§ 2251. Quarters and facilities for the Farm Credit Administration

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 V § 5 · 85 Stat. 583

   Enacted · 12 U.S.C. § 2251

   Pub. L. 92–181, title V, § 5.16, formerly § 5.17, Dec. 10, 1971, 85 Stat. 621

   Source evidence

   Code source credit
   Pub. L. 92–181, title V, § 5.16, formerly § 5.17, Dec. 10, 1971, 85 Stat. 621

   Enacted provision · exact public law section
   (5) Acquire, hold, dispose, and otherwise exercise all the usual incidents of ownership of real and personal property necessary or convenient to its business.

2. 1980

   Farm Credit Act Amendments of 1980

   Pub. L. 96–592 title V § 506 · 94 Stat. 3437

   Added · 12 U.S.C. § 2251

   Pub. L. 96–592 added par. (5) and provisions respecting agency status of Administration for the banks

   Source evidence

   Code amendment note
   Pub. L. 96–592 added par. (5) and provisions respecting agency status of Administration for the banks.

   Enacted provision · exact public law section
   Sec. 506. Section 5.17 of the Farm Credit Act of 1971 is amended by Property interests, sale and disposal. 12 USC 2251. adding at the end thereof the following new clause (5) and inserting a new sentence immediately thereafter: “(5) To sell or otherwise dispose of any interest in property leased or acquired under the foregoing if authorized by the Board. In actions undertaken by the banks pursuant to the foregoing provisions of this section, the Farm Credit Administration may act as agent for the banks.”.

3. 1985

   Farm Credit Amendments Act of 1985

   Pub. L. 99–205 § 201(6)(A) · 99 Stat. 1678

   Struck · 12 U.S.C. § 2251

   Pub. L. 99–205, § 201(6)(A)–(C), made technical amendments to the references to sections 2249 and 2250 of this title in first and third sentences to reflect the renumbering of the corresponding sections of the original act, and struck out “Federal Farm Credit” before “Board” in par. (2) of first sentence

   Source evidence

   Code amendment note
   Pub. L. 99–205, § 201(6)(A)–(C), made technical amendments to the references to sections 2249 and 2250 of this title in first and third sentences to reflect the renumbering of the corresponding sections of the original act, and struck out “Federal Farm Credit” before “Board” in par. (2) of first sentence.

   Enacted provision · exact public law section
   (A) striking out “section 5.15” in the first sentence and inserting in lieu thereof “section 5.14”;

4. 1988

   Agricultural Credit Act of 1987

   Pub. L. 100–233 title VIII § 805(y) · 101 Stat. 1568

   Changed · 12 U.S.C. § 2251

   Pub. L. 100–233 transferred undesignated provisions following par. (4) consisting of four sentences relating to advances of funds for purposes set out in this section as in the sole judgment of the Board may from time to time be advisable for purposes of this section, to a position immediately before last sentence of this section which provides for agency status of Administration for the banks

   Target inherited from the preceding amendment note.

   Source evidence

   Code amendment note
   Pub. L. 100–233 transferred undesignated provisions following par. (4) consisting of four sentences relating to advances of funds for purposes set out in this section as in the sole judgment of the Board may from time to time be advisable for purposes of this section, to a position immediately before last sentence of this section which provides for agency status of Administration for the banks.

   Enacted provision · exact public law section
   (y) Section 5.16 is amended by transferring the 4 sentences immediately 12 USC 2251. following paragraph (4) to just before the last sentence of such section.

   Effective date note
   Amendment by Pub. L. 100–399 effective immediately after amendment made by section 401 of Pub. L. 100–233, which was effective 6 months after Jan. 6, 1988, see section 1001(b) of Pub. L. 100–399, set out as a note under section 2002 of this title.

5. 1988

   Agricultural Credit Technical Corrections Act of 1988

   Pub. L. 100–399 title IX § 901 · 102 Stat. 989

   Substituted · 12 U.S.C. § 2251

   Pub. L. 100–399 substituted “bank boards” for “district boards” in introductory provisions

   Source evidence

   Code amendment note
   Pub. L. 100–399 substituted “bank boards” for “district boards” in introductory provisions.

   Enacted provision · exact public law section
   SEC. 901. OTHER AMENDMENTS. (a) Sections 1.21 and 2.8 are each amended by striking out “742(a)” and 12 USC 2055, 2079. inserting in lieu thereof “3124”. (b) Sections 2.1(12) and 3.1(12) are each amended by striking out 12 USC 2072, 2122. “as defined in section 2 of the Federal Deposit Insurance Act” and inserting in lieu thereof “(within the meaning of section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813))”. (c) Section 3.0 is amended by striking out “one or more” and 12 USC 2121. all that follows through “this Act” and inserting in lieu thereof “another bank”. (d) Subsections (a) and (b) of section 3.2 are amended to read as 12 USC 2123. follows: “(a) Each bank for cooperatives not merged into the United Bank for Cooperatives or the National Bank for Cooperatives shall elect a board of directors of such number, for such term, in such manner, and with such qualifications as may be required in its bylaws, except that at least one member shall be elected by the other directors, which member shall not be a director, officer, employee, or stockholder of a System institution. “(b) The board of directors of the Central Bank for Cooperatives shall consist of one member elected by the board of each bank for cooperatives, including the United Bank for Cooperatives if the Central Bank for Cooperatives is not merged into such bank, and one member appointed by the Farm Credit Administration.”. (e) Section 3.8(a)(4) is amended by striking out “district board” and 12 USC 2129. inserting in lieu thereof “bank board”. (f) Section 4.12(a) is amended by striking out “district board” and 12 USC 2183. inserting in lieu thereof “board of the supervising bank”. (g) Section 4.15 is amended by striking out “district” the first and 12 USC 2203. second places it appears and inserting in lieu thereof “bank”. (h) Section 4.17 is amended by striking out “pursuant to section 12 USC 2205. 2.3 of this Act” and inserting in lieu thereof “and Farm Credit Banks”. (i) Section 4.19(a) is amended by inserting “Farm Credit Bank” 12 USC 2207. after “district”. (j) Section 4.19(b) is amended— (1) by striking out “The Federal land bank and the Federal intermediate credit bank” and inserting in lieu thereof “The Farm Credit Bank”; (2) by striking out “their” each place it appears and inserting in lieu thereof “its”; (3) by striking out “of this section”; (4) by striking out “banks” and inserting in lieu thereof “bank”; and (5) by striking out “a joint” and inserting in lieu thereof “an”. (k) Section 4.28 is amended— (1) by inserting “or associations” after “exempt banks”; and (2) by striking out “1.21, 2.8,” and inserting in lieu thereof “1.15, 2.17,”. (l) Section 5.16 is amended by striking out “district” and inserting in lieu thereof “bank”. (m) Section 5.17(a) is amended— (1) in paragraph (1), by striking out “district boards” and inserting in lieu thereof “district banks”; (2) in paragraph (2), by striking out “boards of the districts” and inserting in lieu thereof “district bank boards”; and (3) in paragraph (3), by striking out “Federal land banks” and all that follows through “of this Act” and inserting in lieu thereof “Farm Credit Banks under section 4.19(b)”. (n) Section 5.17(d)(1) is amended— (1) by striking out “of this Act” each place it appears; and (2) by striking out “2.3” and inserting in lieu thereof “1.7(b)”. (o) The title heading of title V is amended to read as follows: “TITLE V— FARM CREDIT ADMINISTRATION ORGANIZATION”. (p) Title V is amended by striking out the heading of part A. (q) Section 5.0 is amended— (1) by striking out “Sec. 5.0. Creation of” and inserting in lieu thereof “(b) Farm Credit”; and (2) by striking out “district boards” and inserting in lieu thereof “boards of the banks in each district”. (r) The provision amended by subsection (q) of this section, as so amended, is hereby transferred to the end of section 1.2, where such transferred provision shall become a new subsection (b). (s) Section 1.2 is amended— (1) by inserting “(a) Composition.—” before “The Farm Credit System shall”; and (2) by striking out “the regulation” and inserting in lieu thereof “regulation”.

   Effective date note
   Amendment by Pub. L. 100–399 effective immediately after amendment made by section 401 of Pub. L. 100–233, which was effective 6 months after Jan. 6, 1988, see section 1001(b) of Pub. L. 100–399, set out as a note under section 2002 of this title.

6. 2018

   Agriculture Improvement Act of 2018

   Pub. L. 115–334 § 5405 · 132 Stat. 4490

   1. Added · 12 U.S.C. § 2251(a); 12 U.S.C. § 2251(b)

      Pub. L. 115–334, § 5405, added subsec. (a)

   2. Amended · 12 U.S.C. § 2251(a); 12 U.S.C. § 2251(b)

      Pub. L. 115–334, § 5405, designated existing introductory provisions and pars. (1) to (5) as subsec. (b)

   Source evidence

   Code amendment note
   Subsecs. (a), (b). Pub. L. 115–334, § 5405, added subsec. (a) and designated existing introductory provisions and pars. (1) to (5) as subsec. (b).

   Enacted provision · exact public law section
   SEC. 5405. FACILITY HEADQUARTERS.   Section 5.16 of the Farm Credit Act of 1971 (12 U.S.C. 2251) is amended by striking all that precedes “to the rental of quarters” and inserting the following: “SEC. 5.16. QUARTERS AND FACILITIES FOR THE FARM CREDIT ADMINISTRATION. “(a) The Farm Credit Administration shall maintain its principal office within the Washington D.C.-Maryland-Virginia standard metropolitan statistical area, and such other offices within the United States as in its judgment are necessary. “(b) As an alternate” .

7. 2018

   Agriculture Improvement Act of 2018

   Pub. L. 115–334 § 5411(28) · 132 Stat. 4490

   1. Amended · 12 U.S.C. § 2251(c)

      Pub. L. 115–334, § 5411(28), designated existing concluding provisions as subsec. (c) and first to fifth sentences thereof as pars. (1) to (5), respectively

   2. Inserted · 12 U.S.C. § 2251(c)

      Pub. L. 115–334, § 5411(28), inserted subsec. and par. headings

   Source evidence

   Code amendment note
   Subsec. (c). Pub. L. 115–334, § 5411(28), designated existing concluding provisions as subsec. (c) and first to fifth sentences thereof as pars. (1) to (5), respectively, and inserted subsec. and par. headings.

   Enacted provision · exact public law section
   (28) Section 5.16 of the Farm Credit Act of 1971 (12 U.S.C. 2251) is amended in the undesignated matter following paragraph (5) of subsection (b) (as designated by section 5405)— (A) in the fifth sentence, by striking “In actions undertaken by the banks pursuant to the foregoing provisions of this section” and inserting the following: “(5) Agent for banks.— In actions undertaken by the banks pursuant to this section” ; (B) in the fourth sentence, by striking “The plans” and inserting the following: “(4) Approval of board.— The plans” ; (C) in the third sentence, by striking “The powers” and inserting the following: “(3) Powers of banks.— The powers” ; (D) in the second sentence, by striking “Such advances” and inserting the following: “(2) Advances.— The advances of funds described in paragraph (1)” ; and (E) in the first sentence, by striking “The Board” and inserting the following: “(c) Financing.— “(1) In general.— The Board” .

8. 2018

   Agriculture Improvement Act of 2018

   Pub. L. 115–334 § 5411(28)(D) · 132 Stat. 4490

   Substituted · 12 U.S.C. § 2251(c)(2)

   Pub. L. 115–334, § 5411(28)(D), substituted “The advances of funds described in paragraph (1)” for “Such advances”

   Source evidence

   Code amendment note
   Subsec. (c)(2). Pub. L. 115–334, § 5411(28)(D), substituted “The advances of funds described in paragraph (1)” for “Such advances”.

   Enacted provision · exact public law section
   (D) in the second sentence, by striking “Such advances” and inserting the following: “(2) Advances.— The advances of funds described in paragraph (1)” ; and

9. 2018

   Agriculture Improvement Act of 2018

   Pub. L. 115–334 § 5411(28)(A) · 132 Stat. 4490

   Substituted · 12 U.S.C. § 2251(c)(5)

   Pub. L. 115–334, § 5411(28)(A), substituted “In actions undertaken by the banks pursuant to this section” for “In actions undertaken by the banks pursuant to the foregoing provisions of this section”

   Source evidence

   Code amendment note
   Subsec. (c)(5). Pub. L. 115–334, § 5411(28)(A), substituted “In actions undertaken by the banks pursuant to this section” for “In actions undertaken by the banks pursuant to the foregoing provisions of this section”.

   Enacted provision · exact public law section
   (A) in the fifth sentence, by striking “In actions undertaken by the banks pursuant to the foregoing provisions of this section” and inserting the following: “(5) Agent for banks.— In actions undertaken by the banks pursuant to this section” ;

11 of 11 references resolved to an enrolled provision