12 U.S. Code § 2141 - Charter, powers, and operation
The National Bank for Cooperatives or the United Bank for Cooperatives, as the case may be (hereinafter in this part referred to as the “consolidated bank”), established under section 413 of the Agricultural Credit Act of 1987, shall be a federally chartered instrumentality of the United States and an institution of the Farm Credit System.
The consolidated bank and the board of directors of such bank shall have all of the powers, rights, responsibilities, and obligations of the district banks for cooperatives and the Central Bank for Cooperatives and the boards of directors of such banks, except as otherwise provided for in this chapter.
The consolidated bank shall be organized and operated on a cooperative basis.
1988—Subsec. (a). Pub. L. 100–399, § 407(a), struck out “in this section” after “referred to” and inserted “, established under section 413 of the Agricultural Credit Act of 1987,” before “shall”.
Subsec. (b). Pub. L. 100–399, § 407(b), inserted “except” before “as otherwise”.
LII has no control over and does not endorse any external Internet site that contains links to or references LII.