§ 2091. Organizations; articles; charters; powers of the Farm Credit Administration
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/usc/title-12/section-2091A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Charter Each Federal land bank association shall continue as a federally chartered instrumentality of the United States.
(b)Organization
(1)In general A Federal land bank association may be organized by any group of 10 or more persons desiring to borrow money from a Farm Credit Bank under section 2015(a) of this title, including persons to whom the Farm Credit Bank has made a loan directly or through an agent and has taken as security real estate located in the territory proposed to be served by the association.
(2)Articles of association
(A)Description of territory The articles of association shall describe the territory within which the association proposes to carry on its operations.
(B)Submission to FCB Proposed articles shall be forwarded to the Farm Credit Bank for the district, accompanied by an agreement to subscribe on behalf of the association for stock in accordance with the bylaws of the Farm Credit Bank.
(C)Stock purchase Association stock may be paid for by surrendering for cancellation stock in the bank held by a borrower and the issuance of an equivalent amount of stock to such borrower in the association.
(D)Statement The articles shall be accompanied by a statement signed by each of the members of the proposed association establishing—
(i)the individual’s eligibility and request for a Farm Credit Bank loan;
(ii)that the real estate with respect to which the individual desires the loan for is not being served by another Federal land bank association; and
(iii)that the individual is or will become a stockholder in the proposed association.
(E)Submission to FCA A copy of the articles of association shall be forwarded to the Farm Credit Administration with the recommendations of the bank concerning the need for the proposed association in order to adequately serve the credit needs of eligible persons in the proposed territory and a statement as to whether or not the territory includes any territory described in the charter of another Federal land bank association.
(3)Denials of charters The Farm Credit Administration for good cause shown may deny the charter applied for.
(4)Approval of articles On the approval of the proposed articles by the Farm Credit Administration and the issuance of such charter, the association shall become as of such date a federally chartered body corporate and an instrumentality of the United States.
(c)FCA authority on organization The Farm Credit Administration shall have power, in the terms of the charter, under rules and regulations prescribed by the Farm Credit Administration—
(1)to provide for the organization of the association;
(2)to provide for the initial amount of stock of the association;
(3)to provide for the territory within which the association may carry on its operations; and
(4)to approve amendments to the charter of such association.
(Pub. L. 92–181, title II, § 2.10, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1634; amended Pub. L. 100–399, title IV, § 401(s), (t), Aug. 17, 1988, 102 Stat. 998.)
Connections7 cite this · traces to 2
Cited by 7 sections · top 5
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 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 100–399To make technical corrections to the agricultural credit laws
- 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
Traces to 2 documents
20 references not yet in our index
- Pub. L. 92–181, title II, § 2
- Pub. L. 100–233, title IV, § 401
- 101 Stat. 1634
- Pub. L. 100–399, title IV, § 401(s)
- 102 Stat. 998
- 85 Stat. 597
- Pub. L. 96–592, title II, § 207
- 94 Stat. 3442
- Pub. L. 99–205, title II, § 205(e)(10)
- 99 Stat. 1704
- Pub. L. 100–233, title VIII
- 101 Stat. 1711
- Pub. L. 100–233, § 401
- Pub. L. 100–399, § 401(s)(1)
- Pub. L. 100–399, § 401(s)(2)
- Pub. L. 100–399, § 401(t)
- Pub. L. 100–399
- section 401 of Pub. L. 100–233
- section 1001(b) of Pub. L. 100–399
- 101 Stat. 1622
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cites case law
§ 2091
Organizations; articles; charters; powers of the Farm Credit Administration
Stat.×6
Stat. Comp.×1
Pub. L.Pub. L. 92–181, title II, § 2
Pub. L.Pub. L. 100–233, title IV, § 401
Stat.101 Stat. 1634
Pub. L.Pub. L. 100–399, title IV, § 401(s)
Stat.102 Stat. 998
Cites 22 · showing 7Cited by 7 across 2 sources