12 CFR 651.1 - Definitions.

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§ 651.1 Definitions.
(a) Agent means any person (other than a director, officer, or employee of the Corporation) who represents the Corporation in contacts with third parties or who provides professional services such as legal, accounting, or appraisal services to the Corporation.
(b) Affiliate means any entity established under authority granted to the Corporation under section 8.3(c)(14) ofthe Farm Credit Act of 1971, as amended.
(c) Corporation means the Federal Agricultural Mortgage Corporation and its affiliates.
(d) Employee means any salaried individual working part-time, full-time, or temporarily for the Corporation.
(e) Entity means a corporation, company, association, firm, joint venture, partnership (general or limited), society, joint stock company, trust (business or otherwise), fund, or other organization or institution.
(f) Material, when applied to a potential conflict of interest, means the conflicting interest is of sufficient magnitude or significance that a reasonable observer with knowledge of the relevant facts would question the ability of the person having such interest to discharge official duties in an objective and impartial manner in furtherance of the interests and statutory purposes of the Corporation.
(g) Officer means the salaried president, vice presidents, secretary, treasurer, and general counsel, or other person, however designated, who holds a position of similar authority in the Corporation.
(h) Person means individual or entity.
(i) Potential conflict of interest means a director, officer, or employee of the Corporation has an interest in a transaction, relationship, or activity that might adversely affect, or appear to adversely affect, the ability of the director, officer, or employee to perform his official duties on behalf of the Corporation in an objective and impartial manner in furtherance of the interest of the Corporation and its statutory purposes. For the purpose of determining whether a potential conflict of interest exists, the following interests shall be imputed to a person subject to this regulation as if they were that person's own interests:
(1) Interests of that person's spouse;
(2) Interests of that person's minor child;
(3) Interests of that person's general partner;
(4) Interests of an organization or entity that the person serves as officer, director, trustee, general partner or employee; and
(5) Interests of a person, organization, or entity with which that person is negotiating for or has an arrangement concerning prospective employment.
(j) Resolved, when applied to a potential conflict of interest that the Corporation has determined is material, means that circumstances have been altered so that a reasonable observer with knowledge of the relevant facts would conclude that the conflicting interest would not adversely affect the person's performance of official duties in an objective and impartial manner in furtherance of the interests and statutory purposes of the Corporation.
[59 FR 9626, Mar. 1, 1994, as amended at 76 FR 23467, April 27, 2011]

Title 12 published on 2014-01-01

no entries appear in the Federal Register after this date.

Title 12 published on 2014-01-01

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 12 CFR 651 after this date.

  • 2014-02-25; vol. 79 # 37 - Tuesday, February 25, 2014
    1. 79 FR 10426 - Federal Agricultural Mortgage Corporation Governance; Farmer Mac Corporate Governance and Standards of Conduct
      GPO FDSys XML | Text
      FARM CREDIT ADMINISTRATION
      Advance notice of proposed rulemaking.
      You may send comments on or before April 28, 2014.
      12 CFR Part 651