Title 12 — Banks and Banking
Part B · Chapter 23 — Farm Credit System
§ 2141. Charter, powers, and operation
Statutory text
Charter
The National Bank for Cooperatives (hereinafter in this part referred to as the “consolidated bank”), established under section 413 of the Agricultural Credit Act of 1987, shall be a federally chartered instrumentality of the United States and an institution of the Farm Credit System.
Powers
The consolidated bank and the board of directors of such bank shall have all of the powers, rights, responsibilities, and obligations of the constituent banks described in section 413(b) of the Agricultural Credit Act of 1987 (12 U.S.C. 2121 note; Public Law 100–233) and the boards of directors of such banks, except as otherwise provided for in this chapter.
Operation
The consolidated bank shall be organized and operated on a cooperative basis.
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 III § 3 · 85 Stat. 583
Enacted · 12 U.S.C. § 2141
Pub. L. 92–181, title III, § 3.20, as added Pub. L. 100–233, title IV, § 415(2), Jan. 6, 1988, 101 Stat. 1642
Source evidence
Code source credit
Pub. L. 92–181, title III, § 3.20, as added Pub. L. 100–233, title IV, § 415(2), Jan. 6, 1988, 101 Stat. 1642Enacted provision · exact public law section
(3) Make contracts.Agricultural Credit Technical Corrections Act of 1988
Pub. L. 100–399 § 407(a) · 102 Stat. 989
Struck and inserted · 12 U.S.C. § 2141(a)
Pub. L. 100–399, § 407(a), struck out “in this section” after “referred to” and inserted “, established under section 413 of the Agricultural Credit Act of 1987,” before “shall”
Source evidence
Code amendment note
Subsec. (a). Pub. L. 100–399, § 407(a), struck out “in this section” after “referred to” and inserted “, established under section 413 of the Agricultural Credit Act of 1987,” before “shall”.Enacted provision · exact public law section
(a) Section 3.20(a) is amended— (1) by striking out “in this section”; and (2) by inserting “, established under section 413 of the Agricultural Credit Act of 1987,” before “shall”.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.Agricultural Credit Technical Corrections Act of 1988
Pub. L. 100–399 § 407(b) · 102 Stat. 989
Inserted · 12 U.S.C. § 2141(b)
Pub. L. 100–399, § 407(b), inserted “except” before “as otherwise”
Source evidence
Code amendment note
Subsec. (b). Pub. L. 100–399, § 407(b), inserted “except” before “as otherwise”.Enacted provision · exact public law section
(b) Section 3.20(b) is amended by inserting “except” before “as otherwise”.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.Agriculture Improvement Act of 2018
Pub. L. 115–334 § 5411(13)(A) · 132 Stat. 4490
Struck · 12 U.S.C. § 2141(a)
Pub. L. 115–334, § 5411(13)(A), struck out “or the United Bank for Cooperatives, as the case may be” after “National Bank for Cooperatives”
Source evidence
Code amendment note
Subsec. (a). Pub. L. 115–334, § 5411(13)(A), struck out “or the United Bank for Cooperatives, as the case may be” after “National Bank for Cooperatives”.Enacted provision · exact public law section
(A) in subsection (a), by striking “or the United Bank for Cooperatives, as the case may be”; andAgriculture Improvement Act of 2018
Pub. L. 115–334 § 5411(13)(B) · 132 Stat. 4490
Substituted · 12 U.S.C. § 2141(b)
Pub. L. 115–334, § 5411(13)(B), substituted “the constituent banks described in section 413(b) of the Agricultural Credit Act of 1987 (12 U.S.C. 2121 note; Public Law 100–233)” for “the district banks for cooperatives and the Central Bank for Cooperatives”
Source evidence
Code amendment note
Subsec. (b). Pub. L. 115–334, § 5411(13)(B), substituted “the constituent banks described in section 413(b) of the Agricultural Credit Act of 1987 (12 U.S.C. 2121 note; Public Law 100–233)” for “the district banks for cooperatives and the Central Bank for Cooperatives”.Enacted provision · exact public law section
(B) in subsection (b), by striking “the district banks for cooperatives and the Central Bank for Cooperatives” and inserting “the constituent banks described in section 413(b) of the Agricultural Credit Act of 1987 (12 U.S.C. 2121 note; Public Law 100–233)”.
5 of 5 references resolved to an enrolled provision
Editorial Notes
References in Text
Section 413 of the Agricultural Credit Act of 1987, referred to in subsecs. (a) and (b), is section 413 of Pub. L. 100–233, which is set out as a note under section 2121 of this title.
Amendments1988–2018 · 2 rounds
2018
Subsec. (a). Pub. L. 115–334, § 5411(13)(A), struck out “or the United Bank for Cooperatives, as the case may be” after “National Bank for Cooperatives”.
Subsec. (b). Pub. L. 115–334, § 5411(13)(B), substituted “the constituent banks described in section 413(b) of the Agricultural Credit Act of 1987 (12 U.S.C. 2121 note; Public Law 100–233)” for “the district banks for cooperatives and the Central Bank for Cooperatives”.
1988
Subsec. (a). Pub. L. 100–399, § 407(a), struck out “in this section” after “referred to” and inserted “, established under section 413 of the Agricultural Credit Act of 1987,” before “shall”.
Subsec. (b). Pub. L. 100–399, § 407(b), inserted “except” before “as otherwise”.
Statutory Notes and Related Subsidiaries
Effective Date of 1988 Amendment
Amendment by Pub. L. 100–399 effective as if enacted immediately after enactment of Pub. L. 100–233, which was approved , see section 1001(a) of Pub. L. 100–399, set out as a note under section 2002 of this title.
Credits
1988–2018 · 3 acts
- 1988Pub. L. 92–181, title III, § 3.20, as added Pub. L. 100–233, title IV, § 415(2), , 101 Stat. 1642
- 1988amended Pub. L. 100–399, title IV, § 407(a), (b), , 102 Stat. 1000
- 2018Pub. L. 115–334, title V, § 5411(13), , 132 Stat. 4680.
Show as published
(Pub. L. 92–181, title III, § 3.20, as added Pub. L. 100–233, title IV, § 415(2), , 101 Stat. 1642; amended Pub. L. 100–399, title IV, § 407(a), (b), , 102 Stat. 1000; Pub. L. 115–334, title V, § 5411(13), , 132 Stat. 4680.)