§ 2211. Establishment

Statutory text

Any bank of the Farm Credit System, or two or more of such banks acting together, may organize a corporation or corporations for the purpose of performing functions and services for or on behalf of the organizing bank or banks that the bank or banks may perform pursuant to this chapter: Provided, That a corporation so organized shall have no authority either to extend credit or provide insurance services for borrowers from Farm Credit System institutions, nor shall it have any greater authority with respect to functions and services than the organizing bank or banks possess under this chapter. The organizing bank or banks shall apply for a Federal charter for the corporation by forwarding to the Farm Credit Administration a statement of the need for the corporation and proposed articles specifying in general terms the objectives for which the corporation is formed, the powers to be exercised by it in carrying out the functions and services, and the territory it is to serve. The Farm Credit Administration for good cause may deny the charter applied for. Upon the approval of articles by the Farm Credit Administration and the issuance of a charter, the corporation shall become as of such date a federally chartered body corporate and an instrumentality of the United States.

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.

1980
Farm Credit Act of 1971
Pub. L. 92–181 title IV § 4 · 85 Stat. 583
Enacted · 12 U.S.C. § 2211
Pub. L. 92–181, title IV, § 4.25, as added Pub. L. 96–592, title IV, § 404, Dec. 24, 1980, 94 Stat. 3447
Source evidence
Code source credit
Pub. L. 92–181, title IV, § 4.25, as added Pub. L. 96–592, title IV, § 404, Dec. 24, 1980, 94 Stat. 3447
Enacted provision · exact public law section
(4) Sue and be sued.
1985
Farm Credit Amendments Act of 1985
Pub. L. 99–205 title II § 205(f)(8) · 99 Stat. 1678
1. Struck · 12 U.S.C. § 2211
  Pub. L. 99–205 struck out “the Governor of” before “the Farm Credit Administration” in second sentence
2. Substituted · 12 U.S.C. § 2211
  Pub. L. 99–205 substituted “Farm Credit Administration” for “Governor” in third and fourth sentences
Source evidence
Code amendment note
Pub. L. 99–205 struck out “the Governor of” before “the Farm Credit Administration” in second sentence and substituted “Farm Credit Administration” for “Governor” in third and fourth sentences.
Enacted provision · exact public law section
(8) in section 4.25— (A) striking out “the Governor of” in the second sentence; (B) striking out “Governor” in the third sentence and inserting in lieu thereof “Farm Credit Administration”; and (C) striking out “Governor” in the fourth sentence and inserting in lieu thereof “Farm Credit Administration”;
Effective date note
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.

3 of 3 references resolved to an enrolled provision

Editorial Notes

Amendments

1985—Pub. L. 99–205 struck out “the Governor of” before “the Farm Credit Administration” in second sentence and substituted “Farm Credit Administration” for “Governor” in third and fourth sentences.

Statutory Notes and Related Subsidiaries

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

1980–1985 · 2 acts

1980Pub. L. 92–181, title IV, § 4.25, as added Pub. L. 96–592, title IV, § 404, Dec. 24, 1980, 94 Stat. 3447
1985amended Pub. L. 99–205, title II, § 205(f)(8), Dec. 23, 1985, 99 Stat. 1706.

Show as published

(Pub. L. 92–181, title IV, § 4.25, as added Pub. L. 96–592, title IV, § 404, Dec. 24, 1980, 94 Stat. 3447; amended Pub. L. 99–205, title II, § 205(f)(8), Dec. 23, 1985, 99 Stat. 1706.)