§ 2074. Production credit association capitalization
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/usc/title-12/section-2074A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)In general In accordance with section 2154a of this title, each production credit association shall provide, through its bylaws and subject to Farm Credit Administration regulations, for its capitalization and the manner in which its stock shall be issued, held, transferred, and retired and, except as provided in subsection (b), its earnings distributed.
(b)Application of earnings At the end of each fiscal year, each production credit association shall apply the amount of the earnings of the association for the fiscal year in excess of the operating expenses of the association (including provision for valuation reserves against loan assets in accordance with generally accepted accounting principles)—
(1)first, to the restoration of the impairment (if any) of capital; and
(2)second, to the establishment and maintenance of the surplus accounts, the minimum aggregate amount of which shall be prescribed by the Farm Credit Bank.
(c)Patronage When the bylaws of an association so provide and subject to the general directions of the Farm Credit Administration, available net earnings at the end of any fiscal year may be distributed on a patronage basis in stock, participation certificates, or in cash. Any part of the earnings of the fiscal year in excess of the operating expenses for such year held in the surplus account may be allocated to patrons on a patronage basis.
(Pub. L. 92–181, title II, § 2.3, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1632; amended Pub. L. 102–552, title V, § 501, Oct. 28, 1992, 106 Stat. 4129.)
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U.S. Code
- § 2252Powers and duties
- § 2202aRestructuring distressed loans
- § 2205Interest rates
- § 2208Prohibition against use of signed ballots
- § 349Rediscount for intermediate credit banks of obligations given for agricultural purposes; discount of notes made pursuant to section 1031
- § 1081Repealed. Pub. L. 92–181, title V, § 5.26(a), Dec. 10, 1971, 85 Stat. 624
statutes-at-large
- Public Law 99–205To amend the Farm Credit Act of 1971, to restructure and reform the Farm Credit System, and for other purposes
- Public Law 97–111To permit to become effective certain Farm Credit Administration regulations which expand the authority of financing institutions, other than farm credit system institutions, to borrow from and discount with Federal intermediate credit banks
- Public Law 96–592To amend the Farm Credit Act of 1971 to permit Farm Credit System institutions to improve their services to borrowers, and for other purposes
- Public Law 102–552To enhance the financial safety and soundness of the banks and associations of the Farm Credit System, and for other purposes
- Public Law 100–233To provide credit assistance to farmers, to strengthen the Farm Credit System, to facilitate the establishment of secondary markets for agricultural loans, and for other purposes
statute-compilations
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13 references not yet in our index
- Pub. L. 92–181, title II, § 2
- Pub. L. 100–233, title IV, § 401
- 101 Stat. 1632
- Pub. L. 102–552, title V, § 501
- 106 Stat. 4129
- 85 Stat. 593
- Pub. L. 96–592, title II, § 203
- 94 Stat. 3440
- Pub. L. 99–205, title II, § 205(e)(6)
- 99 Stat. 1704
- Pub. L. 100–233, § 401
- Pub. L. 102–552
- 101 Stat. 1622
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§ 2074
Production credit association capitalization
U.S.C.×7
Stat.×5
Stat. Comp.×1
Pub. L.Pub. L. 92–181, title II, § 2
Pub. L.Pub. L. 100–233, title IV, § 401
Stat.101 Stat. 1632
Pub. L.Pub. L. 102–552, title V, § 501
Stat.106 Stat. 4129
Cites 14 · showing 6Cited by 13 across 3 sources