§ 2130. Ownership of stock by borrowers

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 · 85 Stat. 583

   Enacted · 12 U.S.C. § 2130

   Pub. L. 92–181 title III, § 3.9, Dec. 10, 1971, 85 Stat. 605

   Source evidence

   Code source credit
   Pub. L. 92–181 title III, § 3.9, Dec. 10, 1971, 85 Stat. 605

2. 1980

   Farm Credit Act Amendments of 1980

   Pub. L. 96–592 title III § 306 · 94 Stat. 3437

   Inserted · 12 U.S.C. § 2130(a)

   Pub. L. 96–592 inserted provisions respecting entitlement to hold voting stock

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 96–592 inserted provisions respecting entitlement to hold voting stock.

   Enacted provision · exact public law section
   Sec. 306. Section 3.9(a) of the Farm Credit Act of 1971 is amended 12 USC 2130. by striking out the first sentence and inserting in lieu thereof a new sentence as follows: “Each borrower entitled to hold voting stock shall, at the time a loan is made by a bank for cooperatives, own at least one share of voting stock and shall be required by the bank with the approval of the Farm Credit Administration to invest in additional voting stock or nonvoting investment stock at that time, or from time to time, as the lending bank may determine, but the requirement for investment in stock at the time the loan is closed shall not exceed an amount equal to 10 per centum of the face amount of the loan.”.

3. 1988

   Agricultural Credit Act of 1987

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

   1. Substituted · 12 U.S.C. § 2130(a)

      Pub. L. 100–233 substituted “by the bank to invest” for “by the bank with the approval of the Farm Credit Administration to invest”

   2. Substituted · 12 U.S.C. § 2130(a)

      Pub. L. 100–233 substituted “or upon such other basis as the bank determines” for “or upon such other basis as the bank, with the approval of the Farm Credit Administration, determines”

   3. Substituted · 12 U.S.C. § 2130(a)

      Pub. L. 100–233 substituted “in a district bank or banks and such district bank shall be required” for “in a district bank or banks as may be approved by the Farm Credit Administration and such district bank shall be required”

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 100–233 substituted “by the bank to invest” for “by the bank with the approval of the Farm Credit Administration to invest”, “or upon such other basis as the bank determines” for “or upon such other basis as the bank, with the approval of the Farm Credit Administration, determines”, and “in a district bank or banks and such district bank shall be required” for “in a district bank or banks as may be approved by the Farm Credit Administration and such district bank shall be required”.

   Enacted provision · exact public law section
   (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”.

4. 2018

   Agriculture Improvement Act of 2018

   Pub. L. 115–334 title V § 5411(9) · 132 Stat. 4490

   Struck · 12 U.S.C. § 2130(a)

   Pub. L. 115–334 struck out at end “In the case of a direct loan by the Central Bank, the borrower shall be required to own or invest in the necessary stock in a district bank or banks and such district bank shall be required to own a corresponding amount of stock in the Central Bank, but voting stock shall be in the one district bank, designated by the Farm Credit Administration.”

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 115–334 struck out at end “In the case of a direct loan by the Central Bank, the borrower shall be required to own or invest in the necessary stock in a district bank or banks and such district bank shall be required to own a corresponding amount of stock in the Central Bank, but voting stock shall be in the one district bank, designated by the Farm Credit Administration.”

   Enacted provision · exact public law section
   (9) Section 3.9(a) of the Farm Credit Act of 1971 (12 U.S.C. 2130(a)) is amended by striking the third sentence.

5 of 6 references resolved to an enrolled provision · 1 partial