Skip to content

Title 12 — Banks and Banking

Part B · Chapter 23 — Farm Credit System

§ 2141. Charter, powers, and operation

Statutory text

(a)

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.

(b)

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.

(c)

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.

  1. 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. 1642

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

  2. 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.

  3. 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.

  4. 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”; and

  5. Agriculture 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
  1. 1988Pub. L. 92–181, title III, § 3.20, as added Pub. L. 100–233, title IV, § 415(2), , 101 Stat. 1642
  2. 1988amended Pub. L. 100–399, title IV, § 407(a), (b), , 102 Stat. 1000
  3. 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.)

Parsed from the official OLRC USLM XML in data/usc_all/usc12.xml · release point 119-108 · OLRC build 2026-07-23

USLM identifier /us/usc/t12/s2141