank. “(4) Nothing in this subsection shall be construed to adversely affect the eligibility, as it existed on the date of the enactment of this subsection, of cooperatives and other entities for any other credit assistance under Federal law.”.

9. 1988

   Agricultural Credit Technical Corrections Act of 1988

   Pub. L. 100–399 § 901(e) · 102 Stat. 989

   Substituted · 12 U.S.C. § 2129

   Pub. L. 100–399, § 901(e), substituted “bank board” for “district board” in subsec. (a)(4)

   Source evidence

   Code amendment note
   Pub. L. 100–399, § 901(e), substituted “bank board” for “district board” in subsec. (a)(4).

   Enacted provision · exact public law section
   (e) Section 3.8(a)(4) is amended by striking out “district board” and 12 USC 2129. inserting in lieu thereof “bank board”.

10. 1988

    Agricultural Credit Technical Corrections Act of 1988

    Pub. L. 100–399 § 410 · 102 Stat. 989

    Substituted · 12 U.S.C. § 2129

    Pub. L. 100–399, § 410, substituted “makes” for “make” in subsec. (b)(1)(C)

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 100–399, § 410, substituted “makes” for “make” in subsec. (b)(1)(C).

    Enacted provision · exact public law section
    SEC. 410. AMENDMENT RELATED TO SECTION 421 OF THE 1987 ACT. Section 3.8(b)(1)(C) is amended by striking out “make” and inserting 12 USC 2129. in lieu thereof “makes”.

11. 1990

    Rural Economic Development Act of 1990

    Pub. L. 101–624 title XXIII § 2323(b) · 104 Stat. 3359

    Added · 12 U.S.C. § 2129(b)(1)(D)

    Pub. L. 101–624 added subpar. (D)

    Source evidence

    Code amendment note
    Subsec. (b)(1)(D). Pub. L. 101–624 added subpar. (D).

    Enacted provision · exact public law section
    (b) Conforming Amendment.— Section 3.8(b)(1) of the Farm Credit Act of 1971 (12 U.S.C. 2129(b)(1)) is amended by adding at the end the following new subparagraph: “(D) Any cooperative or other entity described in section 3.7(f).”.

    Effective date note
    Amendment by section 502(f) of Pub. L. 102–237 effective as if included in the provision of the Food, Agriculture, Conservation, and Trade Act of 1990, Pub. L. 101–624, to which the amendment relates, see section 1101(b)(4) of Pub. L. 102–237, set out as a note under section 1421 of Title 7, Agriculture.

12. 1991

    Pub. L. 102–237 § 502(f)(1) · 105 Stat. 1818

    Substituted · 12 U.S.C. § 2129(a)(4)

    Pub. L. 102–237, § 502(f)(1), substituted “a percentage” for “A percentage”

    Source evidence

    Code amendment note
    Subsec. (a)(4). Pub. L. 102–237, § 502(f)(1), substituted “a percentage” for “A percentage”.

    Enacted provision · exact public law section
    (1) in subsection (a)(4), by striking “(4) A” and inserting “(4) a”; and

    Effective date note
    Amendment by section 502(f) of Pub. L. 102–237 effective as if included in the provision of the Food, Agriculture, Conservation, and Trade Act of 1990, Pub. L. 101–624, to which the amendment relates, see section 1101(b)(4) of Pub. L. 102–237, set out as a note under section 1421 of Title 7, Agriculture.

13. 1991

    Pub. L. 102–237 § 502(e)(2) · 105 Stat. 1818

    Substituted · 12 U.S.C. § 2129(b)(1)(D)

    Pub. L. 102–237, § 502(e)(2), (f)(2), substituted “subsection (b) or (f) of section 2128 of this title” for “section 2128(f) of this title” and realigned margin of subpar. (D)

    Source evidence

    Code amendment note
    Subsec. (b)(1)(D). Pub. L. 102–237, § 502(e)(2), (f)(2), substituted “subsection (b) or (f) of section 2128 of this title” for “section 2128(f) of this title” and realigned margin of subpar. (D).

    Enacted provision · exact public law section
    (2) Conforming amendment.— Section 3.8(b)(1)(D) of such Act (12 U.S.C. 212903)(1)(D)) is amended by striking “section 3.7(f)” and inserting “subsection (b) or (f) of section 3.7”.

    Effective date note
    Amendment by section 502(f) of Pub. L. 102–237 effective as if included in the provision of the Food, Agriculture, Conservation, and Trade Act of 1990, Pub. L. 101–624, to which the amendment relates, see section 1101(b)(4) of Pub. L. 102–237, set out as a note under section 1421 of Title 7, Agriculture.

14. 1992

    Farm Credit Banks and Associations Safety and Soundness Act of 1992

    Pub. L. 102–552 title V § 506 · 106 Stat. 4102

    Added · 12 U.S.C. § 2129(b)(1)(E)

    Pub. L. 102–552 added subpar. (E)

    Source evidence

    Code amendment note
    Subsec. (b)(1)(E). Pub. L. 102–552 added subpar. (E).

    Enacted provision · exact public law section
    SEC. 506. ELIGIBILITY TO BORROW FROM A BANK FOR COOPERATIVES. Section 3.8(b)(1) (12 U.S.C. 2129(b)(1)) is amended by adding at the end the following new subparagraph: “(E) Any creditworthy private entity that satisfies the requirements for a service cooperative under paragraphs (1), (2), and (4) of subsection (a) and subsidiaries of the entity, if the entity is organized to benefit agriculture in furtherance of the welfare of its farmer-members and is operated on a not-for-profit basis.”.

15. 1994

    Farm Credit System Agricultural Export and Risk Management Act

    Pub. L. 103–376 § 4 · 108 Stat. 3497

    1. Redesignated · 12 U.S.C. § 2129(b)(1)(B)(E)

       Pub. L. 103–376 redesignated subpars. (C) to (E) as (B) to (D), respectively, realigned margin of subpar. (D)

    2. Struck · 12 U.S.C. § 2129(b)(1)(B)(E)

       Pub. L. 103–376 struck out former subpar. (B) which read as follows: “Any legal entity more than 50 percent of the voting control of which is held by one or more associations or other entities that are eligible to borrow from a bank for cooperatives under subsection (a) of this section or subparagraph (A) of this paragraph, except that any such legal entity, when considered together with one or more such associations or other entities that hold such control, meet the requirement of subsection (a)(3) of this section.”

    Source evidence

    Code amendment note
    Subsec. (b)(1)(B) to (E). Pub. L. 103–376 redesignated subpars. (C) to (E) as (B) to (D), respectively, realigned margin of subpar. (D), and struck out former subpar. (B) which read as follows: “Any legal entity more than 50 percent of the voting control of which is held by one or more associations or other entities that are eligible to borrow from a bank for cooperatives under subsection (a) of this section or subparagraph (A) of this paragraph, except that any such legal entity, when considered together with one or more such associations or other entities that hold such control, meet the requirement of subsection (a)(3) of this section.”

    Enacted provision · exact public law section
    SEC. 4. CONFORMING AMENDMENT. Section 3.8(b)(1) of the Farm Credit Act of 1971 (12 U.S.C. 2129(b)(1)) is amended— (A) by striking subparagraph (B); (B) by redesignating subparagraphs (C), (D), and (E) as subparagraphs (B), (C), and (D), respectively; and (C) by aligning the margin of subparagraph (D) (as so redesignated) so as to align with the margin of subparagraph (C) (as so redesignated).

16. 1996

    Farm Credit System Reform Act of 1996

    Pub. L. 104–105 § 204(a) · 110 Stat. 162

    Inserted · 12 U.S.C. § 2129(a)

    Pub. L. 104–105, § 204(a), inserted at end “Any such association that has received a loan from a bank for cooperatives shall, without regard to the requirements of paragraphs (1) through (4), continue to be eligible for so long as more than 50 percent (or such higher percentage as is established by the bank board) of the voting control of the association is held by farmers, producers or harvesters of aquatic products, or eligible cooperative associations.”

    Source evidence

    Code amendment note
    Subsec. (a). Pub. L. 104–105, § 204(a), inserted at end “Any such association that has received a loan from a bank for cooperatives shall, without regard to the requirements of paragraphs (1) through (4), continue to be eligible for so long as more than 50 percent (or such higher percentage as is established by the bank board) of the voting control of the association is held by farmers, producers or harvesters of aquatic products, or eligible cooperative associations.”

    Enacted provision · exact public law section
    (a) In General.— Section 3.8(a) of the Farm Credit Act of 1971 (12 U.S.C. 2129(a)) is amended by adding at the end the following: “Any such association that has received a loan from a bank for cooperatives shall, without regard to the requirements of paragraphs (1) through (4), continue to be eligible for so long as more than 50 percent (or such higher percentage as is established by the bank board) of the voting control of the association is held by farmers, producers or harvesters of aquatic products, or eligible cooperative associations.”.

17. 1996

    Farm Credit System Reform Act of 1996

    Pub. L. 104–105 § 205 · 110 Stat. 162

    1. Substituted · 12 U.S.C. § 2129(b)(1)(A)

       Pub. L. 104–105, § 205, substituted “are eligible under the Rural Electrification Act of 1936 (7 U.S.C. 901 et seq.) for” for “have been certified by the Administrator of the Rural Electrification Administration to be eligible for such”

    2. Substituted · 12 U.S.C. § 2129(b)(1)(A)

       Pub. L. 104–105, § 205, substituted “loan guarantee from the Administration or the Bank (or a successor of the Administration or the Bank), and” for “loan guarantee, and”

    Source evidence

    Code amendment note
    Subsec. (b)(1)(A). Pub. L. 104–105, § 205, substituted “are eligible under the Rural Electrification Act of 1936 (7 U.S.C. 901 et seq.) for” for “have been certified by the Administrator of the Rural Electrification Administration to be eligible for such” and “loan guarantee from the Administration or the Bank (or a successor of the Administration or the Bank), and” for “loan guarantee, and”.

    Enacted provision · exact public law section
    SEC. 205. REMOVAL OF FEDERAL GOVERNMENT CERTIFICATION REQUIREMENT FOR CERTAIN PRIVATE SECTOR FINANCINGS. Section 3.8(b)(1)(A) of the Farm Credit Act of 1971 (12 U.S.C. 2129(b)(1)(A)) is amended— (1) by striking “have been certified by the Administrator of the Rural Electrification Administration to be eligible for such” and inserting “are eligible under the Rural Electrification Act of 1936 (7 U.S.C. 901 et seq.) for”; and (2) by striking “loan guarantee, and” and inserting “loan guarantee from the Administration or the Bank (or a successor of the Administration or the Bank), and”.

18. 1996

    Farm Credit System Reform Act of 1996

    Pub. L. 104–105 § 204(b) · 110 Stat. 162

    Substituted · 12 U.S.C. § 2129(b)(1)(D)

    Pub. L. 104–105, § 204(b), substituted “and (4), or under the last sentence, of subsection (a)” for “and (4) of subsection (a)”

    Source evidence

    Code amendment note
    Subsec. (b)(1)(D). Pub. L. 104–105, § 204(b), substituted “and (4), or under the last sentence, of subsection (a)” for “and (4) of subsection (a)”.

    Enacted provision · exact public law section
    (b) Conforming Amendment.— Section 3.8(b)(1)(D) of the Farm Credit Act of 1971 (12 U.S.C. 2129(b)(1)(D)) is amended by striking “and (4) of subsection (a)” and inserting “and (4), or under the last sentence, of subsection (a)”.

19. 2018

    Agriculture Improvement Act of 2018

    Pub. L. 115–334 § 6602(b)(17) · 132 Stat. 4490

    Struck · 12 U.S.C. § 2129(b)(1)(A)

    Pub. L. 115–334, § 6602(b)(17), struck out “or a loan or loan commitment from the Rural Telephone Bank,” before “or that are eligible”

    Source evidence

    Code amendment note
    Subsec. (b)(1)(A). Pub. L. 115–334, § 6602(b)(17), struck out “or a loan or loan commitment from the Rural Telephone Bank,” before “or that are eligible”.

    Enacted provision · exact public law section
    (17) Section 3.8(b)(1)(A) of the Farm Credit Act of 1971 (12 U.S.C. 2129(b)(1)(A)) is amended by striking “or a loan or loan commitment from the Rural Telephone Bank,”.

20. 2018

    Agriculture Improvement Act of 2018

    Pub. L. 115–334 § 5411(8) · 132 Stat. 4490

    Inserted · 12 U.S.C. § 2129(b)(1)(A)

    Pub. L. 115–334, § 5411(8), inserted “(or any successor agency)” after “Rural Electrification Administration”

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 115–334, § 5411(8), inserted “(or any successor agency)” after “Rural Electrification Administration”.

    Enacted provision · exact public law section
    (8) Section 3.8(b)(1)(A) of the Farm Credit Act of 1971 (12 U.S.C. 2129(b)(1)(A)) is amended by inserting “(or any successor agency)” after “Rural Electrification Administration”.

25 of 26 references resolved to an enrolled provision · 1 partial