12 U.S. Code § 2211 - Establishment

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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.

Source

(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.)
Amendments

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

Amendment by Pub. L. 99–205effective thirty days after Dec. 23, 1985, see section 401 ofPub. L. 99–205, set out as a note under section 2001 of this title.

This is a list of parts within the Code of Federal Regulations for which this US Code section provides rulemaking authority.

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12 CFR - Banks and Banking

12 CFR Part 611 - ORGANIZATION

12 CFR Part 612 - STANDARDS OF CONDUCT AND REFERRAL OF KNOWN OR SUSPECTED CRIMINAL VIOLATIONS

12 CFR Part 613 - ELIGIBILITY AND SCOPE OF FINANCING

12 CFR Part 614 - LOAN POLICIES AND OPERATIONS

12 CFR Part 615 - FUNDING AND FISCAL AFFAIRS, LOAN POLICIES AND OPERATIONS, AND FUNDING OPERATIONS

12 CFR Part 616 - LEASING

12 CFR Part 618 - GENERAL PROVISIONS

 

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