Legal corpus: the complete U.S. Code (59,740 sections, all 53 titles)

Ingested titles 12–51 and 54 from OLRC USLM XML @119-100 (the whole Code
now, uniform edition; Title 53 is reserved/empty). LegalText 11,221 ->
59,740; repo total 105,704 records. Deterministic (byte-identical rerun,
verified on Title 42's 8,356 sections); make check green. make
legal-us-code default now covers every title.

Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>

legal/us/code/title-12/chapter-23/section-2001.md

@@ -0,0 +1,89 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2001"
+description: "Congressional declaration of policy and objectives"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2001"
+citation: "12 U.S.C. § 2001"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2001"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "947ec29f97a77d3859fce41501b083bd63776544f1453ca7bd8d2c0e9afb6d4e"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "2b10635af9de879388fad1dbd99125aca2c83381dce1b522cc48fa768ffeb0f5"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2001 - Congressional declaration of policy and objectives
+
+## Text
+
+(a) It is declared to be the policy of the Congress, recognizing that a prosperous, productive agriculture is essential to a free nation and recognizing the growing need for credit in rural areas, that the farmer-owned cooperative Farm Credit System be designed to accomplish the objective of improving the income and well-being of American farmers and ranchers by furnishing sound, adequate, and constructive credit and closely related services to them, their cooperatives, and to selected farm-related businesses necessary for efficient farm operations.
+
+(b) It is the objective of this chapter to continue to encourage farmer- and rancher-borrowers participation in the management, control, and ownership of a permanent system of credit for agriculture which will be responsive to the credit needs of all types of agricultural producers having a basis for credit, and to modernize and improve the authorizations and means for furnishing such credit and credit for housing in rural areas made available through the institutions constituting the Farm Credit System as herein provided.
+
+(c) It is declared to be the policy of Congress that the credit needs of farmers, ranchers, and their cooperatives are best served if the institutions of the Farm Credit System provide equitable and competitive interest rates to eligible borrowers, taking into consideration the creditworthiness and access to alternative sources of credit for borrowers, the cost of funds, the operating costs of the institution, including the costs of any loan loss amortization under section 2254(b)11 See References in Text note below. of this title, the cost of servicing loans, the need to retain earnings to protect borrowers’ stock, and the volume of net new borrowing. Further, it is declared to be the policy of Congress that Farm Credit System institutions take action in accordance with the Farm Credit Act Amendments of 1986 in such manner that borrowers from the institutions derive the greatest benefit practicable from that Act: Provided, That in no case is any borrower to be charged a rate of interest that is below competitive market rates for similar loans made by private lenders to borrowers of equivalent creditworthiness and access to alternative credit.
+
+(Pub. L. 92–181, § 1.1, Dec. 10, 1971, 85 Stat. 583; Pub. L. 99–509, title I, § 1032, Oct. 21, 1986, 100 Stat. 1877; Pub. L. 115–334, title V, § 5411(1), Dec. 20, 2018, 132 Stat. 4679.)
+
+## Notes
+
+Editorial Notes
+
+References in TextSection 2254(b) of this title, referred to in subsec. (c), was amended by Pub. L. 115–334, title V, § 5411(31)(B)(ii)(II), (iii), Dec. 20, 2018, 132 Stat. 4683. Section 5411(31)(B)(ii)(II) of Pub. L. 115–334 amended section 2254(b) of this title by striking out the third sentence of par. (1), which read as follows: “Notwithstanding the provisions of the preceding sentence and any other provision of this chapter, for the period July 1, 1986, through December 31, 1988, the institutions of the Farm Credit System may, on the prior approval of the Farm Credit Administration and subject to such conditions as it may establish, capitalize annually their provision for losses that is in excess of one-half of 1 percent of loans outstanding and amortize such capitalized amounts over a period not to exceed 20 years.” Section 5411(31)(B)(iii) of Pub. L. 115–334 amended section 2254(b) of this title in part by striking out par. (2), which read as follows: “In accordance with the regulations of the Farm Credit Administration, for the period ending December 31, 1992, System institutions are authorized to use the authorities contained in the third sentence of paragraph (1) except as otherwise provided in section 2278a–6 of this title.” The Farm Credit Act Amendments of 1986, referred to in subsec. (c), is subtitle D of Pub. L. 99–509, title I, §§ 1031–1037, Oct. 21, 1986, 100 Stat. 1877, which amended sections 2001, 2015, 2075, 2131, 2159, 2205, 2252, and 2254 of this title and enacted provisions set out as a note below. For complete classification of this Act to the Code, see Short Title of 1986 Amendment note below and Tables.
+
+Amendments2018—Subsec. (c). Pub. L. 115–334 struck out “including any costs of defeasance under section 2159(b) of this title,” after “the cost of funds,” in first sentence. 1986—Subsec. (c). Pub. L. 99–509 added subsec. (c).
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1985 AmendmentPub. L. 99–205, title IV, § 401, Dec. 23, 1985, 99 Stat. 1709, provided that: “The provisions of titles I, II, III, and VI of this Act [enacting sections 2152, 2161, 2199, 2200, 2216 to 2216k, 2219, 2219a, 2253, 2261 to 2273 of this title and provisions set out as notes under section 2001 of this title, amending sections 2002, 2012, 2013, 2031, 2033, 2034, 2051, 2052, 2054, 2072 to 2074, 2077, 2078, 2091, 2093 to 2096, 2098, 2122 to 2126, 2132 to 2134, 2151, 2153 to 2156, 2182, 2183, 2201, 2202, 2205, 2206, 2211 to 2213, 2221 to 2223, 2227, 2241 to 2246, 2248 to 2252, and 2254 of this title, and repealing sections 2152, 2247, and 2253 of this title] shall become effective thirty days after enactment [Dec. 23, 1985].”
+
+Short Title of 1996 AmendmentPub. L. 104–105, § 1(a), Feb. 10, 1996, 110 Stat. 162, provided that: “This Act [enacting sections 2214a, 2219e, 2277a–10a, 2277a–10b, 2279bb–7, and 2279cc of this title, amending sections 2013, 2018, 2020, 2129, 2154a, 2199, 2202a, 2252, 2254, 2277a, 2277a–2, 2277a–4, 2277a–5, 2277a–7, 2277a–8, 2277a–10, 2279aa, 2279aa–1, 2279aa–3, 2279aa–5, 2279aa–6, 2279aa–8, 2279aa–9, 2279aa–11 to 2279aa–13, 2279bb–1 to 2279bb–4 of this title, sections 5314 and 5315 of Title 5, Government Organization and Employees, and section 1999 of Title 7, Agriculture, repealing section 2279aa–7 of this title, and enacting provisions set out as notes under this section and sections 2013 and 2252 of this title] may be cited as the ‘Farm Credit System Reform Act of 1996’.”
+
+Short Title of 1994 AmendmentPub. L. 103–376, § 1, Oct. 19, 1994, 108 Stat. 3497, provided that: “This Act [enacting section 2206a of this title and amending sections 2122, 2128, and 2129 of this title] may be cited as the ‘Farm Credit System Agricultural Export and Risk Management Act’.”
+
+Short Title of 1992 AmendmentPub. L. 102–552, § 1(a), Oct. 28, 1992, 106 Stat. 4102, provided that: “This Act [see Tables for classification] may be cited as the ‘Farm Credit Banks and Associations Safety and Soundness Act of 1992’.”
+
+Short Title of 1988 AmendmentsPub. L. 100–399, § 1, Aug. 17, 1988, 102 Stat. 989, provided that: “This Act [see Tables for classification] may be cited as the ‘Agricultural Credit Technical Corrections Act of 1988’.” Pub. L. 100–233, § 1(a), Jan. 6, 1988, 101 Stat. 1568, provided that: “This Act [see Tables for classification] may be cited as the ‘Agricultural Credit Act of 1987’.”
+
+Short Title of 1986 AmendmentPub. L. 99–509, title I, § 1031, Oct. 21, 1986, 100 Stat. 1877, provided that: “This subtitle [subtitle D (§§ 1031–1037) of title I of Pub. L. 99–509, amending sections 2001, 2015, 2075, 2131, 2159, 2205, 2252, and 2254 of this title] may be cited as the ‘Farm Credit Act Amendments of 1986’.”
+
+Short Title of 1985 AmendmentPub. L. 99–205, § 1, Dec. 23, 1985, 99 Stat. 1678, provided: “That this Act [enacting sections 2152, 2161, 2199, 2200, 2216 to 2216k, 2219, 2219a, 2253, 2261 to 2273 of this title and provisions set out as notes under this section and section 2241 of this title, amending sections 2002, 2012, 2013, 2031, 2033, 2034, 2051, 2052, 2054, 2072 to 2074, 2077, 2078, 2091, 2093 to 2096, 2098, 2122 to 2126, 2132 to 2134, 2151, 2153 to 2156, 2182, 2183, 2201, 2202, 2205, 2206, 2211 to 2213, 2221 to 2223, 2227, 2241 to 2246, 2248 to 2252, and 2254 of this title, and repealing sections 2152, 2247, and 2253 of this title] may be cited as the ‘Farm Credit Amendments Act of 1985’.”
+
+Short Title of 1980 AmendmentPub. L. 96–592, § 1, Dec. 24, 1980, 94 Stat. 3437, provided: “That this Act [enacting sections 2205 to 2208, 2211 to 2214, 2218, and 2260 of this title and amending sections 1141b, 2012 to 2020, 2033, 2034, 2051 to 2054, 2072 to 2077, 2091, 2093, 2094, 2096, 2097, 2122, 2124, 2126, 2128 to 2132, 2156, 2181, 2221, 2223, 2242, 2244, 2249, 2251, and 2252 of this title and section 3802 of Title 7, Agriculture] may be cited as the ‘Farm Credit Act Amendments of 1980’.”
+
+Short TitlePub. L. 92–181, § 1, Dec. 10, 1971, 85 Stat. 583, provided: “That this Act [enacting this chapter and provisions set out as notes under this section, amending sections 5314 and 5315 of Title 5, Government Organization and Employees, and section 393 of this title, and repealing section 636 et seq. of this title] may be cited as the ‘Farm Credit Act of 1971’.”
+
+RegulationsPub. L. 104–105, title III, § 301, Feb. 10, 1996, 110 Stat. 185, provided that: “The Secretary of Agriculture and the Farm Credit Administration shall promulgate regulations and take other required actions to implement the provisions of this Act [see Short Title of 1996 Amendment note above] not later than 90 days after the effective date of this Act [Feb. 10, 1996].” Pub. L. 100–233, title IX, § 901, Jan. 6, 1988, 101 Stat. 1717, as amended by Pub. L. 100–399, title VIII, § 801, Aug. 17, 1988, 102 Stat. 1006, provided that: “(a) Issuance of Regulations.—“(1) Authority.—The Farm Credit Administration Board shall issue such regulations as the Board considers necessary for the orderly and efficient implementation of the provisions of, and the amendments made by, this Act [see Tables for classification] relating to the Farm Credit Act of 1971 (12 U.S.C. 2001 et seq.). “(2) Timing.—To the extent the Farm Credit Administration is required to issue regulations to implement this Act and the amendments made by this Act, the Farm Credit Administration shall issue such regulations as expeditiously as possible, and, except as otherwise provided in this Act, not later than 180 days after the date of the enactment of this Act [Jan. 6, 1988]. “(b) Temporary Retention of Certain Regulations.—“(1) In general.—Except as otherwise provided in this subsection, the regulations issued by the Farm Credit Administration before the date of the enactment of this Act [Jan. 6, 1988] under provisions amended by this Act shall remain in effect, notwithstanding such amendments, until the Farm Credit Administration issues regulations to implement such amendments, but in no event later than 180 days after such date of enactment. “(2) Certain regulations relating to borrowers’ rights.—The regulations implementing, interpreting, or applying part C of title IV (12 U.S.C. 2201 et seq.) [12 U.S.C. 2199 et seq.] (other than section 4.13(a) [12 U.S.C. 2199(a)]) (in effect immediately before the date of the enactment of this Act), to the extent that such regulations are not contrary to this Act and the amendments made by this Act, shall remain in effect until January 1, 1989. “(3) Regulations relating to disclosure by banks and associations.—Any regulation issued or approved by the Farm Credit Administration that implements, interprets, or applies section 4.13(a) (12 U.S.C. 2201(a) [12 U.S.C. 2199(a)]) (in effect immediately before the date of the enactment of this Act) shall remain in effect for 120 days after such date of enactment.”
+
+RepealsPub. L. 92–181, which enacted this chapter, represents a complete rewriting of the farm credit laws and a fundamental reworking of the statutory basis for the farm credit system. In connection with such reworking of material, the existing statutory provisions covering this area were repealed and their substance revised, reenacted, and expanded by Pub. L. 92–181. The repealed provisions constituted the bulk of chapter 7 of this title. Pub. L. 92–181, § 5.40(a), formerly § 5.26(a), Dec. 10, 1971, 85 Stat. 624, renumbered § 5.40(a), by Pub. L. 99–205, title II, § 205(a)(2), Dec. 23, 1985, 99 Stat. 1703, enumerated the repealed statutes as follows: The Federal Farm Loan Act, as amended; section 2 of the Act of March 10, 1924 (Public Numbered 35, Sixty-eighth Congress, 43 Stat. 17), as amended; section 6 of the Act of January 23, 1932 (Public Numbered 3, Seventy-second Congress, 47 Stat. 14), as amended; the Farm Credit Act of 1933, as amended; sections 29 and 40 of the Emergency Farm Mortgage Act of 1933; Act of June 18, 1934 (Public Numbered 381, Seventy-third Congress, 48 Stat. 983); Act of June 4, 1936 (Public Numbered 644, Seventy-fourth Congress, 49 Stat. 1461), as amended; sections 5, 6, 20, 25(b) and 39 of the Farm Credit Act of 1937, as amended; sections 601 and 602 of the Act of September 21, 1944 (Public Law 425, Seventy-eighth Congress, 58 Stat. 740, 741), as amended; sections 1, 2, 3, 4, 5, 6, 7, 8, 16, and 17(b) of the Farm Credit Act of 1953, as amended; sections 2, 101, and 201(b) of the Farm Credit Act of 1956.
+
+Savings ProvisionPub. L. 92–181, § 5.40(b), formerly § 5.26(b), Dec. 10, 1971, 85 Stat. 625, renumbered § 5.40(b), Pub. L. 99–205, title II, § 205(a)(2), Dec. 23, 1985, 99 Stat. 1703, provided that: “All regulations of the Farm Credit Administration or the institutions of the System and all charters, bylaws, resolutions, stock classifications, and policy directives issued or approved by the Farm Credit Administration, and all elections held and appointments made under the Acts repealed by subsection (a) of this section [see Repeals note above] shall be continuing and remain valid until superseded, modified, or replaced under the authority of this Act [this chapter]. All stock, notes, bonds, debentures, and other obligations issued under the repealed acts shall be valid and enforceable upon the terms and conditions under which they were issued, including the pledge of collateral against which they were issued, and all loans made and security or collateral therefor held by, and all contracts entered into by, institutions of the System shall remain enforceable according to their terms unless and until modified in accordance with the provisions of this Act; it being the purpose of this subsection to avoid disruption in the effective operation of the System by reason of said repeals.”
+
+SeparabilityPub. 92–181, § 5.42, formerly § 5.28, Dec. 10, 1971, 85 Stat. 625, renumbered § 5.42, Pub. L. 99–205, title II, § 205(a)(2), Dec. 23, 1985, 99 Stat. 1703, provided that: “If any provision of this Act [this chapter], or the application thereof to any persons or in any circumstances, is held invalid, the remainder of this Act and the application of such provision to other persons or in other circumstances shall not be affected thereby.”
+
+References to Earlier Farm Credit ActsPub. L. 92–181, § 5.40(a), formerly § 5.26(a), Dec. 10, 1971, 85 Stat. 624, renumbered § 5.40(a), Pub. L. 99–205, title II, § 205(a)(2), Dec. 23, 1985, 99 Stat. 1703, provided in part that: “All references in other legislation, State or Federal, rules and regulations of any agency, stock, contracts, deeds, security instruments, bonds, debentures, notes, mortgages and other documents of the institutions of the System, to the Acts repealed hereby [see Repeals note above], shall be deemed to refer to comparable provisions of this Act [this chapter].”
+
+Reservation of Right To Amend or RepealPub. 92–181, § 5.43, formerly § 5.29, Dec. 10, 1971, 85 Stat. 625, renumbered § 5.43, Pub. L. 99–205, title II, § 205(a)(2), Dec. 23, 1985, 99 Stat. 1703, provided that: “The right to alter, amend, or repeal any provision or all of this Act [this chapter] is expressly reserved.”
+
+Study on Demand for and Availability of Credit in Rural Areas for Agriculture, Housing, and Rural DevelopmentPub. L. 104–127, title VI, § 650, Apr. 4, 1996, 110 Stat. 1105, provided that: “(a) In General.—The Secretary of Agriculture shall conduct a study and report to the Committee on Agriculture of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate on the demand for and availability of credit in rural areas for agriculture, housing, and rural development. “(b) Purpose.—The purpose of the study shall be to ensure that Congress has current and comprehensive information to consider as Congress deliberates on rural credit needs and the availability of credit to satisfy the needs of rural areas of the United States. “(c) Items in Study.—In conducting the study, the Secretary shall base the study on the most current available data and analyze—“(1) rural demand for credit from the Farm Credit System, the ability of the Farm Credit System to meet the demand, and the extent to which the Farm Credit System provides loans to satisfy the demand; “(2) rural demand for credit from the United States banking system, the ability of banks to meet the demand, and the extent to which banks provide loans to satisfy the demand; “(3) rural demand for credit from the Secretary, the ability of the Secretary to meet the demand, and the extent to which the Secretary provides loans to satisfy the demand; “(4) rural demand for credit from other Federal agencies, the ability of the agencies to meet the demand, and the extent to which the agencies provide loans to satisfy the demand; “(5) what measure or measures exist to gauge the overall demand for rural credit, the extent to which rural demand for credit is satisfied, and what the measures have demonstrated; “(6) a comparison of the interest rates and terms charged by the Farm Credit System Farm Credit Banks, production credit associations, and banks for cooperatives with the rates and terms charged by the banks of the United States for credit of comparable risk and maturity; “(7) the advantages and disadvantages of the modernization and expansion proposals of the Farm Credit System on the Farm Credit System, the United States banking system, rural users of credit, local rural communities, and the Federal Government, including—“(A) any added risk to the safety and soundness of the Farm Credit System that may result from approval of a proposal; and “(B) any positive or adverse impacts on competition between the Farm Credit System and the banks of the United States in providing credit to rural users; “(8) the nature and extent of the unsatisfied rural credit need that the Farm Credit System proposals are supposed to address and what aspects of the present Farm Credit System prevent the Farm Credit System from meeting the need; “(9) the advantages and disadvantages of the proposal by commercial bankers to allow banks access to the Farm Credit System as a funding source on the Farm Credit System, the United States banking system, rural users of credit, local rural communities, and the Federal Government, including—“(A) any added risk to the safety and soundness of the Farm Credit System that may result from approval of the proposal; and “(B) any positive or adverse impacts on competition between the Farm Credit System and the banks of the United States in providing credit to rural users; and “(10) problems that commercial banks have in obtaining capital for lending in rural areas, how access to Farm Credit System funds would improve the availability of capital in rural areas in ways that cannot be achieved in the system in existence on the date of enactment of this Act [Apr. 4, 1996], and the possible effects on the viability of the Farm Credit System of granting banks access to Farm Credit System funds. “(d) Interagency Task Force.—In completing the study, the Secretary shall use, among other things, data and information obtained by the interagency task force on rural credit.”
+
+GAO Study of Rural Credit Cost and AvailabilityPub. L. 101–624, title XVIII, § 1842, Nov. 28, 1990, 104 Stat. 3835, directed Comptroller General of the United States to conduct a study relating to cost and availability of credit in rural America and, not later than 2 years after Nov. 28, 1990, submit a report to Committee on Agriculture of House of Representatives and Committee on Agriculture, Nutrition, and Forestry of Senate.
+
+Authorization of Appropriations for National Commission on Agricultural Finance and National Commission on Agriculture and Rural Development PolicyPub. L. 100–71, title V, § 519(b), July 11, 1987, 101 Stat. 475, authorized and appropriated (1) for National Commission on Agricultural Finance established under section 501 of Pub. L. 99–205, $100,000, to remain available until expended, and (2) for National Commission on Agriculture and Rural Development [Policy] established under section 5002 of this title, $100,000, to remain available until expended.
+
+Loan Review by Local Lending InstitutionsPub. L. 99–205, title III, § 307, Dec. 23, 1985, 99 Stat. 1709, required each local lending institution of Farm Credit System established under this chapter to (1) review each loan that had been placed in non-accrual status by such institution to determine whether such loan could be restructured based on changes in circumstances of such institution as the result of this Act and the amendments made by this Act, and (2) notify in writing borrower of each such loan of provisions of this section.
+
+National Commission on Agricultural FinancePub. L. 99–205, title V, § 501, Dec. 23, 1985, 99 Stat. 1710, directed President to appoint a National Commission on Agricultural Finance, comprised of 15 members, representing the financial community, the agricultural sector, and government, to conduct a study of methods to ensure availability of adequate credit to agricultural producers and agribusiness, taking into account long-term financing needs of agricultural economy, roles of commercial banks, Farm Credit System, and Farmers Home Administration in meeting those financial needs, with the Commission, in conducting such study, to (1) evaluate financial circumstances relative to both lenders and borrowers of farm credit, (2) evaluate structure, performance, and conduct of private lenders—commercial bankers and Farm Credit System—and public lenders, (3) explore need for long-term assistance in stabilizing value of agricultural assets, and (4) evaluate effect on suppliers, producers, processors, and local communities when financial institutions fail, and not later than Dec. 23, 1986, to submit to Congress a report containing results of study, together with comments and recommendations for legislation providing for a sound, reasonable, and primarily self-supporting credit program for farmers and ranchers as Commission considers appropriate.

legal/us/code/title-12/chapter-23/section-2002.md

@@ -0,0 +1,55 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2002"
+description: "Farm Credit System"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2002"
+citation: "12 U.S.C. § 2002"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2002"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "5c3bf76e882d44d54bc0e3334588dd79fdefbbf0d65a811fb87f8fdef40a9bdd"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "abacd8bef2a15ce16b628782307f369fe34ad1b5523b3af155a055a7accbe5b6"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2002 - Farm Credit System
+
+## Text
+
+(a) Composition The Farm Credit System shall include the Farm Credit Banks, the bank for cooperatives, Agricultural Credit Banks, the Federal Land Bank Associations, the Federal Land Credit Associations, the Production Credit Associations, the agricultural credit associations, the Federal Farm Credit Banks Funding Corporation, the Federal Agricultural Mortgage Corporation, service corporations established pursuant to section 2211 of this title, and such other institutions as may be made a part of the Farm Credit System, all of which shall be chartered by and subject to regulation by the Farm Credit Administration.
+
+(b) Farm credit districts There shall be not more than twelve farm credit districts in the United States, which may be designated by number, one of which districts shall include the Commonwealth of Puerto Rico and one of which districts may, if authorized by the Farm Credit Administration, include the Virgin Islands of the United States: Provided, That the extension of credit and other services authorized by this chapter in the Virgin Islands of the United States shall be undertaken only if determined to be feasible under regulations of the Farm Credit Administration. The boundaries of the twelve farm credit districts existing on December 10, 1971, may be readjusted from time to time by the Farm Credit Administration, with the concurrence of the boards of the banks in each district involved. Two or more districts may be merged as provided in section 2252(a)(2) of this title.
+
+(Pub. L. 92–181, § 1.2, formerly §§ 1.2, 5.0, Dec. 10, 1971, 85 Stat. 583, 614; Pub. L. 96–592, title V, § 501, Dec. 24, 1980, 94 Stat. 3448; Pub. L. 99–205, title II, § 205(c), (g)(1), Dec. 23, 1985, 99 Stat. 1703, 1706; Pub. L. 100–233, title IV, § 434, title VIII, § 805(a), (v), Jan. 6, 1988, 101 Stat. 1662, 1715, 1716; Pub. L. 100–399, title IX, § 901(q)–(s), Aug. 17, 1988, 102 Stat. 1008; Pub. L. 115–334, title V, § 5411(2), Dec. 20, 2018, 132 Stat. 4679.)
+
+## Notes
+
+Editorial Notes
+
+Codification Pub. L. 100–399, § 901(r), transferred section 5.0 of Pub. L. 92–181, which was classified to section 2221 of this title, to subsec. (b) of this section.
+
+Amendments2018—Subsec. (a). Pub. L. 115–334 added subsec. (a) and struck out former subsec. (a). Prior to amendment, text read as follows: “The Farm Credit System shall include the the Farm Credit Banks, the Federal land bank associations, the production credit associations, the banks for cooperatives, and such other institutions as may be made a part of the System, all of which shall be chartered by and subject to regulation by the Farm Credit Administration.” 1988—Subsec. (a). Pub. L. 100–399, § 901(s), designated existing provisions as subsec. (a), inserted heading, and substituted “regulation” for “the regulation”. Pub. L. 100–233, § 434, amended provisions generally. Prior to amendment, provisions read as follows: “The Farm Credit System shall include the Federal land banks, the Federal land bank associations, the Federal intermediate credit banks, the production credit associations, the banks for cooperatives, and such other institutions as may be made a part of the System, all of which shall be chartered by and subject to regulation by the Farm Credit Administration.” Pub. L. 100–233, § 805(a), substituted “subject to regulation” for “subject to the regulation”. Subsec. (b). Pub. L. 100–399, § 901(q), (r), designated section 2221 of this title as subsec. (b), inserted heading, and substituted “boards of the banks in each district” for “district boards”. Pub. L. 100–233, § 805(v), substituted “section 2252(a)(2) of this title” for “section 2252(2) of this title”. 1985—Subsec. (a). Pub. L. 99–205, § 205(c), substituted “regulation by” for “supervision of”. Subsec. (b). Pub. L. 99–205, § 205(g)(1), substituted “Farm Credit Administration” for “Federal Farm Credit Board” in first and second sentences, and made a technical amendment to reference to section 2252(2) of this title to reflect the renumbering of the corresponding section of the original act. 1980—Subsec. (b). Pub. L. 96–592 inserted provisions relating to Virgin Islands of the United States.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1988 AmendmentsPub. L. 100–399, title X, § 1001, Aug. 17, 1988, 102 Stat. 1008, provided that: “(a) General Rule.—Except as provided in subsection (b), the amendments made by this Act [see Tables for classification] shall take effect as if enacted immediately after the enactment of the 1987 Act [Pub. L. 100–233, which was enacted Jan. 6, 1988]. “(b) Exceptions.—The amendments made by sections 102(b), 102(f), 102(g), 102(h), 201(q), 302(c), 302(d), 302(e), 401, 402(b), 409(d), 411, 414, and 901 (other than by subsections (a), (b), (c), (e), (f), and (g) thereof) of this Act [see Tables for classification] shall take effect immediately after the amendment made by section 401 of the 1987 Act takes effect [section 401 of Pub. L. 100–233, effective 6 months after Jan. 6, 1988].” Pub. L. 100–233, title IV, § 434, Jan. 6, 1988, 101 Stat. 1662, provided in part that the amendment of this section by section 434 of Pub. L. 100–233 is effective 6 months after Jan. 6, 1988.
+
+Effective Date of 1985 AmendmentAmendment by Pub. L. 99–205 effective thirty days after Dec. 23, 1985, see section 401 of Pub. L. 99–205, set out as a note under section 2001 of this title.
+
+Consolidation of District Farm Credit BanksPub. L. 100–233, title IV, § 412, Jan. 6, 1988, 101 Stat. 1638, as amended by Pub. L. 100–399, title IV, § 404, Aug. 17, 1988, 102 Stat. 999, provided that: “(a) Submission of Proposal.—“(1) Special committee.—“(A) In general.—Not later than 6 months after the date of the enactment of this section [Jan. 6, 1988], a special committee shall be selected pursuant to regulations of the Farm Credit Administration for the purpose of developing a proposal for the consolidation of Farm Credit System districts. “(B) Composition.—The special committee selected under subparagraph (A) shall be composed of one representative from each Farm Credit Bank board and the members of the Board of Directors of the Assistance Board. “(2) Development of proposal.—Not later than 6 months after the formation of the special committee, the committee shall develop a proposal to consolidate the Farm Credit Banks into no less than six financially viable Farm Credit Banks through inter-district mergers. “(3) Report.—Not later than the end of each calendar quarter beginning at least 6 months after the selection of the special committee, such committee shall prepare and submit, to the Committee on Agriculture of the House of Representatives, and the Committee on Agriculture, Nutrition, and Forestry of the Senate, a report on the progress of the committee in developing a proposal under this subsection. “(b) Prerequisites to Consolidation.—“(1) FCA review of proposal.—Prior to the submission of the proposal developed under subsection (a)(2) to the stockholders under paragraph (3), the proposal together with all information to be presented to the stockholders, shall be submitted to the Farm Credit Administration for approval. “(2) Prerequisites.—The proposal developed under subsection (a)(2) shall not be submitted to stockholders under paragraph (3) unless the proposal is approved by—“(A) a majority of the members of the Board of Directors of the Assistance Board; and “(B) the members of the special committee that represent the districts affected by the terms of the proposal. “(3) Submission to stockholders.—Not later than the end of the 18-month period after the date of enactment of this Act [Jan. 6, 1988], each Farm Credit Bank involved, in consultation with the special committee, shall submit the proposed merger affecting such bank to the voting stockholders of each such bank. “(4) Stockholder vote.—Each association shall be entitled to cast a number of votes equal to the number of voting stockholders of such association.” [For termination, effective May 15, 2000, of reporting provisions in section 412(a)(3) of Pub. L. 100–233, set out above, see section 3003 of Pub. L. 104–66, as amended, set out as a note under section 1113 of Title 31, Money and Finance, and page 166 of House Document No. 103–7.]
+
+Applicability of Laws Enacted After January 1, 1960Pub. L. 86–168, title II, § 203(b), Aug. 18, 1959, 73 Stat. 390, provided that: “Any Act of Congress enacted after the effective date of this title [Jan. 1, 1960] and which states that it shall be applicable to agencies or instrumentalities of the United States or to corporations controlled or owned, in whole or in part, by the United States, or to officers and employees of the United States or such agencies or instrumentalities or corporations, shall not be applicable to a Federal land bank, Federal intermediate credit bank, or bank for cooperatives, or to its directors, officers, or employees unless such Act specifically so provides by naming such banks.”

legal/us/code/title-12/chapter-23/section-2012.md

@@ -0,0 +1,49 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2012"
+description: "Board of directors"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2012"
+citation: "12 U.S.C. § 2012"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2012"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "987e2edfced51a0c47a802c4cde323c42c2df9bacb2d1caea3ee67c5df8cc1e4"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "67fcc702e3787fa1d53ef33707a0e12210a2093063c0a52ad4462206da4ed4fe"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2012 - Board of directors
+
+## Text
+
+Each Farm Credit Bank shall elect a board of directors of such number, for such term, in such manner, and with such qualifications, as may be required in its bylaws, except that, at least one member shall be elected by the other directors, which member shall not be a director, officer, employee, or stockholder of a System institution.
+
+(Pub. L. 92–181, title I, § 1.4, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1622; amended Pub. L. 100–399, title IV, § 401(c), Aug. 17, 1988, 102 Stat. 995.)
+
+## Notes
+
+Editorial Notes
+
+Prior ProvisionsA prior section 2012, Pub. L. 92–181, title I, § 1.4, Dec. 10, 1971, 85 Stat. 584; Pub. L. 96–592, title I, § 101, Dec. 24, 1980, 94 Stat. 3437; Pub. L. 99–205, title II, § 205(d)(1), Dec. 23, 1985, 99 Stat. 1703; Pub. L. 100–233, title VII, § 705(a), title VIII, § 802(b), Jan. 6, 1988, 101 Stat. 1706, 1710; Pub. L. 100–399, title VI, § 604, Aug. 17, 1988, 102 Stat. 1006, related to corporate existence and general corporate powers, prior to the general amendment of this subchapter by Pub. L. 100–233, § 401.
+
+Amendments1988—Pub. L. 100–399 struck out “from its voting stockholders” after “shall elect”.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1988 AmendmentAmendment by Pub. L. 100–399 effective immediately after amendment made by section 401 of Pub. L. 100–233, which was effective 6 months after Jan. 6, 1988, see section 1001(b) of Pub. L. 100–399, set out as a note under section 2002 of this title.
+
+Effective DatePub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1622, provided that this section is effective 6 months after Jan. 6, 1988.

legal/us/code/title-12/chapter-23/section-2013.md

@@ -0,0 +1,127 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2013"
+description: "General corporate powers"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2013"
+citation: "12 U.S.C. § 2013"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2013"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "7885ee1f1ad3bcd35610f82c622f50d81858aa3aa3b789eee6ab6c62aa55f9cd"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "7e7ecdb8de87af6d5bd2f16048943d2c5688e947d80b9a96b93c17332032f335"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2013 - General corporate powers
+
+## Text
+
+Each Farm Credit Bank shall be a body corporate and, subject to regulation by the Farm Credit Administration, shall have power to—
+
+(1) adopt and use a corporate seal;
+
+(2) have succession until dissolved under the provisions of this chapter or other Act of Congress;
+
+(3) make contracts;
+
+(4) sue and be sued;
+
+(5) acquire, hold, dispose, and otherwise exercise all the usual incidents of ownership of real and personal property necessary or convenient to its business;
+
+(6) make, participate in, and discount loans, make commitments for credit, accept advance payments, and provide services as authorized in this chapter, and charge fees for such;
+
+(7) operate under the direction of its board of directors;
+
+(8) provide by its board of directors for a president, one or more vice presidents, a secretary, a treasurer, and provide for such other officers, employees, and agents as may be necessary, as provided in this chapter, define their duties, and require surety bonds or make other provision against losses occasioned by employees;
+
+(9) prescribe, by its board of directors, its bylaws that shall be consistent with law, and that shall provide for—
+
+(A) the classes of its stock and the manner in which such stock shall be issued, transferred, and retired; and
+
+(B) the manner in which it is to—
+
+(i) select officers, employees, and agents;
+
+(ii) acquire, hold, and transfer property;
+
+(iii) make loans and discounts;
+
+(iv) conduct general business; and
+
+(v) exercise and enjoy the privileges granted to it by law;
+
+(10) borrow money and issue notes, bonds, debentures, or other obligations individually, or in concert with one or more other banks of the System, of such character, terms, conditions, and rates of interest as may be determined as provided for in this chapter;
+
+(11) purchase nonvoting stock in, or pay in surplus to, and accept deposits of securities or funds from associations in its district, and pay interest on such funds;
+
+(12) participate with—
+
+(A) one or more other Farm Credit Banks in loans under this subchapter on such terms as may be agreed on among such banks;
+
+(B) one or more other Farm Credit System institutions in loans made under this subchapter or other subchapters of this chapter on the basis prescribed in section 2206 of this title; and
+
+(C) lenders that are not Farm Credit System institutions in loans that the bank is authorized to make under this subchapter;
+
+(13) approve the salary scale of the officers and employees of the associations in its district and supervise the exercise by such associations of the functions vested in or delegated to them;
+
+(14) deposit the securities and current funds of the bank with any member bank of the Federal Reserve System or any insured State nonmember bank (within the meaning of section 1813 of this title) and pay fees and receive interest on such as may be agreed, and when designated for that purpose by the Secretary of the Treasury, such bank—
+
+(A) shall be a depository of public money, except receipts from customs, under such regulations as may be prescribed by the Secretary;
+
+(B) may be employed as a fiscal agent of the Government; and
+
+(C) shall perform all such reasonable duties as a depository of public money or financial agent of the Government as may be required of such bank;
+
+except that no Government funds deposited under the provisions of this paragraph shall be invested in loans or bonds or other obligations of the bank;
+
+(15) buy and sell obligations of, or insured by, the United States or any agency thereof, or securities backed by the full faith and credit of any such agency, and make other investments as may be authorized under regulations issued by the Farm Credit Administration;
+
+(16) sell to lenders that are not Farm Credit System institutions interests in loans, and buy from and sell to Farm Credit System institutions interests in loans and other extensions of credit, and nonvoting stock as may be authorized under regulations issued by the Farm Credit Administration;
+
+(17) conduct studies and make and adopt standards for lending;
+
+(18) delegate to associations such functions as the bank determines appropriate;
+
+(19) amend and modify loan contracts, documents, and payment schedules, and release, subordinate, or substitute security for any of such items;
+
+(20) for loans made by the bank, require associations to endorse notes and other obligations of borrowers from the bank;
+
+(21) exercise through the board of directors or authorized officers, employees, or agents of the bank, all such incidental powers as may be necessary or expedient to carry on the business of the bank;
+
+(22) accept contributions to the capital of the bank from associations and account for such in accordance with generally accepted accounting principles, except as may be authorized by the Farm Credit Administration;
+
+(23) as may be authorized by the board of directors of the bank, agree with other Farm Credit System institutions to share loan and other losses, whether to protect against capital impairment or for any other purpose; and
+
+(24) operate as an originator and become certified as a certified facility under subchapter VIII.
+
+(Pub. L. 92–181, title I, § 1.5, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1623; amended Pub. L. 100–399, title IV, § 401(d), Aug. 17, 1988, 102 Stat. 995; Pub. L. 104–105, title II, § 201, Feb. 10, 1996, 110 Stat. 172.)
+
+## Notes
+
+Editorial Notes
+
+Prior ProvisionsA prior section 2013, Pub. L. 92–181, title I, § 1.5, Dec. 10, 1971, 85 Stat. 585; Pub. L. 96–592, title I, § 102, Dec. 24, 1980, 94 Stat. 3437; Pub. L. 99–205, title II, § 205(d)(2), (3), title VI, § 601, Dec. 23, 1985, 99 Stat. 1703, 1711; Pub. L. 100–233, title VIII, § 802(c), Jan. 6, 1988, 101 Stat. 1710, related to land bank stock, prior to the general amendment of this subchapter by Pub. L. 100–233, § 401.
+
+Amendments1996—Par. (13). Pub. L. 104–105 struck out “, and the appointment and compensation of the chief executive officer thereof,” after “in its district”. 1988—Par. (9). Pub. L. 100–399, § 401(d)(1), amended par. (9) generally. Prior to amendment, par. (9) read as follows: “prescribe by its board of directors— “(A) the bylaws of such bank that shall not be inconsistent with law, providing for the classes of the stock of the bank and the manner in which such stock shall be issued, transferred, and retired; “(B) the officers, employees, and agents of the bank as provided for; “(C) the property of the bank acquired, held, and transferred; “(D) the loans and discounts made by the bank; “(E) the general business conducted by the bank; and “(F) the privileges granted to the bank by law exercised and enjoyed;”. Par. (11). Pub. L. 100–399, § 401(d)(2), substituted “of securities or” for “or securities of”. Par. (12)(B), (C). Pub. L. 100–399, § 401(d)(3), struck out “participate with” before “one or more” in subpar. (B) and “participate with” before “lenders that” in subpar. (C). Par. (14). Pub. L. 100–399, § 401(d)(4), substituted “(within the meaning of section 1813 of this title)” for “as defined in section 1813 of this title”. Par. (18). Pub. L. 100–399, § 401(d)(5), struck out “Federal land bank” after “delegate to”. Par. (22). Pub. L. 100–399, § 401(d)(6), substituted “in accordance with generally accepted accounting principles, except as may be authorized by the Farm Credit Administration;” for “as authorized by the Farm Credit Administration; and”. Par. (23). Pub. L. 100–399, § 401(d)(7), struck out “and approved by the Farm Credit Administration Board” after “of the bank” and substituted “purpose; and” for “purpose.” Par. (24). Pub. L. 100–399, § 401(d)(8), added par. (24).
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1996 AmendmentPub. L. 104–105, title III, § 302, Feb. 10, 1996, 110 Stat. 185, provided that: “Except as otherwise provided in this Act, this Act [see Short Title of 1996 Amendment note set out under section 2001 of this title] and the amendments made by this Act shall become effective on the date of enactment [Feb. 10, 1996].”
+
+Effective Date of 1988 AmendmentAmendment by Pub. L. 100–399 effective immediately after amendment made by section 401 of Pub. L. 100–233, which was effective 6 months after Jan. 6, 1988, see section 1001(b) of Pub. L. 100–399, set out as a note under section 2002 of this title.
+
+Effective DatePub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1622, provided that this section is effective 6 months after Jan. 6, 1988.

legal/us/code/title-12/chapter-23/section-2014.md

@@ -0,0 +1,45 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2014"
+description: "Farm Credit Bank capitalization"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2014"
+citation: "12 U.S.C. § 2014"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2014"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "1a420f5c31fdb9798463b8db30336aeb09d2297f443272ac34e33fac0d0329dd"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "2f9c1500a79a26c03a201e9e0244279ebff5c6593642c4e269dc946bbdda7844"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2014 - Farm Credit Bank capitalization
+
+## Text
+
+In accordance with section 2154a of this title, the Farm Credit Banks shall provide, through bylaws and subject to Farm Credit Administration regulations, for the capitalization of the bank and the manner in which bank stock shall be issued, held, transferred, and retired and bank earnings distributed.
+
+(Pub. L. 92–181, title I, § 1.6, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1624.)
+
+## Notes
+
+Editorial Notes
+
+Prior ProvisionsA prior section 2014, Pub. L. 92–181, title I, § 1.6, Dec. 10, 1971, 85 Stat. 585; Pub. L. 96–592, title I, § 103, Dec. 24, 1980, 94 Stat. 3438, related to real estate mortgage loans, prior to the general amendment of this subchapter by Pub. L. 100–233, § 401.
+
+Statutory Notes and Related Subsidiaries
+
+Effective DatePub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1622, provided that this section is effective 6 months after Jan. 6, 1988.

legal/us/code/title-12/chapter-23/section-2015.md

@@ -0,0 +1,85 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2015"
+description: "Lending authority"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2015"
+citation: "12 U.S.C. § 2015"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2015"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "502b5a4e9d0742cd0624da14a734061a9d33259089a9823924164de2c99ca5a1"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "caa558c4787680bbf7f04f943a96d515d6e1d8f8fe2e85b1335ac8179db1477c"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2015 - Lending authority
+
+## Text
+
+(a) Real estate loans and related assistance (1) Real estate loans The Farm Credit Banks may make or participate with other lenders in long-term real estate mortgage loans in rural areas, as defined by the Farm Credit Administration, or to producers or harvesters of aquatic products, and make continuing commitments to make such loans under specified circumstances, for a term of not less than 5 nor more than 40 years.
+
+(2) Financial assistance The Farm Credit Banks may provide and extend financial assistance to, and discount for, or purchase from, a Federal land bank association any note, draft, or other obligation with the endorsement or guarantee of the association, the proceeds of which have been advanced to persons eligible and for purposes of financing by the association, as authorized under section 2279b(a) of this title.
+
+(b) Intermediate credit (1) In general The Farm Credit Banks are authorized to make loans and extend other similar financial assistance to and to discount for or purchase from—
+
+(A) any production credit association, or
+
+(B) any national bank, State bank, trust company, agricultural credit corporation, incorporated livestock loan company, savings institution, credit union, or any association of agricultural producers engaged in the making of loans to farmers and ranchers, and any corporation engaged in the making of loans to producers or harvesters of aquatic products,
+
+any note, draft, or other obligation with the institution’s endorsement or guarantee, the proceeds of which note, draft, or other obligation have been advanced to persons and for purposes eligible for financing by production credit associations as authorized by this chapter.
+
+(2) Participation with other entities The Farm Credit Banks may participate with one or more production credit associations or other Farm Credit Banks in the making of loans to eligible borrowers and may participate with one or more other Farm Credit System institutions in loans made under this subchapter or other subchapters of this chapter on the basis prescribed in section 2206 of this title.
+
+(3) Limitations on extension of financial services (A) General rule No paper shall be purchased from or discounted for, and no loans shall be made or other similar financial assistance extended by a Farm Credit Bank to any entity identified in paragraph (1)(B) of this subsection if the amount of such paper added to the aggregate liabilities of such entity, whether direct or contingent (other than bona fide deposit liabilities), exceeds ten times the paid-in and unimpaired capital and surplus of such entity or the amount of such liabilities permitted under the laws of the jurisdiction creating such institution, whichever is the lesser.
+
+(B) Limitation on national bank It shall be unlawful for any national bank which is indebted to any Farm Credit Bank, on paper discounted or purchased under paragraph (1), to incur any additional indebtedness, if by virtue of such additional indebtedness its aggregate liabilities direct or contingent, will exceed the limitation described in subparagraph (A).
+
+(4) FCA regulations (A) In general All of the loans, financial assistance, discounts and purchases authorized by this subsection shall be subject to regulations of the Farm Credit Administration and shall be secured by collateral, if any, as may be required in such regulations.
+
+(B) Requirement of regulations The regulations shall assure that such loans, financial assistance, discounts, and purchases are available on a reasonable basis to any financing institution authorized to receive such services under paragraph (1)(B) of this subsection, and that—
+
+(i) is significantly involved in lending for agricultural or aquatic purposes;
+
+(ii) demonstrates a continuing need for supplementary sources of funds to meet the credit requirements of its agricultural or aquatic borrowers;
+
+(iii) has limited access to national or regional capital markets; and
+
+(iv) does not use such services to expand its financing activities to persons and for purposes other than those authorized under subchapter II.
+
+(C) Fees The regulations may authorize a Farm Credit Bank to charge reasonable fees for any commitment to extend service under this section to such a financing institution.
+
+(D) Subsidiaries and affiliates For purposes of this subsection, a financing institution together with the subsidiaries and affiliates of such may be considered as one, but such determination to consider such institution together with the subsidiaries and affiliates of such as one shall be made in the first instance by the bank and in the event of a denial by the bank of its services to a financial institution, then by the Farm Credit Administration on a case-by-case basis with due regard to the total relationship of the financing institution, its subsidiaries, and affiliates.
+
+(5) Effective date Nothing in this section shall require termination of discount relationships in existence on December 24, 1980.
+
+(Pub. L. 92–181, title I, § 1.7, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1625; amended Pub. L. 100–399, title IV, § 401(e), (f), Aug. 17, 1988, 102 Stat. 995, 996.)
+
+## Notes
+
+Editorial Notes
+
+Codification In subsec. (b)(5), “December 24, 1980” substituted for “the effective date of the Farm Credit Act Amendments of 1980”.
+
+Prior ProvisionsA prior section 2015, Pub. L. 92–181, title I, § 1.7, Dec. 10, 1971, 85 Stat. 585; Pub. L. 96–592, title I, § 104, Dec. 24, 1980, 94 Stat. 3438; Pub. L. 99–509, title I, § 1033(a), Oct. 21, 1986, 100 Stat. 1877, related to interest rates and other charges, prior to the general amendment of this subchapter by Pub. L. 100–233, § 401.
+
+Amendments1988—Subsec. (a). Pub. L. 100–399, § 401(e), inserted in heading “and related assistance” and amended text generally. Prior to amendment, text read as follows: “The Farm Credit Banks are authorized to make or participate with other lenders in long-term real estate mortgage loans in rural areas, as defined by the Farm Credit Administration, or to producers or harvesters of aquatic products, and make continuing commitments to make such loans under specified circumstances, for a term of not less than 5 nor more than 40 years.” Subsec. (b)(2). Pub. L. 100–399, § 401(f)(1), struck out provision that banks may own and lease or lease with an option to purchase to persons eligible for assistance under this subchapter, equipment needed in the operations of such persons. Subsec. (b)(3). Pub. L. 100–399, § 401(f)(2), substituted in heading “services” for “assistance” and in subpar. (B) “described in subparagraph (A)” for “herein contained”. Subsec. (b)(4)(A). Pub. L. 100–399, § 401(f)(3), substituted “subsection” for “section”.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1988 AmendmentAmendment by Pub. L. 100–399 effective immediately after amendment made by section 401 of Pub. L. 100–233, which was effective 6 months after Jan. 6, 1988, see section 1001(b) of Pub. L. 100–399, set out as a note under section 2002 of this title.
+
+Effective DatePub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1622, provided that this section is effective 6 months after Jan. 6, 1988.

legal/us/code/title-12/chapter-23/section-2016.md

@@ -0,0 +1,51 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2016"
+description: "Interest rates and other charges"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2016"
+citation: "12 U.S.C. § 2016"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2016"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "3460ee5c4f09a5e2f40e42283598594c89f1a1702c04be4ebd3ab77fd12bf683"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "59bbc590065868497b838bceceb3734500feb8ccd8475cc5c06b23f5e5015e3c"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2016 - Interest rates and other charges
+
+## Text
+
+(a) In general Loans and discounts made by a Farm Credit Bank shall bear such rate or rates of interest or discount, and be on such terms and conditions, as may be determined by the board of directors of the bank from time to time.
+
+(b) Setting rates and charges In setting rates and charges, it shall be the objective to provide the types of credit needed by eligible borrowers at the lowest reasonable costs on a sound business basis taking into consideration the cost of money to the bank, necessary reserve and expenses of the bank and associations, and providing services to members. The loan documents or discounting and financing agreements, may provide for the interest rate or rates to vary from time to time during the repayment period of the loan or agreement.
+
+(Pub. L. 92–181, title I, § 1.8, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1626; amended Pub. L. 100–399, title IV, § 401(g), Aug. 17, 1988, 102 Stat. 996.)
+
+## Notes
+
+Editorial Notes
+
+Prior ProvisionsA prior section 2016, Pub. L. 92–181, title I, § 1.8, Dec. 10, 1971, 85 Stat. 586; Pub. L. 96–592, title I, § 105, Dec. 24, 1980, 94 Stat. 3438, related to eligibility, prior to the general amendment of this subchapter by Pub. L. 100–233, § 401.
+
+Amendments1988—Subsec. (a). Pub. L. 100–399 substituted “such rate or rates of interest or discount, and be” for “interest at a rate or rates, and”.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1988 AmendmentAmendment by Pub. L. 100–399 effective immediately after amendment made by section 401 of Pub. L. 100–233, which was effective 6 months after Jan. 6, 1988, see section 1001(b) of Pub. L. 100–399, set out as a note under section 2002 of this title.
+
+Effective DatePub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1622, provided that this section is effective 6 months after Jan. 6, 1988.

legal/us/code/title-12/chapter-23/section-2017.md

@@ -0,0 +1,51 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2017"
+description: "Eligibility"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2017"
+citation: "12 U.S.C. § 2017"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2017"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "50f6342abcbedc92fe16fbe8207dec3b4758d9d78c90dd220fcfc2ffce68023b"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "b1cd7d7e5564a8398455750ae17d4bbf52051b1621685bf35795770f016fa788"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2017 - Eligibility
+
+## Text
+
+The credit and financial services authorized in this subchapter may be made available to persons who are or become stockholders or members of the bank or associations in the district, and who are—
+
+(1) bona fide farmers, ranchers, or producers or harvesters of aquatic products;
+
+(2) persons furnishing to farmers and ranchers farm-related services directly related to their on-farm operating needs; or
+
+(3) owners of rural homes.
+
+(Pub. L. 92–181, title I, § 1.9, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1626.)
+
+## Notes
+
+Editorial Notes
+
+Prior ProvisionsA prior section 2017, Pub. L. 92–181, title I, § 1.9, Dec. 10, 1971, 85 Stat. 586; Pub. L. 96–592, title I, § 106, Dec. 24, 1980, 94 Stat. 3438; Pub. L. 100–233, title IV, § 426, title VIII, § 802(d), Jan. 6, 1988, 101 Stat. 1657, 1710; Pub. L. 100–399, title IV, § 412, title VII, § 701, Aug. 17, 1988, 102 Stat. 1004, 1006, related to security, prior to the general amendment of this subchapter by Pub. L. 100–233, § 401.
+
+Statutory Notes and Related Subsidiaries
+
+Effective DatePub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1622, provided that this section is effective 6 months after Jan. 6, 1988.

legal/us/code/title-12/chapter-23/section-2018.md

@@ -0,0 +1,63 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2018"
+description: "Security; terms"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2018"
+citation: "12 U.S.C. § 2018"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2018"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "35c96413731858c3dfeb8814370840c2d6de78a32632913caf925fec849c9f24"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "e781dac6f4884e476b43a26a05c6d9993d6b9a4d18f940e9ee702c92ce5954be"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2018 - Security; terms
+
+## Text
+
+(a) Real estate loans (1) Maximum level of loans (A) In general Real estate mortgage loans originated by a Farm Credit Bank, or in which a Farm Credit Bank participates in with a lender that is not a System institution, shall not exceed 85 percent of the appraised value of the real estate security, except as provided for in subparagraphs (C) and (D).
+
+(B) Regulation The Farm Credit Administration may, by regulation, require that loans not exceed 75 percent of the appraised value of the real estate security.
+
+(C) Guaranteed loans If the loan is guaranteed by Federal, State, or other governmental agencies, the loan may not exceed 97 percent of the appraised value of the real estate security, as may be authorized under regulations of the Farm Credit Administration.
+
+(D) Private mortgage insurance A loan on which private mortgage insurance is obtained may exceed 85 percent of the appraised value of the real estate security to the extent that the loan amount in excess of such 85 percent is covered by the insurance.
+
+(2) Security All loans originated or participated in by a bank under this section shall be secured by first liens on interests in real estate of such classes as may be prescribed by regulations of the Farm Credit Administration.
+
+(3) Value of security To adequately secure the loan, the value of security shall be determined by appraisal under standards prescribed by the bank in accordance with regulations of the Farm Credit Administration.
+
+(4) Additional security Additional security for any loan may be required by the bank to supplement real estate security. Credit factors, other than the ratio between the amount of the loan and the security value, shall be given due consideration.
+
+(b) Intermediate credit Loans, other than real estate loans, and discounts made under the provisions of this subchapter shall be repayable in not more than 7 years (15 years if made to producers or harvesters of aquatic products) from the time that such are made or discounted by the Farm Credit Bank, except that the Board of Directors, under regulations of the Farm Credit Administration, may approve policies permitting loans, advances, or discounts (other than those made to producers or harvesters of aquatic products) to be repayable in not more than 10 years from the time that such are made or discounted by such bank.
+
+(Pub. L. 92–181, title I, § 1.10, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1627; amended Pub. L. 100–399, title IV, § 401(h), (i), Aug. 17, 1988, 102 Stat. 996; Pub. L. 104–105, title II, §§ 202, 203, Feb. 10, 1996, 110 Stat. 172.)
+
+## Notes
+
+Editorial Notes
+
+Prior ProvisionsA prior section 2018, Pub. L. 92–181, title I, § 1.10, Dec. 10, 1971, 85 Stat. 586; Pub. L. 96–592, title I, § 107, Dec. 24, 1980, 94 Stat. 3438, related to purposes, prior to the general amendment of this subchapter by Pub. L. 100–233, § 401.
+
+Amendments1996—Subsec. (a)(1)(A). Pub. L. 104–105, § 202(b), substituted “subparagraphs (C) and (D)” for “paragraphs (2) and (3)”. Subsec. (a)(1)(D). Pub. L. 104–105, § 202(a), added subpar. (D). Subsec. (a)(5). Pub. L. 104–105, § 203, struck out heading and text of par. (5). Text read as follows: “Each Farm Credit Bank shall require a financial statement from each borrower at least once every 3 years, or during such shorter period of time as may be required under regulations of the Farm Credit Administration.” 1988—Subsec. (a)(2). Pub. L. 100–399, § 401(h)(1), substituted “prescribed by regulations of” for “approved by”. Subsec. (a)(3). Pub. L. 100–399, § 401(h)(2), substituted “under standards” for “under appraisal standards” and “in accordance with regulations of” for “and approved by”. Subsec. (b). Pub. L. 100–399, § 401(i), substituted “harvesters of aquatic products) from” for “harvester of aquatic products) from”.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1988 AmendmentAmendment by Pub. L. 100–399 effective immediately after amendment made by section 401 of Pub. L. 100–233, which was effective 6 months after Jan. 6, 1988, see section 1001(b) of Pub. L. 100–399, set out as a note under section 2002 of this title.
+
+Effective DatePub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1622, provided that this section is effective 6 months after Jan. 6, 1988.

legal/us/code/title-12/chapter-23/section-2019.md

@@ -0,0 +1,63 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2019"
+description: "Purposes for extensions of credit"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2019"
+citation: "12 U.S.C. § 2019"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2019"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "a121785164b330ee791fc904055348fcbbfa66510518d13c09e4bb25403f9e38"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "e3dcfb57a9a1f4ad8f7ff01b633fbf0e3055778156c2bb5fcc55dbf3a01fc017"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2019 - Purposes for extensions of credit
+
+## Text
+
+(a) Agricultural or aquatic purposes (1) In general Loans made by a Farm Credit Bank to farmers, ranchers, and producers or harvesters of aquatic products may be for any agricultural or aquatic purpose and other credit needs of the applicant, including financing for basic processing and marketing directly related to the applicant’s operations and those of other eligible farmers, ranchers, and producers or harvesters of aquatic products, except that the operations of the applicant shall supply some portion of the total processing or marketing for which financing is extended.
+
+(2) Limitation on loans for basic processing and marketing operations The aggregate of the financing provided by any Farm Credit Bank for basic processing and marketing directly related to the operations of farmers, ranchers, and producers or harvesters of aquatic products, if the operations of the applicant supply less than 20 percent of the total processing or marketing for which financing is extended, shall not exceed 15 percent of the total of all outstanding loans of such bank.
+
+(b) Rural housing financing (1) In general Loans and discounts may be made to rural residents for rural housing financing under regulations of the Farm Credit Administration.
+
+(2) Limitations Rural housing financed under this subchapter shall be for single-family, moderate-priced dwellings and their appurtenances not inconsistent with the general quality and standards of housing existing in, or planned or recommended for, the rural area where it is located, except that a Farm Credit Bank may not at any one time have a total amount of loans outstanding for such rural housing to persons other than farmers or ranchers in amounts exceeding 15 percent of the total of all loans outstanding in such bank.
+
+(3) Rural areas For rural housing purposes under this section the term “rural areas” shall not be defined to include any city or village having a population in excess of 2,500 inhabitants.
+
+(c) Farm-related services (1) In general Loans to persons furnishing farm-related services to farmers and ranchers directly related to their on-farm operating needs may be made for the necessary capital structures and equipment and initial working capital for such services.
+
+(2) Facilities The banks may own and lease, or lease with option to purchase, to persons eligible for credit under this subchapter or subchapter II, equipment or facilities needed in the operations of such persons.
+
+(Pub. L. 92–181, title I, § 1.11, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1627; amended Pub. L. 100–399, title IV, § 401(j), Aug. 17, 1988, 102 Stat. 996; Pub. L. 101–624, title XVIII, § 1832(a), Nov. 28, 1990, 104 Stat. 3832; Pub. L. 102–237, title V, § 502(a), Dec. 13, 1991, 105 Stat. 1868.)
+
+## Notes
+
+Editorial Notes
+
+Prior ProvisionsA prior section 2019, Pub. L. 92–181, title I, § 1.11, Dec. 10, 1971, 85 Stat. 586; Pub. L. 96–592, title I, § 108, Dec. 24, 1980, 94 Stat. 3438, related to services related to borrower’s operations, prior to the general amendment of this subchapter by Pub. L. 100–233, § 401.
+
+Amendments1991—Subsec. (a). Pub. L. 102–237 made technical amendments to headings of subsec. (a) and pars. (1) and (2). 1990—Subsec. (a). Pub. L. 101–624 designated existing provisions as par. (1), inserted heading, substituted “some portion” for “at least 20 percent, or such larger percent as may be required by the board of directors of the bank under regulations of the Farm Credit Administration,”, and added par. (2). 1988—Subsec. (c)(2). Pub. L. 100–399 substituted “this subchapter or subchapter II, equipment or facilities” for “this subchapter, facilities”.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1991 AmendmentAmendment by Pub. L. 102–237 effective as if included in the provision of the Food, Agriculture, Conservation, and Trade Act of 1990, Pub. L. 101–624, to which the amendment relates, see section 1101(b)(4) of Pub. L. 102–237, set out as a note under section 1421 of Title 7, Agriculture.
+
+Effective Date of 1988 AmendmentAmendment by Pub. L. 100–399 effective immediately after amendment made by section 401 of Pub. L. 100–233, which was effective 6 months after Jan. 6, 1988, see section 1001(b) of Pub. L. 100–399, set out as a note under section 2002 of this title.
+
+Effective DatePub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1622, provided that this section is effective 6 months after Jan. 6, 1988.

legal/us/code/title-12/chapter-23/section-2020.md

@@ -0,0 +1,61 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2020"
+description: "Related services"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2020"
+citation: "12 U.S.C. § 2020"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2020"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "e49a1ba1763fb99ce8120e2cb7832e5b29e79f0c5e8e3a6e9e4be2964ff4f7b8"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "0316d471fc8c197278df15d9a43e91331bb26b21c024c4bb3b96ca7b135f3218"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2020 - Related services
+
+## Text
+
+(a) In general The Farm Credit Banks may provide technical assistance to borrowers, members, and applicants from the bank and associations in the district, including persons obligated on paper discounted by the bank, and may make available to them at their option such financial related services appropriate to their on-farm and aquatic operations as determined to be feasible by the board of directors of the bank, under regulations of the Farm Credit Administration.
+
+(b) Authority to pass along cost of insurance premiums (1) In general Each Farm Credit Bank may assess each production credit association, other association making direct loans under the authority provided under section 2279b of this title, and other financing institution described in section 2015(b)(1)(B) of this title in the district in which the bank is located to cover the costs of making premium payments under part E of subchapter V.
+
+(2) Computation The assessment on any association or other financing institution described in paragraph (1) for any period shall be computed in an equitable manner, as determined by the Corporation.
+
+(Pub. L. 92–181, title I, § 1.12, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1628; amended Pub. L. 100–399, title IV, § 401(k), Aug. 17, 1988, 102 Stat. 996; Pub. L. 101–220, § 6(b)(1), (2), Dec. 12, 1989, 103 Stat. 1880; Pub. L. 104–105, title II, § 215(a)(2)(C), Feb. 10, 1996, 110 Stat. 176; Pub. L. 107–171, title V, § 5403(a)(2)(A), May 13, 2002, 116 Stat. 350; Pub. L. 110–234, title V, § 5401(a), May 22, 2008, 122 Stat. 1154; Pub. L. 110–246, § 4(a), title V, § 5401(a), June 18, 2008, 122 Stat. 1664, 1915.)
+
+## Notes
+
+Editorial Notes
+
+Codification Pub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246.
+
+Prior ProvisionsA prior section 2020, Pub. L. 92–181, title I, § 1.12, Dec. 10, 1971, 85 Stat. 586; Pub. L. 96–592, title I, § 109, Dec. 24, 1980, 94 Stat. 3439, related to loans through associations or agents, prior to the general amendment of this subchapter by Pub. L. 100–233, § 401.
+
+Amendments2008—Subsec. (b). Pub. L. 110–246, § 5401(a), designated first sentence as par. (1), inserted heading, added par. (2), and struck out former second sentence which related to computation of the assessment on the same basis as is used to compute the premium payment and provided formula to calculate a maximum amount. 2002—Subsec. (b)(1). Pub. L. 107–171, § 5403(a)(2)(A)(i), inserted “and Government Sponsored Enterprise-guaranteed loans (as defined in section 2277a–4(a)(4) of this title) provided for in paragraph (4)” after “government-guaranteed loans (as defined in section 2277a–4(a)(3) of this title) provided for in paragraph (3)”. Subsec. (b)(4). Pub. L. 107–171, § 5403(a)(2)(A)(ii)–(iv), added par. (4). 1996—Pub. L. 104–105, § 215(a)(2)(C), which directed amendment of “section 1.12(b)”, without specifying the name of the Act being amended, was executed to this section, which is section 112 of the Farm Credit Act of 1971, to reflect the probable intent of Congress. Subsec. (b)(1). Pub. L. 104–105, § 215(a)(2)(C)(i), inserted “(as defined in section 2277a–4(a)(3) of this title)” after “government-guaranteed loans”. Subsec. (b)(3). Pub. L. 104–105, § 215(a)(2)(C)(i), inserted “(as so defined)” after “government-guaranteed loans” in subpars. (A) and (B). 1989—Subsec. (b). Pub. L. 101–220, § 6(b)(1), inserted “, other association making direct loans under the authority provided under section 2279b of this title,” after “production credit association”. Subsec. (b)(1). Pub. L. 101–220, § 6(b)(2)(A), inserted “funded by or” before “discounted with” and “excluding the guaranteed portions of government-guaranteed loans provided for in paragraph (3),” and struck out “and” after “multiplied by 0.0015;”. Subsec. (b)(2). Pub. L. 101–220, § 6(b)(2)(B), inserted “funded by or” before “discounted with” and substituted “0.0025; and” for “0.0025.”. Subsec. (b)(3). Pub. L. 101–220, § 6(b)(2)(C), added par. (3). 1988—Subsec. (a). Pub. L. 100–399 designated existing provision as subsec. (a), inserted heading, substituted “directors of the bank” for “directors of each district bank”, and added subsec. (b).
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 2008 AmendmentAmendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of Title 7, Agriculture.
+
+Effective Date of 2002 AmendmentPub. L. 107–171, title V, § 5403(b), May 13, 2002, 116 Stat. 351, provided that: “The amendments made by this section [amending this section and sections 2277a–4 and 2277a–5 of this title] shall apply with respect to determinations of premiums for calendar year 2002 and for any succeeding calendar year, and to certified statements with respect to such premiums.”
+
+Effective Date of 1989 AmendmentPub. L. 101–220, § 6(c), Dec. 12, 1989, 103 Stat. 1880, provided that: “The amendments made by subsections (a) and (b) [amending sections 2020, 2277a–4, 2277a–8, and 2277a–10 of this title] shall be effective for insurance premiums due to the Farm Credit System Insurance Corporation under the Farm Credit Act of 1971 (12 U.S.C. 2001 et seq.) on or after January 1, 1990, based on the loan volume of each bank for each calendar year beginning with calendar year 1989, and shall be effective for the calculation of the initial premium payment required under section 5.56(c) of the Farm Credit Act of 1971 (12 U.S.C. 2277a–5(c)).”
+
+Effective Date of 1988 AmendmentAmendment by Pub. L. 100–399 effective immediately after amendment made by section 401 of Pub. L. 100–233, which was effective 6 months after Jan. 6, 1988, see section 1001(b) of Pub. L. 100–399, set out as a note under section 2002 of this title.
+
+Effective DatePub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1622, provided that this section is effective 6 months after Jan. 6, 1988.

legal/us/code/title-12/chapter-23/section-2021.md

@@ -0,0 +1,49 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2021"
+description: "Loans through associations or agents"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2021"
+citation: "12 U.S.C. § 2021"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2021"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "cd5038eefe47143d38c497f6c51d6c50ba4431d6adddec235b261686bbfb4353"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "a6c63fc71731cec2f4eedd9603408bb9009f40e3c275215b6b4b72747bb7da52"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2021 - Loans through associations or agents
+
+## Text
+
+(a) In general The Farm Credit Banks shall, except as otherwise herein provided, make loans of the type authorized under section 2015(a) of this title through a Federal land bank association chartered to serve the territory in which the real estate of the borrower is located.
+
+(b) No active association If there is no active association chartered to serve territory where the real estate is located, the bank may make the loan directly or through such bank or trust company or savings or other financial institution as such bank may designate.
+
+(c) Purchase of stock required When the loan is not made through a Federal land bank association, the applicant shall purchase stock in the bank in accordance with the capitalization requirements provided for in the bylaws of the bank.
+
+(Pub. L. 92–181, title I, § 1.13, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1628.)
+
+## Notes
+
+Editorial Notes
+
+Prior ProvisionsA prior section 1.13 of Pub. L. 92–181 was classified to section 2031 of this title prior to the general amendment of this subchapter by Pub. L. 100–233, § 401.
+
+Statutory Notes and Related Subsidiaries
+
+Effective DatePub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1622, provided that this section is effective 6 months after Jan. 6, 1988.

legal/us/code/title-12/chapter-23/section-2022.md

@@ -0,0 +1,45 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2022"
+description: "Liens on stock"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2022"
+citation: "12 U.S.C. § 2022"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2022"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "50751c833cae3071afe0ada67c0aebc5dca53289de29fccfee70912af55f469c"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "e62a2b9f1eafb1cda7c433534d5e4b2824ded971647bb74e1c12b2e0e7c24377"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2022 - Liens on stock
+
+## Text
+
+The Farm Credit Banks shall have a first lien on the stock or participation certificates it issues for the payment of any liability of the stockholders to the bank.
+
+(Pub. L. 92–181, title I, § 1.14, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1629.)
+
+## Notes
+
+Editorial Notes
+
+Prior ProvisionsA prior section 1.14 of Pub. L. 92–181 was classified to section 2032 of this title prior to the general amendment of this subchapter by Pub. L. 100–233, § 401.
+
+Statutory Notes and Related Subsidiaries
+
+Effective DatePub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1622, provided that this section is effective 6 months after Jan. 6, 1988.

legal/us/code/title-12/chapter-23/section-2023.md

@@ -0,0 +1,49 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2023"
+description: "Taxation"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2023"
+citation: "12 U.S.C. § 2023"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2023"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "7d9c83a0d45db0bab90db5290dc39ead18a1c1a955b4a014df6251b626d8b3db"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "c2961fa29aa6bfd0eee28b862193a65fa59b6e72292f21eae9b6da9620b5c498"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2023 - Taxation
+
+## Text
+
+The Farm Credit Banks and the capital, reserves, and surplus thereof, and the income derived therefrom, shall be exempt from Federal, State, municipal, and local taxation, except taxes on real estate held by a Farm Credit Bank to the same extent, according to its value, as other similar property held by other persons is taxed. The mortgages held by the Farm Credit Banks and the notes, bonds, debentures, and other obligations issued by the banks shall be considered and held to be instrumentalities of the United States and, as such, they and the income therefrom shall be exempt from all Federal, State, municipal, and local taxation, other than Federal income tax liability of the holder thereof under the Public Debt Act of 1941 (31 U.S.C. 3124).
+
+(Pub. L. 92–181, title I, § 1.15, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1629; amended Pub. L. 100–399, title IV, § 401(l), Aug. 17, 1988, 102 Stat. 997.)
+
+## Notes
+
+Editorial Notes
+
+Prior ProvisionsA prior section 1.15 of Pub. L. 92–181 was classified to section 2033 of this title prior to the general amendment of this subchapter by Pub. L. 100–233, § 401. A prior section 2031, Pub. L. 92–181, title I, § 1.13, Dec. 10, 1971, 85 Stat. 587; Pub. L. 99–205, title II, § 205(d)(4), Dec. 23, 1985, 99 Stat. 1703; Pub. L. 100–233, title VIII, § 802(e), Jan. 6, 1988, 101 Stat. 1710, related to organizations, articles, and charters of Federal land bank associations, and powers of Farm Credit Administration, prior to the general amendment of this subchapter by Pub. L. 100–233, § 401. See section 2011 of this title. A prior section 2032, Pub. L. 92–181, title I, § 1.14, Dec. 10, 1971, 85 Stat. 587, related to board of directors, prior to the general amendment of this subchapter by Pub. L. 100–233, § 401. See section 2012 of this title. A prior section 2033, Pub. L. 92–181, title I, § 1.15, Dec. 10, 1971, 85 Stat. 587; Pub. L. 96–592, title I, § 110, Dec. 24, 1980, 94 Stat. 3439; Pub. L. 99–205, title II, § 205(d)(5), Dec. 23, 1985, 99 Stat. 1704; Pub. L. 100–233, title VII, § 705(b), title VIII, § 805(b), Jan. 6, 1988, 101 Stat. 1707, 1715; Pub. L. 100–399, title VI, § 604, title VII, § 702(a), Aug. 17, 1988, 102 Stat. 1006, related to general corporate powers, prior to the general amendment of this subchapter by Pub. L. 100–233, § 401. See section 2013 of this title. A prior section 2034, Pub. L. 92–181, title I, § 1.16, Dec. 10, 1971, 85 Stat. 589; Pub. L. 96–592, title I, § 111, Dec. 24, 1980, 94 Stat. 3439; Pub. L. 99–205, title III, § 304(a), Dec. 23, 1985, 99 Stat. 1708, related to association stock, value of shares, voting, and purchase, prior to the general amendment of this subchapter by Pub. L. 100–233, § 401. A prior section 2051, Pub. L. 92–181, title I, § 1.17, Dec. 10, 1971, 85 Stat. 589; Pub. L. 96–592, title I, § 112, Dec. 24, 1980, 94 Stat. 3439; Pub. L. 99–205, title II, § 205(d)(6), title VI, § 602, Dec. 23, 1985, 99 Stat. 1704, 1711; Pub. L. 100–233, title VIII, § 802(f), Jan. 6, 1988, 101 Stat. 1711, related to land bank reserves, dividends, and patronage refunds, prior to the general amendment of this subchapter by Pub. L. 100–233, § 401. A prior section 2052, Pub. L. 92–181, title I, § 1.18, Dec. 10, 1971, 85 Stat. 589; Pub. L. 96–592, title I, § 113, Dec. 24, 1980, 94 Stat. 3439; Pub. L. 99–205, title VI, § 603, Dec. 23, 1985, 99 Stat. 1711; Pub. L. 100–233, title VIII, § 802(g), Jan. 6, 1988, 101 Stat. 1711, related to association reserves, dividends, and patronage refunds, prior to the general amendment of this subchapter by Pub. L. 100–233, § 401. A prior section 2053, Pub. L. 92–181, title I, § 1.19, Dec. 10, 1971, 85 Stat. 590; Pub. L. 96–592, title I, § 114, Dec. 24, 1980, 94 Stat. 3439, related to agreements for sharing gains or losses, prior to the general amendment of this subchapter by Pub. L. 100–233, § 401. A prior section 2054, Pub. L. 92–181, title I, § 1.20, Dec. 10, 1971, 85 Stat. 590; Pub. L. 96–592, title I, § 115, Dec. 24, 1980, 94 Stat. 3439; Pub. L. 99–205, title II, § 205(d)(7), Dec. 23, 1985, 99 Stat. 1704; Pub. L. 100–233, title VIII, § 805(c), Jan. 6, 1988, 101 Stat. 1715, related to liens on stock and participation certificates, prior to the general amendment of this subchapter by Pub. L. 100–233, § 401. A prior section 2055, Pub. L. 92–181, title I, § 1.21, Dec. 10, 1971, 85 Stat. 590; Pub. L. 100–399, title IX, § 901(a), Aug. 17, 1988, 102 Stat. 1007, related to tax exempt status, prior to the general amendment of this subchapter by Pub. L. 100–233, § 401. See section 2023 of this title.
+
+Amendments1988—Pub. L. 100–399 inserted a comma after “therefrom” and substituted “3124” for “742(a)”.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1988 AmendmentAmendment by Pub. L. 100–399 effective immediately after amendment made by section 401 of Pub. L. 100–233, which was effective 6 months after Jan. 6, 1988, see section 1001(b) of Pub. L. 100–399, set out as a note under section 2002 of this title.
+
+Effective DatePub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1622, provided that this section is effective 6 months after Jan. 6, 1988.

legal/us/code/title-12/chapter-23/section-2071.md

@@ -0,0 +1,85 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2071"
+description: "Organization and charters"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2071"
+citation: "12 U.S.C. § 2071"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2071"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "dbb77c44e4b088f1fd9199bc62080baa714fdd7837b895bd6f316f04c83fb66a"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "abbaf2ea3c6b9f2e2c7cb1fe9884d7744997ad681686b65da760d23e316c1be4"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2071 - Organization and charters
+
+## Text
+
+(a) Charter Each production credit association shall continue as a Federally chartered instrumentality of the United States.
+
+(b) Organization (1) In general Production credit associations may be organized by 10 or more farmers or ranchers or producers or harvesters of aquatic products desiring to borrow money under the provisions of this part.
+
+(2) Articles of association The proposed articles of association 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 the bank in such amounts as may be required by the bank.
+
+(3) Contents of articles The articles shall specify in general terms the—
+
+(A) objects for which the association is formed;
+
+(B) powers to be exercised by the association in carrying out the functions authorized by this part; and
+
+(C) territory the association proposes to serve.
+
+(4) Signatures The articles shall be signed by persons desiring to form such an association and shall be accompanied by a statement signed by each such person establishing eligibility to borrow from the association in which such person will become a stockholder.
+
+(5) Copy 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 such an association in order to adequately serve the credit needs of eligible persons in the proposed territory and whether that territory includes any area described in the charter of another production credit association.
+
+(6) Denial of charter The Farm Credit Administration for good cause shown may deny the charter.
+
+(7) Approval of articles On approval of the proposed articles by the Farm Credit Administration, and on the issuance of a charter, the association shall become as of such date a federally chartered body corporate and an instrumentality of the United States.
+
+(8) Powers of FCA The Farm Credit Administration shall have the power, under rules and regulations prescribed by the Farm Credit Administration or by prescribing in the terms of the charter, to—
+
+(A) provide for the organization of the association;
+
+(B) provide for the initial amount of stock of the association;
+
+(C) provide for the territory within which the association’s operations may be carried on; and
+
+(D) approve amendments to the charter of the association.
+
+(Pub. L. 92–181, title II, § 2.0, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1629; amended Pub. L. 100–399, title IV, § 401(m), Aug. 17, 1988, 102 Stat. 997; Pub. L. 102–237, title V, § 502(b), Dec. 13, 1991, 105 Stat. 1868.)
+
+## Notes
+
+Editorial Notes
+
+Prior ProvisionsA prior section 2071, Pub. L. 92–181, title II, § 2.0, Dec. 10, 1971, 85 Stat. 590; Pub. L. 100–233, title VIII, § 802(h), Jan. 6, 1988, 101 Stat. 1711, related to establishment and branches of Federal intermediate credit banks, prior to the general amendment of this subchapter by Pub. L. 100–233, § 401.
+
+Amendments1991—Subsec. (b)(8). Pub. L. 102–237 substituted “charter, to” for “charter to” in introductory provisions. 1988—Subsec. (b)(1). Pub. L. 100–399, § 401(m)(1), substituted “this part” for “this subchapter”. Subsec. (b)(3)(B). Pub. L. 100–399, § 401(m)(2), (3), struck out “the” before “powers” and substituted “this subtitle” for “this part”, both of which for purposes of codification were translated as “this part”, requiring no change in text. Subsec. (b)(3)(C). Pub. L. 100–399, § 401(m)(3), struck out “the” before “territory”. Subsec. (b)(8). Pub. L. 100–399, § 401(m)(4), struck out in introductory provision “or by approval of bylaws of the association” after “the charter” and amended subpar. (D) generally. Prior to amendment, subpar. (D) read as follows: “direct at any time such changes in the charter as the Farm Credit Administration finds necessary for the accomplishment of the purposes of this chapter”.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1991 AmendmentAmendment by Pub. L. 102–237 effective as if included in the provision of the Food, Agriculture, Conservation, and Trade Act of 1990, Pub. L. 101–624, to which the amendment relates, see section 1101(b)(4) of Pub. L. 102–237, set out as a note under section 1421 of Title 7, Agriculture.
+
+Effective Date of 1988 AmendmentAmendment by Pub. L. 100–399 effective immediately after amendment made by section 401 of Pub. L. 100–233, which was effective 6 months after Jan. 6, 1988, see section 1001(b) of Pub. L. 100–399, set out as a note under section 2002 of this title.
+
+Effective DatePub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1622, provided that this section is effective 6 months after Jan. 6, 1988.
+
+Merger of Production Credit Associations and Federal Land Bank AssociationsPub. L. 100–233, title IV, § 411, Jan. 6, 1988, 101 Stat. 1638, as amended by Pub. L. 100–399, title IV, § 403, Aug. 17, 1988, 102 Stat. 999, provided that: “(a) Submission of Proposal.—Not later than 6 months after the date of the merger of the Federal land bank and the Federal intermediate credit bank in a district, the Boards of Directors of each Federal land bank association and each production credit association in such district, that share substantially the same geographical territory with each other, shall submit to the voting stockholders of each such association for their approval, a plan, approved by the supervising bank and the Farm Credit Administration, for merging such associations. “(b) Prerequisites to Merger.—“(1) Stockholder vote.—The stockholder vote required for approval of a merger under subsection (a) shall be a majority of the voting stockholders of each association voting, in person or by written proxy, at a duly authorized stockholders meeting. “(2) Submission to fca.—Not later than 60 days prior to the end of the 12-month period beginning on the date of the enactment of this section [Jan. 6, 1988], the plan of merger under subsection (a), together with all information to be presented to the stockholders, shall be submitted to the Farm Credit Administration. “(3) Expedited consideration by fca.—The Farm Credit Administration shall expedite its consideration of the plan and accompanying information submitted under paragraph (2) so that review and approval of such plan and information shall be completed by the Administration so as to enable a stockholder vote to occur within the 12-month period referred to in paragraph (2). “(c) Direct Lenders.—On approval of a merger under this subsection, the resulting association shall be a direct lender in the same manner as applies to production credit associations.”
+
+Reassignment of Associations to Adjoining DistrictsPub. L. 100–233, title IV, § 433, Jan. 6, 1988, 101 Stat. 1662, as amended by Pub. L. 100–399, title IV, § 417, Aug. 17, 1988, 102 Stat. 1004, provided that: “(a) Petition of Bank.—Notwithstanding any other provision of law, effective for the 12-month period beginning on the date of enactment of this Act [Jan. 6, 1988], each Federal land bank association or production credit association, whose chartered territory adjoins the territory of another district, may petition the Farm Credit Administration to amend the charters of the association and the adjoining district bank to provide that the territory of the association is part of the adjoining district. “(b) Requirements of Petition.—To be considered under this section, the petition must be signed by not less than 15 percent of the stockholders of the association. Only one such petition may be filed by an association under this section. “(c) FCA Action.—The Farm Credit Administration shall take any action necessary—“(1) to amend the charters of the association and the district bank; and “(2) to incorporate the petitioning association into the adjoining district if the reassignment is approved by—“(A) a majority of the stockholders of the association voting, in person or by proxy, at a duly authorized stockholders’ meeting held for such purpose; “(B) the board of directors of the adjoining district bank; “(C) the Farm Credit System Assistance Board; and “(D) the Farm Credit Administration Board.”

legal/us/code/title-12/chapter-23/section-2072.md

@@ -0,0 +1,49 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2072"
+description: "Board of directors"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2072"
+citation: "12 U.S.C. § 2072"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2072"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "699f6d77c85e1ee51ea315b45319abcf0a462e6f2e6ff5d20569e2d5cc06b370"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "3b0b7615cf79e9e82bcfed4cd725855f8db694f0eac0452d375336bc58edee25"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2072 - Board of directors
+
+## Text
+
+Each production credit association shall elect from the voting members of such association, a board of directors of such number, for such terms, with such qualifications, and in such manner as may be required by the bylaws of the association, except that at least one member shall be elected by the other directors, which member shall not be a director, officer, employee, stockholder, or agent of a System institution.
+
+(Pub. L. 92–181, title II, § 2.1, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1630; amended Pub. L. 100–399, title IV, § 401(n), Aug. 17, 1988, 102 Stat. 997; Pub. L. 102–237, title V, § 502(c), Dec. 13, 1991, 105 Stat. 1868.)
+
+## Notes
+
+Editorial Notes
+
+Prior ProvisionsA prior section 2072, Pub. L. 92–181, title II, § 2.1, Dec. 10, 1971, 85 Stat. 591; Pub. L. 96–592, title II, § 201, Dec. 24, 1980, 94 Stat. 3439; Pub. L. 99–205, title II, § 205(e)(1), Dec. 23, 1985, 99 Stat. 1704; Pub. L. 100–233, title VII, § 705(c), title VIII, §§ 802(i), 805(d), Jan. 6, 1988, 101 Stat. 1707, 1711, 1715; Pub. L. 100–399, title VI, § 604, title IX, § 901(b), Aug. 17, 1988, 102 Stat. 1006, 1007, related to corporate existence and general corporate powers, prior to the general amendment of this subchapter by Pub. L. 100–233, § 401.
+
+Amendments1991—Pub. L. 102–237 substituted “stockholder, or agent” for “or stockholder”. 1988—Pub. L. 100–399 struck out the comma after “except that”.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1988 AmendmentAmendment by Pub. L. 100–399 effective immediately after amendment made by section 401 of Pub. L. 100–233, which was effective 6 months after Jan. 6, 1988, see section 1001(b) of Pub. L. 100–399, set out as a note under section 2002 of this title.
+
+Effective DatePub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1622, provided in part that this section is effective 6 months after Jan. 6, 1988.

legal/us/code/title-12/chapter-23/section-2073.md

@@ -0,0 +1,103 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2073"
+description: "General corporate powers"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2073"
+citation: "12 U.S.C. § 2073"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2073"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "5a588ae4363ef3b9f941fc69478c1b3d505679f5ad97cb04b45827e70fb26197"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "1b3f0447a81a439ae1180f91e72b3e1ca684f2d6c43dd1d93eb517a6410351c5"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2073 - General corporate powers
+
+## Text
+
+Each production credit association shall be a body corporate and, subject to supervision by the Farm Credit Bank for the district and regulation by the Farm Credit Administration, shall have the power to—
+
+(1) have succession until terminated in accordance with this chapter or any other Act of Congress;
+
+(2) adopt and use a corporate seal;
+
+(3) make contracts;
+
+(4) sue and be sued;
+
+(5) acquire, hold, dispose, and otherwise exercise all of the usual incidents of ownership of real and personal property necessary or convenient to the business of the association;
+
+(6) operate under the direction of the board of directors of the association in accordance with the provisions of this chapter;
+
+(7) subscribe to stock of the bank;
+
+(8) purchase stock of the bank held by other production credit associations and stock of other production credit associations;
+
+(9) contribute to the capital of the bank or other production credit associations;
+
+(10) invest funds of the association as may be approved by the Farm Credit Bank under regulations of the Farm Credit Administration and deposit the current funds and securities of such with the Farm Credit Bank, a member bank of the Federal Reserve System, or any bank insured under the Federal Deposit Insurance Corporation, and may pay fees therefor and receive interest thereon as may be agreed;
+
+(11) buy and sell obligations of or insured by the United States or of any agency thereof or of any banks of the Farm Credit System and buy from and sell to such banks, interests in loans and in other financial assistance extended and nonvoting stock, as may be authorized by the Farm Credit Bank in accordance with regulations of the Farm Credit Administration;
+
+(12) borrow money from the Farm Credit Bank, and with the approval of such bank, borrow from and issue notes or other obligations to any commercial bank or other financial institution;
+
+(13) make and participate in loans, accept advance payments, and provide services and other assistance as authorized in this part and charge fees therefor, and when authorized by the bank participate with one or more other Farm Credit System institutions in loans made under this subchapter or other subchapters of this chapter on the basis prescribed in section 2206 of this title;
+
+(14) endorse and become liable on loans discounted or pledged to the Farm Credit Bank;
+
+(15) as may be authorized by the Farm Credit Bank in accordance with regulations of the Farm Credit Administration, agree with other Farm Credit System institutions to share loan or other losses, whether to protect against capital impairment or for any other purpose;
+
+(16) prescribe, by its board of directors, its bylaws that shall be consistent with law, and that shall provide for—
+
+(A) the classes of its stock and the manner in which such stock shall be issued, transferred, and retired; and
+
+(B) the manner in which it is to—
+
+(i) select officers and employees;
+
+(ii) acquire, hold, and transfer property;
+
+(iii) conduct general business; and
+
+(iv) exercise and enjoy the privileges granted to it by law;
+
+(17) provide by its board of directors for a manager or other chief executive officer, and provide for such other officers or employees as may be necessary, including joint employees as provided in this chapter, define their duties, and require surety bonds or make other provisions against losses occasioned by employees, but no director shall, within one year after the date when such director ceases to be a member of the board, serve as a salaried employee of the association on the board of which he served;
+
+(18) elect by the board of directors of the association a loan committee with power to approve applications for membership in the association and loans or participations or, with the approval of the bank, delegate the approval of applications for membership and loans or participations within specified limits to other committees or to authorized officers and employees of the association;
+
+(19) perform any functions delegated to the association by the bank;
+
+(20) exercise by the board of directors or authorized officers or employees of the association, all such incidental powers as may be necessary or expedient to carry on the business of the association; and
+
+(21) operate as an originator and become certified as a certified facility under subchapter VIII.
+
+(Pub. L. 92–181, title II, § 2.2, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1630; amended Pub. L. 100–399, title IV, § 401(o), Aug. 17, 1988, 102 Stat. 997.)
+
+## Notes
+
+Editorial Notes
+
+Prior ProvisionsA prior section 2073, Pub. L. 92–181, title II, § 2.2, Dec. 10, 1971, 85 Stat. 592; Pub. L. 96–592, title II, § 202, Dec. 24, 1980, 94 Stat. 3440; Pub. L. 99–205, title II, § 205(e)(2)–(5), title VI, § 604, Dec. 23, 1985, 99 Stat. 1704, 1711; Pub. L. 100–233, title VIII, §§ 802(j), 805(e), Jan. 6, 1988, 101 Stat. 1711, 1715, related to Federal intermediate credit bank stock, prior to the general amendment of this subchapter by Pub. L. 100–233, § 401.
+
+Amendments1988—Par. (16). Pub. L. 100–399, § 401(o)(1), amended par. (16) generally. Prior to amendment, par. (16) read as follows: “prescribe by the board of directors of the association the bylaws not inconsistent with law providing for— “(A) the classes of association stock and the manner in which the stock shall be issued, transferred, and retired; “(B) the officers and employees elected or provided for; “(C) the property acquired, held, and transferred by the association; and “(D) the general business conducted, and the privileges granted to the association by law exercised and enjoyed;”. Par. (17). Pub. L. 100–399, § 401(o)(2), substituted “provide by its board of directors for” for “elect by the board of directors of the association” and “serve as” for “be elected or designated”. Par. (21). Pub. L. 100–399, § 401(o)(3)–(5), added par. (21).
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1988 AmendmentAmendment by Pub. L. 100–399 effective immediately after amendment made by section 401 of Pub. L. 100–233, which was effective 6 months after Jan. 6, 1988, see section 1001(b) of Pub. L. 100–399, set out as a note under section 2002 of this title.
+
+Effective DatePub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1622, provided in part that this section is effective 6 months after Jan. 6, 1988.

legal/us/code/title-12/chapter-23/section-2074.md

@@ -0,0 +1,55 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2074"
+description: "Production credit association capitalization"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2074"
+citation: "12 U.S.C. § 2074"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2074"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "b2287881fdc09b4858eada98a6301ae86d77d34068cf8ad61c6deb428728090f"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "1975e8429f9268ffb5fffc1334b1f84384c62d5d6f80f8eb8886ff770f4892a4"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2074 - Production credit association capitalization
+
+## Text
+
+(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.)
+
+## Notes
+
+Editorial Notes
+
+Prior ProvisionsA prior section 2074, Pub. L. 92–181, title II, § 2.3, Dec. 10, 1971, 85 Stat. 593; Pub. L. 96–592, title II, § 203, Dec. 24, 1980, 94 Stat. 3440; Pub. L. 99–205, title II, § 205(e)(6), Dec. 23, 1985, 99 Stat. 1704, related to loans, discounts, participation, and leasing, prior to the general amendment of this subchapter by Pub. L. 100–233, § 401.
+
+Amendments1992—Subsec. (b). Pub. L. 102–552 amended subsec. (b) generally. Prior to amendment, subsec. (b) read as follows: “Each production credit association at the end of each fiscal year shall apply the amount of the earnings of the association for such year in excess of the operating expenses of the association (including provision for valuation reserves against loan assets in an amount equal to one-half of 1 percent of the loans outstanding at the end of the fiscal year to the extent that such earnings in such year in excess of other operating expenses permit, or in such greater amounts as are deemed necessary under generally accepted accounting principles, until such reserves equal or exceed 3½ percent of the loans outstanding at the end of the fiscal year, beyond which 3½ percent further additions to such reserves may be made, if deemed necessary under generally accepted accounting principles) first to the restoration of the impairment, if any, of capital, and second, to the establishment and maintenance of the surplus accounts, the minimum aggregate amount of which shall be prescribed by the Farm Credit Bank.”
+
+Statutory Notes and Related Subsidiaries
+
+Effective DatePub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1622, provided that this section is effective 6 months after Jan. 6, 1988.

legal/us/code/title-12/chapter-23/section-2075.md

@@ -0,0 +1,71 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2075"
+description: "Short- and intermediate-term loans; participation; other financial assistance; terms; conditions; interest; security"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2075"
+citation: "12 U.S.C. § 2075"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2075"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "1aa28f4305ad4204d2631392ca6193ff4f15eb047e215ac46cbca2c3dac6c76f"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "d9dd8e96727efa892cbece5284afe8f17bb50de2bf7458b162d4ee82771b1f8a"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2075 - Short- and intermediate-term loans; participation; other financial assistance; terms; conditions; interest; security
+
+## Text
+
+(a) Short- and intermediate-term loans Each production credit association, under standards prescribed by the board of directors of the Farm Credit Bank of the district, may make, guarantee, or participate with other lenders in short- and intermediate-term loans and other similar financial assistance to—
+
+(1) bona fide farmers and ranchers and the producers or harvesters of aquatic products, for agricultural or aquatic purposes and other requirements of such borrowers, including financing for basic processing and marketing directly related to the operations of the borrower and those of other eligible farmers, ranchers, and producers or harvesters of aquatic products, except that the operations of the borrower shall supply some portion of the total processing or marketing for which financing is extended, except that the aggregate of the financing provided by any association for basic processing and marketing directly related to the operations of farmers, ranchers, and producers or harvesters of aquatic products, if the operations of the applicant supply less than 20 percent of the total processing or marketing for which financing is extended, shall not exceed 15 percent of the total of all outstanding loans of all associations in the district at the end of its preceding fiscal year;
+
+(2) rural residents for housing financing in rural areas, under regulations of the Farm Credit Administration; and
+
+(3) persons furnishing to farmers and ranchers farm-related services directly related to their on-farm operating needs.
+
+(b) Rural housing (1) In general Rural housing financed under this part shall be for single-family, moderate-priced dwellings and the appurtenances of such not inconsistent with the general quality and standards of housing existing in, or planned or recommended for, the rural area where it is located.
+
+(2) Limitation The aggregate of such housing loans in an association to persons other than farmers or ranchers shall not exceed 15 percent of the outstanding loans at the end of its preceding fiscal year except on prior approval by the Farm Credit Bank of the district. The aggregate of such housing loans in any farm credit district shall not exceed 15 percent of the outstanding loans of all associations in the district at the end of the preceding fiscal year.
+
+(3) Rural areas For rural housing purposes under this section the term “rural areas” shall not be defined to include any city or village having a population in excess of 2,500 inhabitants.
+
+(4) Equipment Each association may own and lease, or lease with option to purchase, to stockholders of the association equipment needed in the operations of the stockholder.
+
+(c) Interest rates and charges (1) In general Loans authorized in subsection (a) shall bear such rate or rates of interest as are determined under standards prescribed by the board of the bank subject to the provisions of section 2205 of this title, and shall be made upon such terms, conditions, and upon such security, if any, as shall be authorized in such standards.
+
+(2) Setting of rates In setting rates and charges, it shall be the objective to provide the types of credit needed by eligible borrowers, at the lowest reasonable cost on a sound business basis, taking into account the cost of money to the association, necessary reserves and expenses of the association, and services provided to borrowers and members.
+
+(3) Varying rates The loan documents may provide for the interest rate or rates to vary from time to time during the repayment period of the loan in accordance with the rate or rates currently being charged by the association.
+
+(4) Prior approval Such standards may require prior approval of the bank on certain classes of loans, and may authorize a continuing commitment to a borrower of a line of credit.
+
+(Pub. L. 92–181, title II, § 2.4, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1632; amended Pub. L. 100–399, title IV, § 401(p), (q), Aug. 17, 1988, 102 Stat. 997; Pub. L. 101–624, title XVIII, § 1832(b), Nov. 28, 1990, 104 Stat. 3832; Pub. L. 115–334, title V, § 5411(3), Dec. 20, 2018, 132 Stat. 4679.)
+
+## Notes
+
+Editorial Notes
+
+Prior ProvisionsA prior section 2075, Pub. L. 92–181, title II, § 2.4, Dec. 10, 1971, 85 Stat. 594; Pub. L. 95–443, Oct. 10, 1978, 92 Stat. 1066; Pub. L. 96–592, title II, § 204, Dec. 24, 1980, 94 Stat. 3441; Pub. L. 99–509, title I, § 1033(b), Oct. 21, 1986, 100 Stat. 1877, related to terms, prior to the general amendment of this subchapter by Pub. L. 100–233, § 401.
+
+Amendments2018—Subsec. (d). Pub. L. 115–334 struck out subsec. (d) which described a special rule for providing credit and technical assistance in a district containing only two production credit associations. 1990—Subsec. (a)(1). Pub. L. 101–624 substituted “some portion of the total processing or marketing for which financing is extended, except that the aggregate of the financing provided by any association for basic processing and marketing directly related to the operations of farmers, ranchers, and producers or harvesters of aquatic products, if the operations of the applicant supply less than 20 percent of the total processing or marketing for which financing is extended, shall not exceed 15 percent of the total of all outstanding loans of all associations in the district at the end of its preceding fiscal year” for “at least 20 percent, or such larger percent as is required by the supervising bank under regulations of the Farm Credit Administration, of the total processing or marketing for which financing is extended”. 1988—Subsec. (b)(1). Pub. L. 100–399, § 401(p), substituted “this part” for “this subchapter” and substituted “or planned” for “planned”. Subsec. (d). Pub. L. 100–399, § 401(q), added subsec. (d).
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1988 AmendmentAmendment by Pub. L. 100–399 effective immediately after amendment made by section 401 of Pub. L. 100–233, which was effective 6 months after Jan. 6, 1988, see section 1001(b) of Pub. L. 100–399, set out as a note under section 2002 of this title.
+
+Effective DatePub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1622, provided that this section is effective 6 months after Jan. 6, 1988.

legal/us/code/title-12/chapter-23/section-2076.md

@@ -0,0 +1,45 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2076"
+description: "Other services"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2076"
+citation: "12 U.S.C. § 2076"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2076"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "fb0d8b322794706248ea23c60a51cf4a38c0d44a895829eb23f927f0c1eb077f"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "52981af1c64bdeb4d038cde9f5a43622fc08d1874f3837f8cc910beec66671c8"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2076 - Other services
+
+## Text
+
+Each production credit association may provide technical assistance to borrowers, applicants, and members and may make available to them at their option such financial related services appropriate to their on-farm and aquatic operations as is determined feasible by the board of directors of each Farm Credit Bank, under regulations prescribed by the Farm Credit Administration.
+
+(Pub. L. 92–181, title II, § 2.5, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1633.)
+
+## Notes
+
+Editorial Notes
+
+Prior ProvisionsA prior section 2076, Pub. L. 92–181, title II, § 2.5, Dec. 10, 1971, 85 Stat. 595; Pub. L. 96–592, title II, § 205, Dec. 24, 1980, 94 Stat. 3442; Pub. L. 100–233, title III, § 305, Jan. 6, 1988, 101 Stat. 1621, related to services related to borrowers’ operations, prior to the general amendment of this subchapter by Pub. L. 100–233, § 401.
+
+Statutory Notes and Related Subsidiaries
+
+Effective DatePub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1622, provided that this section is effective 6 months after Jan. 6, 1988.

legal/us/code/title-12/chapter-23/section-2076a.md

@@ -0,0 +1,45 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2076a"
+description: "Liens on stock"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2076a"
+citation: "12 U.S.C. § 2076a"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2076a"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "497e6792f506814d009da72a103222dd1c7fc466fd848abcb859fac41ab0b146"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "567450928a7d40236919db1e62803d82b7f652b6ab873a7f9268a290eb9f4fea"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2076a - Liens on stock
+
+## Text
+
+Except with regard to stock or participation certificates held by other Farm Credit System institutions, each production credit association shall have a first lien on stock and participation certificates the association issues, on allocated surplus, and on investments in equity reserve, for any indebtedness of the holder of the capital investments and, in the case of equity reserves, for charges for association losses in excess of reserves and surpluses.
+
+(Pub. L. 92–181, title II, § 2.6, as added Pub. L. 101–624, title XVIII, § 1833(2), Nov. 28, 1990, 104 Stat. 3832.)
+
+## Notes
+
+Editorial Notes
+
+Prior ProvisionsA prior section 2.6 of Pub. L. 92–181 was renumbered section 2.7 and is classified to section 2077 of this title.
+
+Statutory Notes and Related Subsidiaries
+
+Effective DateSection effective Jan. 7, 1988, see section 1861(d) of Pub. L. 101–624, set out as an Effective Date of 1990 Amendment note under section 2001 of Title 7, Agriculture.

legal/us/code/title-12/chapter-23/section-2077.md

@@ -0,0 +1,49 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2077"
+description: "Taxation"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2077"
+citation: "12 U.S.C. § 2077"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2077"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "19eb1b399fed477a4be8a4e85042bd15685922b231a7be16b38709636700f43e"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "b926da658d7594bec48a2e65b3984fa7c4687c5aaf1322f792e43b8ab7df5a43"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2077 - Taxation
+
+## Text
+
+Each production credit association and its obligations are instrumentalities of the United States and as such any and all notes, debentures, and other obligations issued by such associations shall be exempt, both as to principal and interest, from all taxation (except surtaxes, estate, inheritance, and gift taxes) now or hereafter imposed by the United States or any State, territorial, or local taxing authority, except that interest on such obligations shall be subject to Federal income taxation in the hands of the holder.
+
+(Pub. L. 92–181, title II, § 2.7, formerly § 2.6, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1633; amended Pub. L. 100–399, title IV, § 401(r), Aug. 17, 1988, 102 Stat. 998; renumbered § 2.7, Pub. L. 101–624, title XVIII, § 1833(1), Nov. 28, 1990, 104 Stat. 3832.)
+
+## Notes
+
+Editorial Notes
+
+Prior ProvisionsA prior section 2077, Pub. L. 92–181, title II, § 2.6, Dec. 10, 1971, 85 Stat. 595; Pub. L. 96–592, title II, § 206, Dec. 24, 1980, 94 Stat. 3442; Pub. L. 99–205, title II, § 205(e)(7), (8), Dec. 23, 1985, 99 Stat. 1704; Pub. L. 100–233, title VIII, §§ 802(k), 805(f), Jan. 6, 1988, 101 Stat. 1711, 1715, related to net earnings, prior to the general amendment of this subchapter by Pub. L. 100–233, § 401. A prior section 2078, Pub. L. 92–181, title II, § 2.7, Dec. 10, 1971, 85 Stat. 597; Pub. L. 99–205, title II, § 205(e)(9), Dec. 23, 1985, 99 Stat. 1704, related to distribution of assets on liquidation, prior to the general amendment of this subchapter by Pub. L. 100–233, § 401. A prior section 2079, Pub. L. 92–181, title II, § 2.8, Dec. 10, 1971, 85 Stat. 597; Pub. L. 100–399, title IX, § 901(a), Aug. 17, 1988, 102 Stat. 1007, related to taxation, prior to the general amendment of this subchapter by Pub. L. 100–233, § 401.
+
+Amendments1988—Pub. L. 100–399 substituted “interest,” for “interest” and inserted “, except that interest on such obligations shall be subject to Federal income taxation in the hands of the holder”.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1988 AmendmentAmendment by Pub. L. 100–399 effective immediately after amendment made by section 401 of Pub. L. 100–233, which was effective 6 months after Jan. 6, 1988, see section 1001(b) of Pub. L. 100–399, set out as a note under section 2002 of this title.
+
+Effective DatePub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1622, provided that this section is effective 6 months after Jan. 6, 1988.

legal/us/code/title-12/chapter-23/section-2091.md

@@ -0,0 +1,81 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2091"
+description: "Organizations; articles; charters; powers of the Farm Credit Administration"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2091"
+citation: "12 U.S.C. § 2091"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2091"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "22343454eefd6166ca50dc430430d0b861b6166ad5e565cc52c5a7d7d0651601"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "04ef7ce18cece5de4f8459dafc28c180738e475dd2ed8ab1a5a5ca59373dd36f"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2091 - Organizations; articles; charters; powers of the Farm Credit Administration
+
+## Text
+
+(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.)
+
+## Notes
+
+Editorial Notes
+
+Prior ProvisionsA prior section 2091, Pub. L. 92–181, title II, § 2.10, Dec. 10, 1971, 85 Stat. 597; Pub. L. 96–592, title II, § 207, Dec. 24, 1980, 94 Stat. 3442; Pub. L. 99–205, title II, § 205(e)(10), Dec. 23, 1985, 99 Stat. 1704; Pub. L. 100–233, title VIII, §§ 802(l), 805(g), Jan. 6, 1988, 101 Stat. 1711, 1715, related to organization and charters of production credit associations, prior to the general amendment of this subchapter by Pub. L. 100–233, § 401.
+
+Amendments1988—Subsec. (b)(1). Pub. L. 100–399, § 401(s)(1), inserted “under section 2015(a) of this title” after “a Farm Credit Bank”. Subsec. (b)(2)(D)(i). Pub. L. 100–399, § 401(s)(2), amended cl. (i) generally. Prior to amendment, cl. (i) read as follows: “the individual’s eligibility for, and request or need of the individual of a Farm Credit Bank loan;”. Subsec. (c). Pub. L. 100–399, § 401(t), amended subsec. (c) generally. Prior to amendment, subsec. (c) read as follows: “The Farm Credit Administration shall have power, in the terms of the charter, under rules and regulations prescribed by the Farm Credit Administration or by approving the bylaws of the association, to provide for the— “(1) organization of the association; “(2) the initial amount of stock of such association; “(3) the territory within which the operations of the association may be carried on; and “(4) to direct at any time changes in the charter of such association as the Farm Credit Administration finds necessary in accomplishing the purposes of this chapter.”
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1988 AmendmentAmendment by Pub. L. 100–399 effective immediately after amendment made by section 401 of Pub. L. 100–233, which was effective 6 months after Jan. 6, 1988, see section 1001(b) of Pub. L. 100–399, set out as a note under section 2002 of this title.
+
+Effective DatePub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1622, provided that this section is effective 6 months after Jan. 6, 1988.

legal/us/code/title-12/chapter-23/section-2092.md

@@ -0,0 +1,47 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2092"
+description: "Board of directors"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2092"
+citation: "12 U.S.C. § 2092"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2092"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "7d1bf2bc22bc1592c3dafbf97e72d8d208c90a68d15933ce4070f8f10f8356eb"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "0ea1cc42919835b183a3c4b6ff53eff63ce8dae62255a2e516c8b081efbef381"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2092 - Board of directors
+
+## Text
+
+Each Federal land bank association shall elect from its voting shareholders a board of directors of such number, for such terms, in such manner, and with such qualifications as may be required by its bylaws except that, at least one member shall be elected by the other directors, which member shall not be a director, officer, employee, stockholder, or agent of a System institution.
+
+(Pub. L. 92–181, title II, § 2.11, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1635; amended Pub. L. 102–237, title V, § 502(d), Dec. 13, 1991, 105 Stat. 1868.)
+
+## Notes
+
+Editorial Notes
+
+Prior ProvisionsA prior section 2092, Pub. L. 92–181, title II, § 2.11, Dec. 10, 1971, 85 Stat. 598, related to board of directors, prior to the general amendment of this subchapter by Pub. L. 100–233, § 401.
+
+Amendments1991—Pub. L. 102–237 substituted “stockholder, or agent” for “or stockholder”.
+
+Statutory Notes and Related Subsidiaries
+
+Effective DatePub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1622, provided that this section is effective 6 months after Jan. 6, 1988.

legal/us/code/title-12/chapter-23/section-2093.md

@@ -0,0 +1,105 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2093"
+description: "General corporate powers"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2093"
+citation: "12 U.S.C. § 2093"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2093"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "c5ed1b02bc83561e3656fb6cd416f60418fb34f467eabcce52fdd16de40859d1"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "cdb4199f61b02fa4d06cc38dec27962e8b693e50f5e990fc04005ec2ed0876ef"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2093 - General corporate powers
+
+## Text
+
+Each Federal land bank association shall be a body corporate and, subject to supervision of the Farm Credit Bank for the district and the regulation of the Farm Credit Administration, shall have the power to—
+
+(1) adopt and use a corporate seal;
+
+(2) have succession until dissolved under the provisions of this chapter or other Act of Congress;
+
+(3) make contracts;
+
+(4) sue and be sued;
+
+(5) acquire, hold, dispose, and otherwise exercise all of the usual incidents of ownership of real estate and personal property necessary or convenient to the business of the association;
+
+(6) operate under the direction of the board of directors of the association in accordance with this chapter;
+
+(7) provide by its board of directors for a manager or other chief executive officer, and provide for such other officers or employees as may be necessary, including joint employees as provided in this chapter, define the duties of such, and require surety bonds or make other provision against losses occasioned by employees, except that no director shall, within one year after the date when such director ceases to be a member of the board, serve as a salaried employee of the association on the board of which such director served;
+
+(8) prescribe, by its board of directors, its bylaws that shall be consistent with law, and that shall provide for—
+
+(A) the classes of its stock and the manner in which such stock shall be issued, transferred, and retired; and
+
+(B) the manner in which it is to—
+
+(i) select officers and employees;
+
+(ii) acquire, hold, and transfer property;
+
+(iii) conduct general business; and
+
+(iv) exercise and enjoy the privileges granted to it by law;
+
+(9) accept applications for Farm Credit Bank loans and receive from such bank and disburse to the borrowers the proceeds of such loans;
+
+(10) subscribe to stock of the Farm Credit Bank of the district;
+
+(11) elect by its board of directors a loan committee with power to elect applicants for membership in the association and recommend loans to the Farm Credit Bank, or with the approval of the Farm Credit Bank, delegate the election of applicants for membership and the approval of loans within specified limits to other committees or to authorized employees of the association;
+
+(12) on agreement with the bank, take such additional actions with respect to applications and loans and perform such functions as are vested by law in the Farm Credit Banks as may be agreed to by the association;
+
+(13) endorse and become liable to the bank on loans it makes to association members;
+
+(14) receive such compensation and deduct such sums from loan proceeds with respect to each loan as may be agreed between the association and the bank and make such other charges for services as may be approved by the bank;
+
+(15) provide technical assistance to members, borrowers, applicants, and other eligible persons and make available to them, at their option, such financial related services appropriate to their operations as it determines, with Farm Credit Bank approval, are feasible, under regulations of the Farm Credit Administration;
+
+(16) borrow money from the bank and, with the approval of such bank, borrow from and issue association notes or other obligations to any commercial bank or other financial institution;
+
+(17) buy and sell obligations of or insured by the United States or any agency thereof or of any banks of the Farm Credit System;
+
+(18) invest association funds in such obligations as may be authorized in regulations of the Farm Credit Administration and approved by the bank and deposit securities and current funds of the association with any member bank of the Federal Reserve System, with the Farm Credit Bank, or with any bank insured by the Federal Deposit Insurance Corporation, and pay fees therefor and receive interest thereon as may be agreed;
+
+(19) perform such other function delegated to the association by the Farm Credit Bank of the district;
+
+(20) exercise by its board of directors or authorized officers or agents all such incidental powers as may be necessary or expedient in the conduct of its business;
+
+(21) contribute to the capital of the bank; and
+
+(22) operate as an originator and become certified as a certified facility under subchapter VIII.
+
+(Pub. L. 92–181, title II, § 2.12, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1635; amended Pub. L. 100–399, title IV, § 401(u), Aug. 17, 1988, 102 Stat. 998.)
+
+## Notes
+
+Editorial Notes
+
+Prior ProvisionsA prior section 2093, Pub. L. 92–181, title II, § 2.12, Dec. 10, 1971, 85 Stat. 598; Pub. L. 96–592, title II, § 208, Dec. 24, 1980, 94 Stat. 3442; Pub. L. 99–205, title II, § 205(e)(11), Dec. 23, 1985, 99 Stat. 1704; Pub. L. 100–233, title VII, § 705(d), Jan. 6, 1988, 101 Stat. 1707; Pub. L. 100–399, title VI, § 604, Aug. 17, 1988, 102 Stat. 1006, related to general corporate powers, prior to the general amendment of this subchapter by Pub. L. 100–233, § 401.
+
+Amendments1988—Par. (7). Pub. L. 100–399, § 401(u)(1), substituted “provide by its board of directors for” for “elect by its board of directors” and “serve as” for “be elected or designated”. Par. (8). Pub. L. 100–399, § 401(u)(2), amended par. (8) generally. Prior to amendment, par. (8) read as follows: “prescribe by its board of directors, association bylaws, not inconsistent with law, providing for the classes of association stock and the manner in which such stock shall be issued, transferred, and retired; the officers and employees of the association elected or provided for, the property of the association that is acquired, held, and transferred, the general business of the association conducted, and the privileges granted to the association by law exercised and enjoyed;”. Par. (12). Pub. L. 100–399, § 401(u)(3), substituted “agreed to by” for “agreed to or delegated to”. Par. (22). Pub. L. 100–399, § 401(u)(4)–(6), added par. (22).
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1988 AmendmentAmendment by Pub. L. 100–399 effective immediately after amendment made by section 401 of Pub. L. 100–233, which was effective 6 months after Jan. 6, 1988, see section 1001(b) of Pub. L. 100–399, set out as a note under section 2002 of this title.
+
+Effective DatePub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1622, provided that this section is effective 6 months after Jan. 6, 1988.

legal/us/code/title-12/chapter-23/section-2094.md

@@ -0,0 +1,45 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2094"
+description: "Federal land bank association capitalization"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2094"
+citation: "12 U.S.C. § 2094"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2094"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "7ca40ff71a93ee1df728f6fe81fca2b53490643b2c098109a10f572d1dd27804"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "302b0f48f8a403051e36d1950968a82ec5cf407e63a9244feb97ebf5d70ce58e"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2094 - Federal land bank association capitalization
+
+## Text
+
+In accordance with section 2154a of this title, the Federal land bank 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 its earnings distributed.
+
+(Pub. L. 92–181, title II, § 2.13, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1636.)
+
+## Notes
+
+Editorial Notes
+
+Prior ProvisionsA prior section 2094, Pub. L. 92–181, title II, § 2.13, Dec. 10, 1971, 85 Stat. 599; Pub. L. 96–592, title II, § 209, Dec. 24, 1980, 94 Stat. 3442; Pub. L. 99–205, title II, § 205(e)(12)–(14), title III, § 304(b), Dec. 23, 1985, 99 Stat. 1705, 1708; Pub. L. 100–233, title VIII, § 805(h), Jan. 6, 1988, 101 Stat. 1715, related to stock and participation certificates, prior to the general amendment of this subchapter by Pub. L. 100–233, § 401.
+
+Statutory Notes and Related Subsidiaries
+
+Effective DatePub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1622, provided that this section is effective 6 months after Jan. 6, 1988.

legal/us/code/title-12/chapter-23/section-2095.md

@@ -0,0 +1,39 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2095"
+description: "Repealed. Pub. L. 100–399, title IV, § 401(v), Aug. 17, 1988, 102 Stat. 999"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2095"
+citation: "12 U.S.C. § 2095"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2095"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "0ec58ba727bb36bc849d84b75d091375e86d3350dfc80159a765f1539db47519"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "c344d1a502838a9029e6ae537decddbfcb7ab3c104aecc33832728377dcc6b9f"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2095 - Repealed. Pub. L. 100–399, title IV, § 401(v), Aug. 17, 1988, 102 Stat. 999
+
+## Notes
+
+Section, Pub. L. 92–181, title II, § 2.14, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1636, provided that whenever any Federal land bank association was liquidated, a sum equal to its reserve account as required in this chapter was to be paid and become the property of the bank in which such association was a shareholder.
+
+A prior section 2095, Pub. L. 92–181, title II, § 2.14, Dec. 10, 1971, 85 Stat. 600; Pub. L. 99–205, title II, § 205(e)(15), title VI, § 605, Dec. 23, 1985, 99 Stat. 1705, 1711, related to application of earnings, restoration of capital impairment, and surplus account, prior to the general amendment of this subchapter by Pub. L. 100–233, § 401.
+
+Statutory Notes and Related Subsidiaries
+
+Construction of RepealPub. L. 100–399, title IV, § 401(v), Aug. 17, 1988, 102 Stat. 999, repealed this section and provided that this chapter be applied and administered as if this section had not been enacted.

legal/us/code/title-12/chapter-23/section-2096.md

@@ -0,0 +1,45 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2096"
+description: "Agreements for sharing gains or losses"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2096"
+citation: "12 U.S.C. § 2096"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2096"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "2419164e66893374053b5f218a38a62af9f57d1e5b3d19eb83fb41115365cd39"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "97a5f5ebf66622595e180dac578e5cd56d880cebc806ebe8de5bf4b3666bb55d"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2096 - Agreements for sharing gains or losses
+
+## Text
+
+Each Farm Credit Bank may enter into agreements with Federal land bank associations in its district for sharing the gain or losses on loans or on security held therefor or acquired in liquidation thereof, and associations are authorized to enter into any such agreements and also, subject to bank approval, agreements with other associations in the district for sharing the risk of loss on loans endorsed by each such association. As may be authorized by the bank in accordance with regulations of the Farm Credit Administration, associations also may enter into agreements with other Farm Credit System institutions to share loan and other losses, whether to protect against capital impairment or for any other purpose.
+
+(Pub. L. 92–181, title II, § 2.14, formerly § 2.15, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1636; renumbered § 2.14, Pub. L. 100–399, title IV, § 401(w), Aug. 17, 1988, 102 Stat. 999.)
+
+## Notes
+
+Editorial Notes
+
+Prior ProvisionsA prior section 2096, Pub. L. 92–181, title II, § 2.15, Dec. 10, 1971, 85 Stat. 601; Pub. L. 96–592, title II, § 210, Dec. 24, 1980, 94 Stat. 3442; Pub. L. 99–205, title II, § 205(b), Dec. 23, 1985, 99 Stat. 1703; Pub. L. 100–233, title IV, § 431(f), title VIII, § 805(i), Jan. 6, 1988, 101 Stat. 1660, 1715; Pub. L. 100–399, title IV, § 415(b), Aug. 17, 1988, 102 Stat. 1004, related to short- and intermediate-term loans, participation, other financial assistance, terms, conditions, interest, and security, prior to the general amendment of this subchapter by Pub. L. 100–233, § 401. A prior section 2.14 of Pub. L. 92–181 was classified to section 2095 of this title and was repealed by Pub. L. 100–399, § 401(v).
+
+Statutory Notes and Related Subsidiaries
+
+Effective DatePub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1622, provided that this section is effective 6 months after Jan. 6, 1988.

legal/us/code/title-12/chapter-23/section-2097.md

@@ -0,0 +1,45 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2097"
+description: "Liens on stock"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2097"
+citation: "12 U.S.C. § 2097"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2097"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "8824ce07a86cca5c2affaa588d68b4bea3bcae134a9a50ca9dcbff5117a4a1cb"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "769a28ea2d2bf90201afbf5be851ed3dfcb5d07412175406623754a1832b257d"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2097 - Liens on stock
+
+## Text
+
+Each Federal land bank association shall have a first lien on the stock and participation certificates it issues, except on stock or participation certificates held by other Farm Credit System institutions, for the payment of any liability of the stockholder to the association or to the bank, or to both of them.
+
+(Pub. L. 92–181, title II, § 2.15, formerly § 2.16, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1637; renumbered § 2.15, Pub. L. 100–399, title IV, § 401(w), Aug. 17, 1988, 102 Stat. 999.)
+
+## Notes
+
+Editorial Notes
+
+Prior ProvisionsA prior section 2097, Pub. L. 92–181, title II, § 2.16, Dec. 10, 1971, 85 Stat. 602; Pub. L. 96–592, title II, § 211, Dec. 24, 1980, 94 Stat. 3443, related to other services, prior to the general amendment of this subchapter by Pub. L. 100–233, § 401. A prior section 2.15 of Pub. L. 92–181 was renumbered section 2.14 and is classified to section 2096 of this title.
+
+Statutory Notes and Related Subsidiaries
+
+Effective DatePub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1622, provided that this section is effective 6 months after Jan. 6, 1988.

legal/us/code/title-12/chapter-23/section-2098.md

@@ -0,0 +1,49 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2098"
+description: "Taxation"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2098"
+citation: "12 U.S.C. § 2098"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2098"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "807888aa865111010ac4d496e6f9257fdca9f2c5a4e43ec87a22482f8ed223dd"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "69fd43c1e4b0af0e3e18ae9951aa5fda47d2a2800691daf67e5c4eebc0237f64"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2098 - Taxation
+
+## Text
+
+Each Federal land bank association and the capital, reserves, and surplus thereof, and the income derived therefrom, shall be exempt from Federal, State, municipal, and local taxation, except taxes on real estate held by a Federal land bank association to the same extent, according to its value, as other similar property held by other persons is taxed. The mortgages held by the Federal land bank associations and the notes, bonds, debentures, and other obligations issued by the associations shall be considered and held to be instrumentalities of the United States and, as such, they and the income therefrom shall be exempt from all Federal, State, municipal, and local taxation, other than Federal income tax liability of the holder thereof under the Public Debt Act of 1941 (31 U.S.C. 3124).
+
+(Pub. L. 92–181, title II, § 2.16, formerly § 2.17, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1637; renumbered § 2.16 and amended Pub. L. 100–399, title IV, § 401(w), (x), Aug. 17, 1988, 102 Stat. 999.)
+
+## Notes
+
+Editorial Notes
+
+Prior ProvisionsA prior section 2098, Pub. L. 92–181, title II, § 2.17, Dec. 10, 1971, 85 Stat. 602; Pub. L. 99–205, title II, § 205(e)(16), Dec. 23, 1985, 99 Stat. 1705; Pub. L. 100–233, title VIII, § 805(j), Jan. 6, 1988, 101 Stat. 1715, related to taxation, prior to the general amendment of this subchapter by Pub. L. 100–233, § 401. A prior section 2.16 of Pub. L. 92–181 was renumbered section 2.15 and is classified to section 2097 of this title.
+
+Amendments1988—Pub. L. 100–399, § 401(x), substituted “derived therefrom, shall” for “derived therefrom shall”, “by the associations” for “by the banks”, and “3124” for “742(a)”.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1988 AmendmentAmendment by Pub. L. 100–399 effective immediately after amendment made by section 401 of Pub. L. 100–233, which was effective 6 months after Jan. 6, 1988, see section 1001(b) of Pub. L. 100–399, set out as a note under section 2002 of this title.
+
+Effective DatePub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1622, provided that this section is effective 6 months after Jan. 6, 1988.

legal/us/code/title-12/chapter-23/section-2122.md

@@ -0,0 +1,103 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2122"
+description: "Corporate existence; general corporate powers"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2122"
+citation: "12 U.S.C. § 2122"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2122"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "82c588d1acc7e52b504c04d54da942b01932540b0e693cac6078addcef55b49e"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "8d41fa26fe015d4ff32965f59203a22e65e86cf6cbc2ef9741f47fe4b1f98182"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2122 - Corporate existence; general corporate powers
+
+## Text
+
+Each bank for cooperatives shall be a body corporate and, subject to regulation by the Farm Credit Administration, shall have power to—
+
+(1) Adopt and use a corporate seal.
+
+(2) Have succession until dissolved under the provisions of this chapter or other Act of Congress.
+
+(3) Make contracts.
+
+(4) Sue and be sued.
+
+(5) Acquire, hold, dispose, and otherwise exercise all of the usual incidents of ownership of real and personal property necessary or convenient to its business.
+
+(6) Make loans and commitments for credit, provide services and other assistance as authorized in this chapter, and charge fees therefor.
+
+(7) Operate under the direction of its board of directors.
+
+(8) Elect by its board of directors a president, any vice presidents, a secretary, a treasurer, and provide for such other officers, employees, and agents as may be necessary, including joint employees as provided in this chapter, define their duties and require surety bonds or make other provisions against losses occasioned by employees.
+
+(9) Prescribe by its board of directors its bylaws not inconsistent with law providing for the classes of its stock and the manner in which its stock shall be issued, transferred, and retired; its officers, employees, or agents elected or provided for; its property acquired, held, and transferred; its loans made; its general business conducted; and the privileges granted it by law exercised and enjoyed.
+
+(10) Borrow money and issue notes, bonds, debentures, or other obligations individually or in concert with one or more other banks of the System, of such character, and such terms, conditions, and rates of interest as may be determined.
+
+(11) (A) Participate in loans under this subchapter with one or more other banks for cooperatives and with commercial banks and other financial institutions upon such terms as may be agreed among them, and participate with one or more other Farm Credit System institutions in loans made under this subchapter or other subchapters of this chapter on the basis prescribed in section 2206 of this title.
+
+(B) (i) Participate in any loan of a type otherwise authorized under this subchapter that is made to a similar entity by any institution in the business of extending credit, including purchases of participations in loans to finance international trade transactions involving the sale of agricultural commodities or the products thereof, except that—
+
+(I) a bank for cooperatives may not participate in a loan—
+
+(aa) if the participation would cause the total amount of all loan participations by the bank under this subparagraph involving a single credit risk to exceed 10 percent of the bank’s total capital; or
+
+(bb) if the participation by the bank will itself equal or exceed 50 percent of the principal of the loan or, when taken together with participations in the loan by other Farm Credit System institutions, will cause the cumulative amount of the participations by all Farm Credit System institutions in the loan to equal or exceed 50 percent of the principal of the loan;
+
+(II) a bank for cooperatives may not participate in a loan to a similar entity under this subparagraph if the similar entity has a loan or loan commitment outstanding with a Farm Credit Bank or an association chartered under this chapter, unless agreed to by the Bank or association; and
+
+(III) the cumulative amount of participations that a bank for cooperatives may have outstanding under this subparagraph at any time may not exceed 15 percent of the bank’s total assets.
+
+(ii) As used in this subparagraph, the term “similar entity” means an entity that, while not eligible for a loan under section 2129 of this title, is functionally similar to an entity eligible for a loan under section 2129 of this title in that it derives a majority of its income from, or has a majority of its assets invested in, the conduct of activities functionally similar to those conducted by the entity.
+
+(iii) As used in this subparagraph, the term “participate” or “participation” refers to multilender transactions, including syndications, assignments, loan participations, subparticipations, or other forms of the purchase, sale, or transfer of interests in loans, other extensions of credit, or other technical and financial assistance.
+
+(12) Deposit its securities and its current funds with any member bank of the Federal Reserve System or any insured State nonmember bank (within the meaning of section 1813 of this title) or, to the extent necessary to facilitate transactions which may be financed under section 2128(b) of this title, any other financial organization, domestic or foreign, as may be authorized by its board of directors, and pay fees therefor and receive interest thereon as may be agreed. When designated for that purpose by the Secretary of the Treasury, it shall be a depository of public money, except receipts from customs, under such regulations as may be prescribed by the Secretary; may be employed as a fiscal agent of the Government, and shall perform all such reasonable duties as a depository of public money or financial agent of the Government as may be required of it. No Government funds deposited under the provisions of this subsection shall be invested in loans or bonds or other obligations of the bank.
+
+(13) (A) Buy and sell obligations of or insured by the United States or of any agency thereof, or securities backed by the full faith and credit of any such agency and make such other investments as may be authorized under regulations issued by the Farm Credit Administration.
+
+(B) As may be authorized by its board of directors, buy from and sell to Farm Credit System institutions interests in loans and in other financial assistance extended and nonvoting stock.
+
+(C) As may be authorized by its board of directors, and solely for the purposes of obtaining credit information and other services needed to facilitate transactions which may be financed under section 2128(b) of this title, invest in ownership interests in foreign business entities that are principally engaged in providing credit information to and performing such servicing functions for their members in connection with the members’ international activities.
+
+(14) Conduct studies and adopt standards for lending.
+
+(15) Amend and modify loan contracts, documents, and payment schedules, and release, subordinate, or substitute security for any of them.
+
+(16) Exercise by its board of directors or authorized officers, employees, or agents all such incidental powers as may be necessary or expedient to carry on the business of the bank.
+
+(17) As may be authorized by the board of directors, maintain credit balances and pay or receive fees or interest thereon, for the purpose of assisting in the transfer of funds to or from parties to transactions that may be financed under section 2128(b) of this title: Provided, however, That nothing herein shall authorize the banks for cooperatives to engage in the business of accepting domestic deposits.
+
+(18) As may be authorized by its board of directors, agree with other Farm Credit System institutions to share loan or other losses, whether to protect against capital impairment or for any other purpose.
+
+(Pub. L. 92–181, title III, § 3.1, Dec. 10, 1971, 85 Stat. 602; Pub. L. 96–592, title III, § 301, Dec. 24, 1980, 94 Stat. 3443; Pub. L. 99–205, title II, § 205(e)(1), Dec. 23, 1985, 99 Stat. 1705; Pub. L. 100–233, title VIII, § 802(n), Jan. 6, 1988, 101 Stat. 1712; Pub. L. 100–399, title IX, § 901(b), Aug. 17, 1988, 102 Stat. 1007; Pub. L. 102–552, title V, § 502, Oct. 28, 1992, 106 Stat. 4130; Pub. L. 103–376, §§ 2, 6, Oct. 19, 1994, 108 Stat. 3497, 3500; Pub. L. 107–171, title V, § 5401(a), May 13, 2002, 116 Stat. 349.)
+
+## Notes
+
+Editorial Notes
+
+Amendments2002—Par. (11)(B)(iii), (iv). Pub. L. 107–171 redesignated cl. (iv) as (iii) and struck out former cl. (iii) which read as follows: “With respect to similar entities that are eligible to borrow from a Farm Credit Bank or association under subchapter I or II of this chapter, the authority of a bank for cooperatives to participate in loans to the entities under this subparagraph shall be subject to the prior approval of the Farm Credit Bank or Banks in whose chartered territory the entity is eligible to borrow. The approval may be granted on an annual basis and under such terms and conditions as may be agreed on between the bank for cooperatives and the Farm Credit Bank or Banks that serve the territory.” 1994—Par. (11)(B)(i)(I)(bb). Pub. L. 103–376, § 6, substituted “other Farm Credit System institutions” for “the other banks for cooperatives under this subparagraph” and “all Farm Credit System institutions” for “all banks for cooperatives”. Par. (11)(B)(iv). Pub. L. 103–376, § 2, added cl. (iv). 1992—Par. (11). Pub. L. 102–552 designated existing provisions as subpar. (A) and added subpar. (B). 1988—Par. (12). Pub. L. 100–399 substituted “(within the meaning of section 1813 of this title)” for “as defined in section 1812 of this title.” Pars. (12), (13)(B), (C), (17), (18). Pub. L. 100–233 struck out “and approved by the Farm Credit Administration” after “board of directors”. 1985—Pub. L. 99–205 substituted “regulation” for “supervision” in provision preceding par. (1). Par. (13)(A). Pub. L. 99–205 inserted “under regulations issued” after “authorized”. Pars. (16) to (19). Pub. L. 99–205 struck out par. (16) respecting power of bank for cooperatives to perform any function delegated to it by the Farm Credit Administration, and redesignated pars. (17) to (19) as (16) to (18), respectively. 1980—Par. (11). Pub. L. 96–592, § 301(1), inserted provisions respecting participation with one or more other Farm Credit System institutions in loans. Par. (12). Pub. L. 96–592, § 301(2), inserted applicability to any insured State nonmember bank and to other domestic or foreign financial organizations. Par. (13). Pub. L. 96–592, § 301(3), designated existing provisions as subpar. (A) and added subpars. (B) and (C). Pars. (18), (19). Pub. L. 96–592, § 301(4), added pars. (18) and (19).
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1988 AmendmentAmendment by Pub. L. 100–399 effective as if enacted immediately after enactment of Pub. L. 100–233, which was approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100–399, set out as a note under section 2002 of this title.
+
+Effective Date of 1985 AmendmentAmendment by Pub. L. 99–205 effective thirty days after Dec. 23, 1985, see section 401 of Pub. L. 99–205, set out as a note under section 2001 of this title.

legal/us/code/title-12/chapter-23/section-2123.md

@@ -0,0 +1,55 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2123"
+description: "Board of directors"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2123"
+citation: "12 U.S.C. § 2123"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2123"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "a10033d85e3a8302cde4c8eb6b59e91c3b9baee7e3e4cd26aaeb9683ea3074c8"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "10d60f88e7bd9d98d0dfc121b9969e6bd367c0fe9a3a3d18f250a86ebb233992"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2123 - Board of directors
+
+## Text
+
+(a) In general Each bank for cooperatives shall elect a board of directors of such number, for such term, in such manner, and with such qualifications as may be required in its bylaws, except that at least one member shall be elected by the other directors, which member shall not be a director, officer, employee, or stockholder of a System institution.
+
+(b) Nomination and election (1) In general If approved by the stockholders through a bylaw amendment, the nomination and election of one member from a bank for cooperatives shall be carried out with each voting stockholder of a bank for cooperatives having one vote, plus a number of votes (or fractional part thereof) equal to—
+
+(A) the number of stockholders eligible to vote; multiplied by
+
+(B) the percentage (or fractional part thereof) of the total equity interest (including allocated, but not unallocated, surplus and reserves) in the bank of all stockholders held by the individual voting stockholder at the close of the immediately preceding fiscal year of the bank.
+
+(2) Number of votes The total number of votes under this subsection shall be the number of voting stockholders of a bank for cooperatives multiplied by two.
+
+(Pub. L. 92–181, title III, § 3.2, Dec. 10, 1971, 85 Stat. 603; Pub. L. 99–205, title II, § 205(e)(2), Dec. 23, 1985, 99 Stat. 1705; Pub. L. 100–399, title IX, § 901(d), Aug. 17, 1988, 102 Stat. 1007; Pub. L. 102–552, title V, § 503, Oct. 28, 1992, 106 Stat. 4130; Pub. L. 115–334, title V, § 5411(5), Dec. 20, 2018, 132 Stat. 4679.)
+
+## Notes
+
+Editorial Notes
+
+Amendments2018—Pub. L. 115–334, § 5411(5)(B), (C), redesignated subsec. (a)(1) as (a) and subsec. (a)(2) as (b), inserted headings, and struck out former subsec. (b) which read as follows: “The board of directors of the Central Bank for Cooperatives shall consist of one member elected by the board of each bank for cooperatives, including the United Bank for Cooperatives if the Central Bank for Cooperatives is not merged into such bank, and one member appointed by the Farm Credit Administration.” Subsec. (a)(1). Pub. L. 115–334, § 5411(5)(A)(i), struck out “not merged into the United Bank for Cooperatives or the National Bank for Cooperatives” after “Each bank for cooperatives”. Subsec. (a)(2)(A). Pub. L. 115–334, § 5411(5)(A)(ii), struck out “(other than the National Bank for Cooperatives)” after “a bank for cooperatives” in introductory provisions. Subsec. (b)(1). Pub. L. 115–334, § 5411(5)(C)(ii), (D)(ii), redesignated subsec. (a)(2)(A) and cls. (i) and (ii) thereof as subsec. (b)(1) and subpars. (A) and (B) thereof, respectively, inserted par. heading, and realigned margins. Subsec. (b)(2). Pub. L. 115–334, § 5411(5)(D)(i), (E), redesignated subsec. (a)(2)(B) as subsec. (b)(2), inserted heading, and substituted “this subsection” for “this paragraph”. 1992—Subsec. (a). Pub. L. 102–552 designated existing provisions as par. (1) and added par. (2). 1988—Subsec. (a). Pub. L. 100–399 amended subsec. (a) generally. Prior to amendment, subsec. (a) read as follows: “In the case of a district bank for cooperatives, the board of directors shall be the farm credit district board and in the case of the Central Bank for Cooperatives shall be a separate board of not more than thirteen members, one from each farm credit district and one at large. One district director of the Central Bank Board shall be elected by each district farm credit board and the member at large shall be appointed by the Farm Credit Administration.” Subsec. (b). Pub. L. 100–399 amended subsec. (b) generally. Prior to amendment, subsec. (b) read as follows: “For the purposes of this section the provisions of sections 2222(b) and (c), 2225, 2226, and 2227 of this title shall apply to and shall be the authority of the Central Bank for Cooperatives the same as though it were a district bank.” 1985—Subsec. (a). Pub. L. 99–205 substituted “Farm Credit Administration” for “Governor with the advice and consent of the Federal Farm Credit Board”.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1988 AmendmentAmendment by Pub. L. 100–399 effective immediately after amendment made by section 401 of Pub. L. 100–233, which was effective 6 months after Jan. 6, 1988, see section 1001(b) of Pub. L. 100–399, set out as a note under section 2002 of this title.
+
+Effective Date of 1985 AmendmentAmendment by Pub. L. 99–205 effective thirty days after Dec. 23, 1985, see section 401 of Pub. L. 99–205, set out as a note under section 2001 of this title.

legal/us/code/title-12/chapter-23/section-2124.md

@@ -0,0 +1,59 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2124"
+description: "Stock of banks for cooperatives"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2124"
+citation: "12 U.S.C. § 2124"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2124"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "82c6747cd9ecec96d4a35eb7a3bb1c9c61cde91dc3d2d2bf1cb91d12eaae7b7a"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "36c7debf46657cf62ed3ab6f71a1a314bffcdc51dd91afc3ddb97d8d6c2599d2"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2124 - Stock of banks for cooperatives
+
+## Text
+
+(a) Amount The Capital stock of each bank for cooperatives shall be in such amount as its board determines is required for the purpose of providing adequate capital to permit the bank to meet the credit needs of borrowers from the bank and such amounts may be increased or decreased from time to time in accordance with such needs.
+
+(b) Value The capital stock of each bank shall be divided into shares of par value of $100 each and may be of such classes as the board may determine. Such stock may be issued in fractional shares.
+
+(c) Eligible holders of voting stock Voting stock may be issued or transferred to and held only by (i) cooperative associations eligible to borrow from the banks 11 So in original. There probably should be a semicolon after “banks”. (ii) other categories of persons and entities described in sections 2128 and 2129 of this title eligible to borrow from the bank, as determined by the bank’s board of directors; and (iii) other banks for cooperatives, and shall not be otherwise transferred, pledged, or hypothecated except as consented to by the issuing bank under regulations of the Farm Credit Administration.
+
+(d) Entitlement to vote Each holder of one or more shares of voting stock which is eligible to borrow from a bank for cooperatives shall be entitled only to one vote and only in the affairs of the bank in the district in which its principal office is located unless otherwise authorized under regulations issued by the Farm Credit Administration, except that if such holder has not been a borrower from the bank in which it holds such stock within a period of two years next preceding the date fixed by the Farm Credit Administration prior to the commencement of voting, it shall not be entitled to vote.
+
+(e) Nonvoting investment stock Nonvoting investment stock may be issued in such series and in such amounts as may be determined by the board and may be exchanged for voting stock or sold or transferred to any person subject to the approval of the issuing bank.
+
+(f) Participation certificates Participation certificates may be issued to parties to whom voting stock may not be issued.
+
+(Pub. L. 92–181, title III, § 3.3, Dec. 10, 1971, 85 Stat. 603; Pub. L. 96–592, title III, § 302, Dec. 24, 1980, 94 Stat. 3443; Pub. L. 99–205, title II, § 205(e)(3), (4), Dec. 23, 1985, 99 Stat. 1705; Pub. L. 100–233, title VIII, §§ 802(o), 805(k), Jan. 6, 1988, 101 Stat. 1712, 1715; Pub. L. 110–234, title V, §§ 5402, 5403(a), May 22, 2008, 122 Stat. 1154; Pub. L. 110–246, § 4(a), title V, §§ 5402, 5403(a), June 18, 2008, 122 Stat. 1664, 1915.)
+
+## Notes
+
+Editorial Notes
+
+Codification Pub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246.
+
+Amendments2008—Subsec. (b). Pub. L. 110–246, § 5402, which directed substitution of “par” for “per”, could not be executed because “per” did not appear. Subsec. (c)(ii), (iii). Pub. L. 110–246, § 5403(a), added cl. (ii) and redesignated former cl. (ii) as (iii). 1988—Subsec. (a). Pub. L. 100–233, § 802(o)(1), struck out “, with the approval of Farm Credit Administration,” after “board determines”. Subsec. (b). Pub. L. 100–233, § 802(o)(2), struck out “with the approval of the Farm Credit Administration” after “board may determine”. Subsec. (d). Pub. L. 100–233, § 805(k), substituted “by” for “by by” after “regulations issued”. Subsec. (e). Pub. L. 100–233, § 802(o)(3), struck out “and approved by the Farm Credit Administration” after “Board”. 1985—Subsec. (d). Pub. L. 99–205, § 205(e)(3), inserted “under regulations issued by” after “authorized”. Subsec. (e). Pub. L. 99–205, § 205(e)(4), struck out “, except for stock held by the Governor,” before “may be exchanged”. 1980—Subsec. (f). Pub. L. 96–592 added subsec. (f).
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 2008 AmendmentAmendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of Title 7, Agriculture.
+
+Effective Date of 1985 AmendmentAmendment by Pub. L. 99–205 effective thirty days after Dec. 23, 1985, see section 401 of Pub. L. 99–205, set out as a note under section 2001 of this title.

legal/us/code/title-12/chapter-23/section-2125.md

@@ -0,0 +1,45 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2125"
+description: "Dividends"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2125"
+citation: "12 U.S.C. § 2125"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2125"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "e30d2c4fdf44aecaa379ccf871bb6780d58af565a1e8366d708583d4309f98d2"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "165183bd9e06b1857e93c5767a40612ba2e42927ee92bbfc442d83d8e9f4f5ab"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2125 - Dividends
+
+## Text
+
+Dividends may be payable only on nonvoting investment stock, if declared by the board of directors of the bank, subject to the general direction of the Farm Credit Administration.
+
+(Pub. L. 92–181, title III, § 3.4, Dec. 10, 1971, 85 Stat. 604; Pub. L. 99–205, title II, § 205(e)(5), title VI, § 606, Dec. 23, 1985, 99 Stat. 1705, 1711; Pub. L. 100–233, title VIII, § 805(l), Jan. 6, 1988, 101 Stat. 1715.)
+
+## Notes
+
+Editorial Notes
+
+Amendments1988—Pub. L. 100–233 struck out “other than stock held by the Farm Credit Administration,” after “investment stock,”. 1985—Pub. L. 99–205 struck out “the Governor of” before “the Farm Credit Administration” and inserted “, subject to the general direction of the Farm Credit Administration”.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1985 AmendmentAmendment by Pub. L. 99–205 effective thirty days after Dec. 23, 1985, see section 401 of Pub. L. 99–205, set out as a note under section 2001 of this title.

legal/us/code/title-12/chapter-23/section-2126.md

@@ -0,0 +1,45 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2126"
+description: "Retirement of stock"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2126"
+citation: "12 U.S.C. § 2126"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2126"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "210decc3952f0600504e46ae9acff9e88e507338a073307a6f930c82e37dc08c"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "cd1444cc421948465da82f15d1bff96c24d9aa222033c7223600e643177cf0f7"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2126 - Retirement of stock
+
+## Text
+
+Nonvoting investment stock and participation certificates may be called for retirement at par. With the approval of the issuing bank, the holder may elect not to have the called stock or participation certificates retired in response to a call, reserving the right to have such stock or participation certificates included in the next call for retirement. Voting stock may also be retired at par, on call or on such revolving basis as the board may determine with due regard for its total capital needs: Provided, however, That all equities in the banks issued or allocated with respect to 1971 and prior years shall be retired on a revolving basis according to the year of issue with the oldest outstanding equities being first retired. Equities issued for subsequent years shall not be called or retired until equities described in the preceding sentence of this proviso have been retired.
+
+(Pub. L. 92–181, title III, § 3.5, Dec. 10, 1971, 85 Stat. 604; Pub. L. 96–592, title III, § 303, Dec. 24, 1980, 94 Stat. 3444; Pub. L. 99–205, title II, § 205(e)(6), Dec. 23, 1985, 99 Stat. 1705; Pub. L. 100–233, title VIII, § 802(p), Jan. 6, 1988, 101 Stat. 1712; Pub. L. 115–334, title V, § 5411(6), Dec. 20, 2018, 132 Stat. 4679.)
+
+## Notes
+
+Editorial Notes
+
+Amendments2018—Pub. L. 115–334 struck out “district” before “banks issued or allocated”. 1988—Pub. L. 100–233 struck out “with approval of the Farm Credit Administration” after “board may determine”. 1985—Pub. L. 99–205 substituted “Nonvoting investment stock” for “Any nonvoting stock held by the Governor of the Farm Credit Administration shall be retired to the extent required by section 2151(b) of this title before any other outstanding voting or nonvoting stock or participation certificates shall be retired except as may be otherwise authorized by the Farm Credit Administration. When those requirements have been satisfied, nonvoting investment stock”, and substituted “Voting” for “When the requirements of section 2151(b) of this title have been met, voting”. 1980—Pub. L. 96–592 inserted provisions respecting applicability to participation certificates and struck out provisions relating to maximum amount of fair book value at retirement.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1985 AmendmentAmendment by Pub. L. 99–205 effective thirty days after Dec. 23, 1985, see section 401 of Pub. L. 99–205, set out as a note under section 2001 of this title.

legal/us/code/title-12/chapter-23/section-2127.md

@@ -0,0 +1,35 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2127"
+description: "Guaranty fund subscriptions in lieu of stock"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2127"
+citation: "12 U.S.C. § 2127"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2127"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "113930b5b1bf1791349d26764292c7e5185a6e9abe84736199da413fd9e9e188"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "6d6a307c4f53f9ad92984d1c2f6890aa4ccef72ac78a1b196bbeb6a8570fc905"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2127 - Guaranty fund subscriptions in lieu of stock
+
+## Text
+
+If any cooperative association is not authorized under the laws of the State in which it is organized to take and hold stock in a bank for cooperatives, the bank shall, in lieu of any requirement for stock purchase, require the association to pay into or have on deposit in a guaranty fund, or the bank may retain out of the amount of the loan and credit to the guaranty fund account of the borrower, a sum equal to the amount of stock which the association would otherwise be required to own. Each reference to stock of the banks for cooperatives in this chapter shall include such guaranty fund equivalents. The holder of the guaranty fund equivalent and the bank shall each be entitled to the same rights and obligations with respect thereto as the rights and obligations associated with the class or classes of stock involved.
+
+(Pub. L. 92–181, title III, § 3.6, Dec. 10, 1971, 85 Stat. 604.)

legal/us/code/title-12/chapter-23/section-2128.md

@@ -0,0 +1,87 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2128"
+description: "Loans, commitments, and technical and financial assistance"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2128"
+citation: "12 U.S.C. § 2128"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2128"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "7f38be9a060e0d3665635f14f3f39068d7812d617ef2e874e6fac85bb9ec3520"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "c99d334fa49e3cea3c5e9e178b9bb47900bed4e0665cd823eeb832a29e5e199a"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2128 - Loans, commitments, and technical and financial assistance
+
+## Text
+
+(a) Authorities The banks for cooperatives are authorized to make loans and commitments to eligible cooperative associations and to extend to them other technical and financial assistance at any time (whether or not they have a loan from the bank outstanding), including but not limited to discounting notes and other obligations, guarantees, currency exchange necessary to service individual transactions that may be financed under subsection (b) of this section, collateral custody, or participation with other banks for cooperatives and commercial banks or other financial institutions in loans to eligible cooperatives, under such terms and conditions as may be determined to be feasible by the board of directors of each bank for cooperatives under regulations of the Farm Credit Administration. Each bank may own and lease, or lease with option to purchase, to stockholders eligible to borrow from the bank equipment needed in the operations of the stockholder and may make or participate in loans or commitments and extend other technical and financial assistance to other domestic parties for the acquisition of equipment and facilities to be leased to such stockholders for use in their operations in the United States.
+
+(b) Additional authorities (1) A bank for cooperatives is authorized to make or participate in loans and commitments to, and to extend other technical and financial assistance to a domestic or foreign party with respect to its transactions with an association that is a voting stockholder of the bank for the import of agricultural commodities or products thereof, agricultural supplies, or aquatic products through purchases, sales or exchanges, if the bank for cooperatives determines, under regulations of the Farm Credit Administration, that the voting stockholder will benefit substantially as a result of such loan, commitment, or assistance.
+
+(2) (A) A bank for cooperatives may make or participate in loans and commitments to, and extend other technical and financial assistance to—
+
+(i) any domestic or foreign party for the export, including (where applicable) the cost of freight, of agricultural commodities or products thereof, agricultural supplies, or aquatic products from the United States under policies and procedures established by the bank to ensure that the commodities, products, or supplies are originally sourced, where reasonably available, from one or more eligible cooperative associations described in section 2129(a) of this title on a priority basis, except that if the total amount of the balances outstanding on loans made by a bank under this clause that—
+
+(I) are made to finance the export of commodities, products, or supplies that are not originally sourced from a cooperative, and
+
+(II) are not guaranteed or insured, in an amount equal to at least 95 percent of the amount loaned, by a department, agency, bureau, board, commission, or establishment of the United States or a corporation wholly-owned directly or indirectly by the United States,
+
+exceeds an amount that is equal to 50 percent of the bank’s capital, then a sufficient interest in the loans shall be sold by the bank for cooperatives to commercial banks and other non-System lenders to reduce the total amount of such outstanding balances to an amount not greater than an amount equal to 50 percent of the bank’s capital; and
+
+(ii) except as provided in subparagraph (B), any domestic or foreign party in which an eligible cooperative association described in section 2129(a) of this title (including, for the purpose of facilitating its domestic business operations only, a cooperative or other entity described in section 2129(b)(1)(A) of this title) has an ownership interest, for the purpose of facilitating the domestic or foreign business operations of the association, except that if the ownership interest by an eligible cooperative association, or associations, is less than 50 percent, the financing shall be limited to the percentage held in the party by the association or associations.
+
+(B) A bank for cooperatives shall not use the authority provided in subparagraph (A)(ii) to provide financial assistance to a party for the purpose of financing the relocation of a plant or facility from the United States to another country.
+
+(3) A bank for cooperatives is authorized to provide such services as may be customary and normal in maintaining relationships with domestic or foreign entities to facilitate the activities specified in paragraphs (1) and (2), consistent with this chapter.
+
+(4) Definition of agricultural supply.— In this subsection, the term “agricultural supply” includes—
+
+(A) a farm supply; and
+
+(B) (i) agriculture-related processing equipment;
+
+(ii) agriculture-related machinery; and
+
+(iii) other capital goods related to the storage or handling of agricultural commodities or products.
+
+(c) Applicable policies Loans, commitments, and assistance authorized by subsection (b) of this section shall be extended in accordance with policies adopted by the board of directors of the bank under regulations of the Farm Credit Administration.
+
+(d) Regulatory limitations The regulations of the Farm Credit Administration implementing subsection (b) of this section and other provisions of this subchapter relating to the authority under subsection (b) of this section may not confer upon the banks for cooperatives powers and authorities greater than those specified in this subchapter. The Farm Credit Administration shall, during the formulation of such regulations, closely consult on a continuing basis with the Board of Governors of the Federal Reserve System to insure that such regulations conform to national banking policies, objectives, and limitations.
+
+(e) Speculative futures transactions Notwithstanding any other provision of this subchapter, the banks for cooperatives shall not make or participate in loans or commitments for the purpose of financing speculative futures transactions by eligible borrowers in foreign currencies.
+
+(f) Installation, expansion, or improvement of water and waste disposal facilities The banks for cooperatives may, for the purpose of installing, maintaining, expanding, improving, or operating water and waste disposal facilities in rural areas, make and participate in loans and commitments and extending other technical and financial assistance to—
+
+(1) cooperatives formed specifically for the purpose of establishing or operating such facilities; and
+
+(2) public and quasi-public agencies and bodies, and other public and private entities that, under authority of State or local law, establish or operate such facilities.
+
+For purposes of this subsection, the term “rural area” means all territory of a State that is not within the outer boundary of any city or town having a population of more than 20,000 based on the latest decennial census of the United States.
+
+(Pub. L. 92–181, title III, § 3.7, Dec. 10, 1971, 85 Stat. 605; Pub. L. 96–592, title III, § 304, Dec. 24, 1980, 94 Stat. 3444; Pub. L. 101–624, title XXIII, § 2323(a), Nov. 28, 1990, 104 Stat. 4013; Pub. L. 102–237, title V, § 502(e)(1), Dec. 13, 1991, 105 Stat. 1868; Pub. L. 102–552, title V, §§ 504, 505, Oct. 28, 1992, 106 Stat. 4131; Pub. L. 103–376, § 3, Oct. 19, 1994, 108 Stat. 3497; Pub. L. 107–171, title V, § 5402, May 13, 2002, 116 Stat. 350; Pub. L. 115–334, title V, § 5411(7), Dec. 20, 2018, 132 Stat. 4679.)
+
+## Notes
+
+Editorial Notes
+
+Amendments2018—Subsec. (a). Pub. L. 115–334 struck out “Such regulations may include provisions for avoiding duplication between the Central Bank and district banks for cooperatives.” before “Each bank may own”. 2002—Subsec. (b)(1), (2)(A)(i). Pub. L. 107–171, § 5402(1), substituted “agricultural supplies” for “farm supplies”. Subsec. (b)(4). Pub. L. 107–171, § 5402(2), added par. (4). 1994—Subsec. (b)(1). Pub. L. 103–376, § 3(A), substituted “assistance to” for “assistance to (A)”, “bank for the import” for “bank for the export or import”, and “if the bank for cooperatives” for “and (B) a domestic or foreign party in which such an association has at least the minimum ownership interest approved under regulations of the Farm Credit Administration for the purpose of facilitating the association’s export or import operations of the type described in subparagraph (A): Provided, That a”. Subsec. (b)(2). Pub. L. 103–376, § 3(B), added par. (2) and struck out former par. (2) which read as follows: “A bank for cooperatives is authorized to make or participate in loans and commitments, and to extend other technical and financial assistance, to any domestic or foreign entity that is eligible for a guarantee or insurance as described in subparagraphs (A) and (B) with respect to transactions involving the Soviet Union (its successor entities or any of the individual republics of the Soviet Union) or an emerging democracy (as defined in section 1542(f) of the Food, Agriculture, Conservation, and Trade Act of 1990 (7 U.S.C. 5622 note)) for the export of agricultural commodities and products thereof from the United States, including (where applicable) the cost of freight, if in each case— “(A) the loan involved is unconditionally guaranteed or insured by a department, agency, bureau, board, commission, or establishment of the United States or any corporation wholly owned directly or indirectly by the United States; and “(B) the guarantee or insurance— “(i) covers at least 95 percent of the amount loaned for the purchase of the commodities or products; and “(ii) is issued on or before September 30, 1995.” 1992—Subsec. (a). Pub. L. 102–552, § 504, inserted “at any time (whether or not they have a loan from the bank outstanding)” after “assistance” in first sentence. Subsec. (f). Pub. L. 102–552, § 505, in introductory provisions, substituted “installing, maintaining, expanding, improving, or operating” for “the installation, expansion, or improvement of” and “extending” for “to extend”. 1991—Subsec. (b). Pub. L. 102–237 designated existing provisions as par. (1), redesignated cl. (1) as (A) and inserted “or products thereof” after “commodities”, redesignated cl. (2) as (B) and substituted “subparagraph (A)” for “clause (1) of this subsection”, and added pars. (2) and (3). 1990—Subsec. (f). Pub. L. 101–624 added subsec. (f). 1980—Pub. L. 96–592 designated existing provisions as subsec. (a), inserted provisions relating to currency exchanges and provisions relating to loans, etc., to domestic parties, and added subsecs. (b) to (e).
+
+Statutory Notes and Related Subsidiaries
+
+Funding To Be Consistent With Other LawsPub. L. 118–42, div. B, title VII, § 757, Mar. 9, 2024, 138 Stat. 114, provided that: “In this fiscal year and each fiscal year thereafter, and notwithstanding any other provision of law, none of the funds made available by this or any other Act may be used to implement section 3.7(f) of the Farm Credit Act of 1971 [12 U.S.C. 2128(f)] in a manner inconsistent with section 343(a)(13) of the Consolidated Farm and Rural Development Act [7 U.S.C. 1991(a)(13)].”

legal/us/code/title-12/chapter-23/section-2129.md

@@ -0,0 +1,77 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2129"
+description: "Eligibility"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2129"
+citation: "12 U.S.C. § 2129"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2129"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "8b8654269ca0eba1c2f480b170e3927d62f334eaa3934b8bd49a6a1a975900f8"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "2660eeef843bdb178531fdcdf4a2234939661dc4b9b251c659b62ac16b8036ee"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2129 - Eligibility
+
+## Text
+
+(a) Any association of farmers, producers or harvesters of aquatic products, or any federation of such associations, which is operated on a cooperative basis, and has the powers for processing, preparing for market, handling, or marketing farm or aquatic products; or for purchasing, testing, grading, processing, distributing, or furnishing farm or aquatic supplies or furnishing farm or aquatic business services or services to eligible cooperatives and conforms to either of the two following requirements:
+
+(1) no member of the association is allowed more than one vote because of the amount of stock or membership capital he may own therein; or
+
+(2) does not pay dividends on stock or membership capital in excess of such per centum per annum as may be approved under regulations of the Farm Credit Administration; and in any case
+
+(3) does not deal in farm products or aquatic products, or products processed therefrom, farm or aquatic supplies, farm or aquatic business services, or services to eligible cooperatives with or for nonmembers in an amount greater in value than the total amount of such business transacted by it with or for members, excluding from the total of member and nonmember business transactions with the United States or any agency or instrumentality thereof or services or supplies furnished as a public utility; and
+
+(4) a percentage of the voting control of the association not less than 80 per centum (60 per centum (A) in the case of rural electric, telephone, public utility, and service cooperatives; (B) in the case of local farm supply cooperatives that have historically served needs of the community that would not adequately be served by other suppliers and have experienced a reduction in the percentage of farmer membership due to changed circumstances beyond their control such as, but not limited to, urbanization of the community; and (C) in the case of local farm supply cooperatives that provide or will provide needed services to a community and that are or will be in competition with a cooperative specified in paragraph (B)) or, with respect to any type of association or cooperative, such higher percentage as established by the bank board, is held by farmers, producers or harvesters of aquatic products, or eligible cooperative associations as defined herein;
+
+shall be eligible to borrow from a bank for cooperatives. Any such association that has received a loan from a bank for cooperatives shall, without regard to the requirements of paragraphs (1) through (4), continue to be eligible for so long as more than 50 percent (or such higher percentage as is established by the bank board) of the voting control of the association is held by farmers, producers or harvesters of aquatic products, or eligible cooperative associations.
+
+(b) Notwithstanding any other provision of this section:
+
+(1) The following entities shall also be eligible to borrow from a bank for cooperatives:
+
+(A) Cooperatives and other entities that have received a loan, loan commitment, or loan guarantee from the Rural Electrification Administration (or any successor agency), or that are eligible under the Rural Electrification Act of 1936 (7 U.S.C. 901 et seq.) for a loan, loan commitment, or loan guarantee from the Administration or the Bank (or a successor of the Administration or the Bank), and subsidiaries of such cooperatives or other entities.
+
+(B) Any legal entity that (i) holds more than 50 percent of the voting control of an association or other entity that is eligible to borrow from a bank for cooperatives under subsection (a) or subparagraph (A) of this paragraph, and (ii) borrows for the purpose of making funds available to that association or entity, and makes funds available to that association or entity under the same terms and conditions that the funds are borrowed from a bank for cooperatives.
+
+(C) Any cooperative or other entity described in subsection (b) or (f) of section 2128 of this title.
+
+(D) Any creditworthy private entity that satisfies the requirements for a service cooperative under paragraphs (1), (2), and (4), or under the last sentence, of subsection (a) and subsidiaries of the entity, if the entity is organized to benefit agriculture in furtherance of the welfare of its farmer-members and is operated on a not-for-profit basis.
+
+(2) Notwithstanding the provisions of section 2130 of this title, the board of directors of a bank for cooperatives may determine that, with respect to a loan to any borrower eligible to borrow from a bank under paragraph (1)(A) that is fully guaranteed by the United States, no stock purchase requirement shall apply, other than the requirement that a borrower eligible to own voting stock shall purchase one share of such stock.
+
+(3) Each association and other entity eligible to borrow from a bank for cooperatives under this subsection, for purposes of section 2128(a) of this title, shall be treated as an eligible cooperative association and a stockholder eligible to borrow from the bank.
+
+(4) Nothing in this subsection shall be construed to adversely affect the eligibility, as it existed on January 6, 1988, of cooperatives and other entities for any other credit assistance under Federal law.
+
+(Pub. L. 92–181, title III, § 3.8, Dec. 10, 1971, 85 Stat. 605; Pub. L. 94–184, § 1(a), Dec. 31, 1975, 89 Stat. 1060; Pub. L. 96–592, title III, § 305, Dec. 24, 1980, 94 Stat. 3445; Pub. L. 99–198, title XIII, § 1322, Dec. 23, 1985, 99 Stat. 1534; Pub. L. 100–233, title IV, § 421, title VIII, § 805(m), Jan. 6, 1988, 101 Stat. 1654, 1715; Pub. L. 100–399, title IV, § 410, title IX, § 901(e), Aug. 17, 1988, 102 Stat. 1003, 1007; Pub. L. 101–624, title XXIII, § 2323(b), Nov. 28, 1990, 104 Stat. 4013; Pub. L. 102–237, title V, § 502(e)(2), (f), Dec. 13, 1991, 105 Stat. 1869; Pub. L. 102–552, title V, § 506, Oct. 28, 1992, 106 Stat. 4131; Pub. L. 103–376, § 4, Oct. 19, 1994, 108 Stat. 3498; Pub. L. 104–105, title II, §§ 204, 205, Feb. 10, 1996, 110 Stat. 172; Pub. L. 115–334, title V, § 5411(8), title VI, § 6602(b)(17), Dec. 20, 2018, 132 Stat. 4680, 4777.)
+
+## Notes
+
+Editorial Notes
+
+References in TextThe Rural Electrification Act of 1936, referred to in subsec. (b)(1)(A), is act May 20, 1936, ch. 432, 49 Stat. 1363, which is classified generally to chapter 31 (§ 901 et seq.) of Title 7, Agriculture. For complete classification of this Act to the Code, see section 901 of Title 7 and Tables.
+
+Amendments2018—Subsec. (b)(1)(A). Pub. L. 115–334, § 6602(b)(17), struck out “or a loan or loan commitment from the Rural Telephone Bank,” before “or that are eligible”. Pub. L. 115–334, § 5411(8), inserted “(or any successor agency)” after “Rural Electrification Administration”. 1996—Subsec. (a). Pub. L. 104–105, § 204(a), inserted at end “Any such association that has received a loan from a bank for cooperatives shall, without regard to the requirements of paragraphs (1) through (4), continue to be eligible for so long as more than 50 percent (or such higher percentage as is established by the bank board) of the voting control of the association is held by farmers, producers or harvesters of aquatic products, or eligible cooperative associations.” Subsec. (b)(1)(A). Pub. L. 104–105, § 205, substituted “are eligible under the Rural Electrification Act of 1936 (7 U.S.C. 901 et seq.) for” for “have been certified by the Administrator of the Rural Electrification Administration to be eligible for such” and “loan guarantee from the Administration or the Bank (or a successor of the Administration or the Bank), and” for “loan guarantee, and”. Subsec. (b)(1)(D). Pub. L. 104–105, § 204(b), substituted “and (4), or under the last sentence, of subsection (a)” for “and (4) of subsection (a)”. 1994—Subsec. (b)(1)(B) to (E). Pub. L. 103–376 redesignated subpars. (C) to (E) as (B) to (D), respectively, realigned margin of subpar. (D), and struck out former subpar. (B) which read as follows: “Any legal entity more than 50 percent of the voting control of which is held by one or more associations or other entities that are eligible to borrow from a bank for cooperatives under subsection (a) of this section or subparagraph (A) of this paragraph, except that any such legal entity, when considered together with one or more such associations or other entities that hold such control, meet the requirement of subsection (a)(3) of this section.” 1992—Subsec. (b)(1)(E). Pub. L. 102–552 added subpar. (E). 1991—Subsec. (a)(4). Pub. L. 102–237, § 502(f)(1), substituted “a percentage” for “A percentage”. Subsec. (b)(1)(D). Pub. L. 102–237, § 502(e)(2), (f)(2), substituted “subsection (b) or (f) of section 2128 of this title” for “section 2128(f) of this title” and realigned margin of subpar. (D). 1990—Subsec. (b)(1)(D). Pub. L. 101–624 added subpar. (D). 1988—Pub. L. 100–399, § 901(e), substituted “bank board” for “district board” in subsec. (a)(4). Pub. L. 100–399, § 410, substituted “makes” for “make” in subsec. (b)(1)(C). Pub. L. 100–233, § 805(m), redesignated subsec. (1) as subsec. (a) and pars. (a) to (d) as pars. (1) to (4), respectively, in par. (4) redesignated cls. (1) to (3) as (A) to (C), respectively, and in cl. (C) substituted “paragraph (B)” for “paragraph (2)”. Pub. L. 100–233, § 421, added subsec. (b) and struck out former subsec. (2) which read as follows: “Notwithstanding any other provision of this subchapter, cooperatives and other entities that have received a loan, loan commitment, or loan guarantee from the Rural Electrification Administration, or a loan or loan commitment from the Rural Telephone Bank, or that have been certified by the Administrator of the Rural Electrification Administration to be eligible for such a loan, loan commitment, or loan guarantee, and subsidiaries of such cooperatives or other entities, shall also be eligible to borrow from a bank for cooperatives.” 1985—Pub. L. 99–198, § 1322(1), designated existing provisions as subsec. (1) and added subsec. (2). 1980—Pub. L. 96–592, § 305(1), inserted reference to aquatic business in introductory text. Subsec. (c). Pub. L. 96–592, § 305(2), inserted reference to aquatic business services or services to eligible cooperatives. Subsec. (d). Pub. L. 96–592, § 305(3), substituted “60” for “70”, and designated former parenthetical material as item (1), and added items (2) and (3) and limitation with respect to any type of association or cooperative. 1975—Subsec. (d). Pub. L. 94–184 inserted provision relating to 70 per centum of voting control in the case of rural electric, telephone, and public utility cooperatives.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1991 AmendmentAmendment by section 502(f) of Pub. L. 102–237 effective as if included in the provision of the Food, Agriculture, Conservation, and Trade Act of 1990, Pub. L. 101–624, to which the amendment relates, see section 1101(b)(4) of Pub. L. 102–237, set out as a note under section 1421 of Title 7, Agriculture.
+
+Effective Date of 1988 AmendmentAmendment by Pub. L. 100–399 effective as if enacted immediately after enactment of Pub. L. 100–233, which was approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100–399, set out as a note under section 2002 of this title.

legal/us/code/title-12/chapter-23/section-2130.md

@@ -0,0 +1,43 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2130"
+description: "Ownership of stock by borrowers"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2130"
+citation: "12 U.S.C. § 2130"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2130"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "30c1c7137642031e663b4726f4f644a94b7a2a59aeeb417758e3d75b988b46c8"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "7f693b590fe7ae17c780e8dd11c5132880b9932e67c6ad4ec1c1eb758a5f388a"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2130 - Ownership of stock by borrowers
+
+## Text
+
+(a) Each borrower entitled to hold voting stock shall, at the time a loan is made by a bank for cooperatives, own at least one share of voting stock and shall be required by the bank to invest in additional voting stock or nonvoting investment stock at that time, or from time to time, as the lending bank may determine, but the requirement for investment in stock at the time the loan is closed shall not exceed an amount equal to 10 per centum of the face amount of the loan. Such additional ownership requirements may be based on the face amount of the loan, the outstanding loan balance or on a percentage of the interest payable by the borrower during any year or during any quarter thereof, or upon such other basis as the bank determines will provide adequate capital for the operation of the bank and equitable ownership thereof among borrowers.
+
+(b) Notwithstanding the provisions of subsection (a) of this section, the purchase of stock need not be required with respect to that part of any loan made by a bank for cooperatives which it sells to or makes in participation with financial institutions other than any of the banks for cooperatives. In such cases the distribution of earnings of the bank for cooperatives shall be on the basis of the interest in the loan retained by such bank.
+
+(Pub. L. 92–181 title III, § 3.9, Dec. 10, 1971, 85 Stat. 605; Pub. L. 96–592, title III, § 306, Dec. 24, 1980, 94 Stat. 3445; Pub. L. 100–233, title VIII, § 802(q), Jan. 6, 1988, 101 Stat. 1712; Pub. L. 115–334, title V, § 5411(9), Dec. 20, 2018, 132 Stat. 4680.)
+
+## Notes
+
+Editorial Notes
+
+Amendments2018—Subsec. (a). Pub. L. 115–334 struck out at end “In the case of a direct loan by the Central Bank, the borrower shall be required to own or invest in the necessary stock in a district bank or banks and such district bank shall be required to own a corresponding amount of stock in the Central Bank, but voting stock shall be in the one district bank, designated by the Farm Credit Administration.” 1988—Subsec. (a). Pub. L. 100–233 substituted “by the bank to invest” for “by the bank with the approval of the Farm Credit Administration to invest”, “or upon such other basis as the bank determines” for “or upon such other basis as the bank, with the approval of the Farm Credit Administration, determines”, and “in a district bank or banks and such district bank shall be required” for “in a district bank or banks as may be approved by the Farm Credit Administration and such district bank shall be required”. 1980—Subsec. (a). Pub. L. 96–592 inserted provisions respecting entitlement to hold voting stock.

legal/us/code/title-12/chapter-23/section-2131.md

@@ -0,0 +1,47 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2131"
+description: "Loans"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2131"
+citation: "12 U.S.C. § 2131"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2131"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "67b6a45a2c9a531a8ca1718dd26a7070bb5fea22f2cac4314c0cdd17a586dcf3"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "55671c08408dd2ba9fa28f43b6fbd1fa36fae6525034abb4f9258ea0e3bb7b26"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2131 - Loans
+
+## Text
+
+(a) Interest rates and charges Loans made by a bank for cooperatives shall bear interest at a rate or rates determined by the board of directors of the bank from time to time. In setting rates and charges, it shall be the objective to provide the types of credit needed by eligible borrowers at the lowest reasonable cost on a sound business basis, taking into account the net cost of money to the bank, necessary reserves and expenses of the bank, and services provided. The loan documents may provide for the interest rate or rates to vary from time to time during the repayment period of the loan, in accordance with the rate or rates currently being charged by the bank.
+
+(b) Security Loans shall be made upon such terms, conditions, and security, if any, as may be determined by the bank in accordance with regulations of the Farm Credit Administration.
+
+(c) Lien Each bank for cooperatives shall have a first lien on all stock or other equities in the bank as collateral for the payment of any indebtedness of the owner thereof to the bank.
+
+(d) Cancellation; application on indebtedness In any case where the debt of a borrower is in default, or in any case of liquidation or dissolution of a present or former borrower from a bank for cooperatives, the bank may, but shall not be required to, retire and cancel all or a part of the stock, allocated surplus or contingency reserves, or any other equity in the bank owned by or allocated to such borrower, at the fair market value thereof not exceeding par, and, to the extent required in such cases, corresponding shares and allocations and other equity interests held by a bank in another bank for cooperatives (or any successor bank) on account of such indebtedness, shall be retired or equitably adjusted. In no event shall the bank’s equities be retired or canceled if the retirement or cancellation would adversely affect the bank’s capital structure, as determined by the Farm Credit Administration.
+
+(Pub. L. 92–181, title III, § 3.10, Dec. 10, 1971, 85 Stat. 606; Pub. L. 96–592, title III, § 307, Dec. 24, 1980, 94 Stat. 3445; Pub. L. 99–509, title I, § 1033(c), Oct. 21, 1986, 100 Stat. 1877; Pub. L. 115–334, title V, § 5411(10), Dec. 20, 2018, 132 Stat. 4680.)
+
+## Notes
+
+Editorial Notes
+
+Amendments2018—Subsec. (c). Pub. L. 115–334, § 5411(10)(A), struck out at end “In the case of a direct loan to an eligible cooperative by the Central Bank, the Central Bank shall have a first lien on the stock and equities of the borrower in the district bank and the district bank shall have a lien thereon junior only to the lien of the Central Bank.” Subsec. (d). Pub. L. 115–334, § 5411(10)(B), substituted “held by a bank in another bank for cooperatives (or any successor bank) on account of such indebtedness” for “held by a district bank in another district bank on account of such indebtedness”. 1986—Subsec. (a). Pub. L. 99–509 struck out “, with the approval of the Farm Credit Administration as provided in section 2205 of this title” after “from time to time”. 1980—Subsec. (a). Pub. L. 96–592, § 307(1), inserted reference to section 2205 of this title. Subsec. (d). Pub. L. 96–592, § 307(2), substituted “market” for “book” and inserted provisions respecting retirement or cancellation of equities as affected by the capital structure.

legal/us/code/title-12/chapter-23/section-2132.md

@@ -0,0 +1,53 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2132"
+description: "Earnings and reserves; application of savings"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2132"
+citation: "12 U.S.C. § 2132"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2132"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "809852243f1edbbec41b43b9887cf78a60738a293dd1d25dee579eec6d2057c7"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "9a79134622fa713ce024cd00e22320e92304a928a9746f6997ed9b5b8642455c"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2132 - Earnings and reserves; application of savings
+
+## Text
+
+(a) Application of savings At the end of each fiscal year, the net savings shall, under regulations prescribed by the Farm Credit Administration, continue to be applied on a cooperative basis with provision for sound, adequate capitalization to meet the changing financing needs of eligible cooperative borrowers and prudent corporate fiscal management, to the end that current year’s patrons carry their fair share of the capitalization, ultimate expenses, and reserves related to the year’s operations and the remaining net savings shall be distributed as patronage refunds as provided in subsection (b). Such regulations may provide for application of net savings to the restoration or maintenance of an allocated surplus account, reasonable additions to unallocated surplus, or to unallocated reserves after payment of operating expenses, and provide for allocations to patrons not qualified under title 26, or payment of such per centum of patronage refunds in cash, as the board may determine.
+
+(b) Patronage refunds The net savings of each bank for cooperatives, after the earnings for the fiscal year have been applied in accordance with subsection (a) of this section shall be paid in stock, participation certificates, or cash, or in any of them, as determined by its board, as patronage refunds to borrowers to whom such refunds are payable who are borrowers of the fiscal year for which such patronage refunds are distributed. All patronage refunds shall be paid in proportion that the amount of interest and service fees on the loans to each borrower during the year bears to the interest and service fees on the loans of all borrowers during the year or on such other proportionate patronage basis as may be approved by the board of directors.
+
+(c) Loss carryover In the event of a net loss in any fiscal year after providing for all operating expenses (including reasonable valuation reserves and losses in excess of any applicable reserves), such loss may be carried forward or carried back, if appropriate, or otherwise shall be absorbed by charges to unallocated reserve or surplus accounts established after December 10, 1971; charges to allocated contingency reserve account; charges to allocated surplus accounts; charges to other contingency reserve and surplus accounts; the impairment of voting stock; or the impairment of all other stock.
+
+(d) Charge of unrecognized costs or expenses to reserve, surplus, or patronage allocations Notwithstanding any other provisions of this section any costs or expenses attributable to a prior year or years but not recognized in determining the net savings for such year or years may be charged to reserves or surplus of the bank or to patronage allocations for such years, as may be determined by the board of directors.
+
+(e) Payment of patronage refunds in cash A bank for cooperatives may pay in cash such portion of its patronage refunds as will permit its taxable income to be determined without taking into account savings applied as allocated surplus, allocated contingency reserves, and patronage refunds under subsection (a) of this section.
+
+(Pub. L. 92–181, title III, § 3.11, Dec. 10, 1971, 85 Stat. 606; Pub. L. 96–592, title III, § 308, Dec. 24, 1980, 94 Stat. 3445; Pub. L. 99–205, title II, § 205(e)(7), (8), Dec. 23, 1985, 99 Stat. 1705; Pub. L. 100–233, title VIII, §§ 802(r), 805(n), Jan. 6, 1988, 101 Stat. 1712, 1716; Pub. L. 115–334, title V, § 5411(11), Dec. 20, 2018, 132 Stat. 4680.)
+
+## Notes
+
+Editorial Notes
+
+Amendments2018—Subsec. (a). Pub. L. 115–334, § 5411(11)(A), substituted “subsection (b)” for “subsections (b) and (c) of this section”. Subsec. (b). Pub. L. 115–334, § 5411(11)(B), struck out “district” before “bank for cooperatives” and substituted “All patronage” for “Except as provided in subsection (c) below, all patronage”. Subsecs. (c) to (f). Pub. L. 115–334, § 5411(11)(C), (D), redesignated subsecs. (d) to (f) as (c) to (e), respectively, and struck out former subsec. (c). Prior to amendment, text of subsec. (c) read as follows: “The net savings of the Central Bank for Cooperatives after the earnings for the fiscal year have been applied in accordance with subsection (a) of this section shall be paid in stock or cash, or both, as determined by the board, as patronage refunds to the district banks on the basis of interests held by the Central Bank in loans made by the district banks and upon any direct loans made by the Central Bank to cooperative associations, or on such other proportionate patronage basis as may be approved by the board of directors. In cases of direct loans, such refund shall be paid to the district bank or banks which issued their stock to the borrower incident to such loans, and the district bank or banks shall issue a like amount of patronage refunds to the borrower.” 1988—Subsec. (a). Pub. L. 100–233, §§ 802(r)(1), 805(n)(1), (5), redesignated subsec. (b) as (a), substituted “(b) and (c)” for “(c) and (d)”, struck out “as may be approved by the Farm Credit Administration” after “payment of operating expenses”, and struck out at end “If during the fiscal year but not at the end thereof a bank shall have had outstanding capital stock held by the United States, provision will be made for payment of franchise taxes required in section 2151 of this title.” Subsec. (b). Pub. L. 100–233, §§ 802(r)(2), 805(n)(2), (5), redesignated subsec. (c) as (b) and substituted “(a) of this section” for “(b) of this section, whichever is applicable,”, “(c) below” for “(d) below”, and “may be approved by the board of directors” for “the Farm Credit Administration may approve”. Former subsec. (b) redesignated (a). Subsec. (c). Pub. L. 100–233, §§ 802(r)(3), 805(n)(3), (5), redesignated subsec. (d) as (c) and substituted “(a) of this section” for “(b) of this section whichever is applicable,” and “may be approved by the board of directors” for “the Farm Credit Administration may approve”. Former subsec. (c) redesignated (b). Subsecs. (d), (e). Pub. L. 100–233, § 805(n)(5), redesignated subsecs. (e) and (f) as (d) and (e), respectively. Former subsec. (d) redesignated (c). Subsecs. (f), (g). Pub. L. 100–233, § 805(n)(4), (5), redesignated subsec. (g) as (f), substituted “A bank for cooperatives” for “For any year that a bank for cooperatives is subject to Federal income tax, it”, and struck out “or (b)” after “subsection (a)”. Former subsec. (f) redesignated (e). 1985—Subsec. (a). Pub. L. 99–205, § 205(e)(7), struck out subsec. (a) which provided for application of savings when bank for cooperatives has outstanding stock held by the Governor. Subsec. (b). Pub. L. 99–205, § 205(e)(8)(A), substituted “At the end of each fiscal year, the net” for “Whenever at the end of any fiscal year a bank for cooperatives shall have no outstanding capital stock held by the Governor of the Farm Credit Administration, the net”. Subsecs. (c), (d). Pub. L. 99–205, § 205(e)(8)(B), substituted “subsection (b) of this section” for “subsection (a) or (b) of this section”. 1980—Subsec. (b). Pub. L. 96–592, § 308(1), struck out provisions relating to 25 per centum requirement for net savings. Subsec. (c). Pub. L. 96–592, § 308(2), inserted applicability to participation certificates and to borrowers to whom refunds are payable.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1985 AmendmentAmendment by Pub. L. 99–205 effective thirty days after Dec. 23, 1985, see section 401 of Pub. L. 99–205, set out as a note under section 2001 of this title.

legal/us/code/title-12/chapter-23/section-2133.md

@@ -0,0 +1,45 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2133"
+description: "Distribution of assets on liquidation or dissolution"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2133"
+citation: "12 U.S.C. § 2133"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2133"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "04aeaf8bd1c3341dccb459ef9d4f4c57a1d3baac080e82e7762e44d1545b40c5"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "096803f4f11ffa6b547aea0ece33930e756cc35e47c9d266a97702e144f47cb1"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2133 - Distribution of assets on liquidation or dissolution
+
+## Text
+
+In the case of liquidation or dissolution of any bank for cooperatives, after payment or retirement, first, of all liabilities; second, of all capital stock issued before January 1, 1956, at par, and all nonvoting stock at par; and third, all voting stock at par; any surplus and reserves existing on January 1, 1956, shall be paid to the holders of stock issued before that date, and voting stock pro rata; and any remaining allocated surplus and reserves shall be distributed to those entities to which they are allocated on the books of the bank, and any other remaining surplus shall be paid to the holders of outstanding voting stock. If it should become necessary to use any surplus or reserves to pay any liabilities or to retire any capital stock, unallocated reserves or surplus, allocated reserves and surplus shall be exhausted in accordance with rules prescribed by the Farm Credit Administration.
+
+(Pub. L. 92–181, title III, § 3.12, Dec. 10, 1971, 85 Stat. 608; Pub. L. 99–205, title II, § 205(e)(9), Dec. 23, 1985, 99 Stat. 1705; Pub. L. 100–233, title VIII, § 805(o), Jan. 6, 1988, 101 Stat. 1716.)
+
+## Notes
+
+Editorial Notes
+
+Amendments1988—Pub. L. 100–233 inserted “the” before “Farm Credit Administration”. 1985—Pub. L. 99–205 struck out “, any stock held by the Governor of the Farm Credit Administration at par” before “, and all nonvoting stock at par”, and struck out “stock held by the Governor of the Farm Credit Administration,” before “and voting stock pro rata” in first sentence.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1985 AmendmentAmendment by Pub. L. 99–205 effective thirty days after Dec. 23, 1985, see section 401 of Pub. L. 99–205, set out as a note under section 2001 of this title.

legal/us/code/title-12/chapter-23/section-2134.md

@@ -0,0 +1,45 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2134"
+description: "Taxation"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2134"
+citation: "12 U.S.C. § 2134"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2134"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "6228242fc8cc91119b59a0da24977a1d70c3d2d1ee0008ad49bee0525c907ee6"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "795158628e98ee83564063a296eeb0805f5dba37beb48f947f5844cbdae15aec"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2134 - Taxation
+
+## Text
+
+Each bank for cooperatives and its obligations are instrumentalities of the United States and as such any and all notes, debentures, and other obligations issued by such bank shall be exempt, both as to principal and interest from all taxation (except surtaxes, estate, inheritance, and gift taxes) now or hereafter imposed by the United States or any State, territorial, or local taxing authority, except that interest on such obligations shall be subject to Federal income taxation in the hands of the holder.
+
+(Pub. L. 92–181, title III, § 3.13, Dec. 10, 1971, 85 Stat. 608; Pub. L. 99–205, title II, § 205(e)(10), Dec. 23, 1985, 99 Stat. 1705; Pub. L. 100–233, title VIII, § 805(p), Jan. 6, 1988, 101 Stat. 1716.)
+
+## Notes
+
+Editorial Notes
+
+Amendments1988—Pub. L. 100–233 inserted before period at end “, except that interest on such obligations shall be subject to Federal income taxation in the hands of the holder”. 1985—Pub. L. 99–205 struck out last two sentences relating to exemption of banks for cooperatives and their property, franchises, capital, reserves, surplus, other funds, and income from Federal and non-Federal taxation except for Federal income taxation of interest on obligations of such banks and for Federal and non-Federal taxation of real and tangible personal property of such banks to same extent as similar property is taxed, and making such exemption provisions applicable only for any year or part thereof in which stock in such banks was held by the Governor of the Farm Credit Administration.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1985 AmendmentAmendment by Pub. L. 99–205 effective thirty days after Dec. 23, 1985, see section 401 of Pub. L. 99–205, set out as a note under section 2001 of this title.

legal/us/code/title-12/chapter-23/section-2141.md

@@ -0,0 +1,51 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2141"
+description: "Charter, powers, and operation"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2141"
+citation: "12 U.S.C. § 2141"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2141"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "f66c94db1d36db9e72388209da800f571bbc62d932caffa57c325882544e4279"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "1782d56d09929fc42d92169283b532d02c030a7841e50991a6e2a6532ae59b44"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2141 - Charter, powers, and operation
+
+## Text
+
+(a) Charter The National Bank for Cooperatives (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.
+
+(b) Powers The consolidated bank and the board of directors of such bank shall have all of the powers, rights, responsibilities, and obligations of the constituent banks described in section 413(b) of the Agricultural Credit Act of 1987 (12 U.S.C. 2121 note; Public Law 100–233) and the boards of directors of such banks, except as otherwise provided for in this chapter.
+
+(c) Operation The consolidated bank shall be organized and operated on a cooperative basis.
+
+(Pub. L. 92–181, title III, § 3.20, as added Pub. L. 100–233, title IV, § 415(2), Jan. 6, 1988, 101 Stat. 1642; amended Pub. L. 100–399, title IV, § 407(a), (b), Aug. 17, 1988, 102 Stat. 1000; Pub. L. 115–334, title V, § 5411(13), Dec. 20, 2018, 132 Stat. 4680.)
+
+## Notes
+
+Editorial Notes
+
+References in TextSection 413 of the Agricultural Credit Act of 1987, referred to in subsecs. (a) and (b), is section 413 of Pub. L. 100–233, which is set out as a note under section 2121 of this title.
+
+Amendments2018—Subsec. (a). Pub. L. 115–334, § 5411(13)(A), struck out “or the United Bank for Cooperatives, as the case may be” after “National Bank for Cooperatives”. Subsec. (b). Pub. L. 115–334, § 5411(13)(B), substituted “the constituent banks described in section 413(b) of the Agricultural Credit Act of 1987 (12 U.S.C. 2121 note; Public Law 100–233)” for “the district banks for cooperatives and the Central Bank for Cooperatives”. 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”.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1988 AmendmentAmendment by Pub. L. 100–399 effective as if enacted immediately after enactment of Pub. L. 100–233, which was approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100–399, set out as a note under section 2002 of this title.

legal/us/code/title-12/chapter-23/section-2142.md

@@ -0,0 +1,33 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2142"
+description: "Repealed. Pub. L. 115–334, title V, § 5411(14), Dec. 20, 2018, 132 Stat. 4680"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2142"
+citation: "12 U.S.C. § 2142"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2142"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "4f38b712a67ffc30df5db84b0bb195dbaba8a8e6d829f89894a857d715585137"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "c0a2f9e9b1044563fac24aa9ee34b7f964860667f4221c3e125b74c0e5776cce"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2142 - Repealed. Pub. L. 115–334, title V, § 5411(14), Dec. 20, 2018, 132 Stat. 4680
+
+## Notes
+
+Section, Pub. L. 92–181, title III, § 3.21, as added Pub. L. 100–233, title IV, § 415(2), Jan. 6, 1988, 101 Stat. 1642; amended Pub. L. 100–399, title IV, § 407(c), (d), Aug. 17, 1988, 102 Stat. 1000, related to provisions for the board of directors of a consolidated bank.

legal/us/code/title-12/chapter-23/section-2143.md

@@ -0,0 +1,47 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2143"
+description: "Credit delivery office"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2143"
+citation: "12 U.S.C. § 2143"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2143"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "9df13e1405d1e3b9a3ca8a1178d43003a351aad677e0c4a32735342c97ec2843"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "3e30b3904e2297c5244a11b3bf565c36c8e6d27f7105892143e8e3f8f3131540"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2143 - Credit delivery office
+
+## Text
+
+On a determination by the board of directors of the consolidated bank that the bank’s loan portfolio is concentrated in any one district or districts (according to the district boundaries in effect immediately prior to the effective date of the establishment of the bank under section 413 of the Agricultural Credit Act of 1987), the bank may consider the creation of regional service centers to accommodate such loan concentrations.
+
+(Pub. L. 92–181, title III, § 3.22, as added Pub. L. 100–233, title IV, § 415(2), Jan. 6, 1988, 101 Stat. 1643; amended Pub. L. 100–399, title IV, § 407(e), Aug. 17, 1988, 102 Stat. 1000.)
+
+## Notes
+
+Editorial Notes
+
+References in TextSection 413 of the Agricultural Credit Act of 1987, referred to in text, is section 413 of Pub. L. 100–233, which is set out as a note under section 2121 of this title.
+
+Amendments1988—Pub. L. 100–399 substituted “consolidated bank” for “United Bank for Cooperatives or the National Bank for Cooperatives” and “establishment of the bank under section 413 of the Agricultural Credit Act of 1987” for “merger”.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1988 AmendmentAmendment by Pub. L. 100–399 effective as if enacted immediately after enactment of Pub. L. 100–233, which was approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100–399, set out as a note under section 2002 of this title.

legal/us/code/title-12/chapter-23/section-2144.md

@@ -0,0 +1,35 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2144"
+description: "Consolidation of functions"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2144"
+citation: "12 U.S.C. § 2144"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2144"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "3d5d06ecac57acaff7d373fec79dbe4e30ca17035cbe9ee8818beed1b1c4deb4"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "380280969e7bb6748c3f86479f6f10cb6ba726fe183a6fe8269c53159a8397fd"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2144 - Consolidation of functions
+
+## Text
+
+Subject to section 2143 of this title, to the greatest extent practicable, the functions of the consolidated bank shall be consolidated in the central office of the bank.
+
+(Pub. L. 92–181, title III, § 3.23, as added Pub. L. 100–233, title IV, § 415(2), Jan. 6, 1988, 101 Stat. 1644.)

legal/us/code/title-12/chapter-23/section-2145.md

@@ -0,0 +1,35 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2145"
+description: "Exchange of ownership interests"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2145"
+citation: "12 U.S.C. § 2145"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2145"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "ac43692bd5a7d42ea82de37466a7b8c646e2d1c973e660faa15a34c43bd9388f"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "780e4a7cfe26ea93acd5e2f72a36318f41884a693c3e6d7ec2755adb7041e11a"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2145 - Exchange of ownership interests
+
+## Text
+
+On the establishment of the consolidated bank, ownership interests of the stockholders and subscribers to the guaranty funds of the constituent district banks for cooperatives (including stock, participation certificates, and allocated equities) shall be exchanged for like ownership interests in the consolidated bank on a book value basis.
+
+(Pub. L. 92–181, title III, § 3.24, as added Pub. L. 100–233, title IV, § 415(2), Jan. 6, 1988, 101 Stat. 1644.)

legal/us/code/title-12/chapter-23/section-2146.md

@@ -0,0 +1,45 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2146"
+description: "Capitalization"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2146"
+citation: "12 U.S.C. § 2146"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2146"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "d463ff3db1e8874d069183fb6a14a32534412de42be765e668059db62e5eda76"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "220132de91d162708600539a7a6cad1d4def3a03227b2d4f7586370e92e50617"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2146 - Capitalization
+
+## Text
+
+In accordance with section 2154a of this title, each consolidated bank shall provide, through bylaws and subject to Farm Credit Administration regulations, for the capitalization of the bank and the manner in which bank stock shall be issued, held, transferred, and retired and bank earnings distributed.
+
+(Pub. L. 92–181, title III, § 3.25, as added Pub. L. 100–233, title IV, § 415(2), Jan. 6, 1988, 101 Stat. 1644; amended Pub. L. 100–399, title IV, § 407(f), Aug. 17, 1988, 102 Stat. 1000.)
+
+## Notes
+
+Editorial Notes
+
+Amendments1988—Pub. L. 100–399 amended section generally. Prior to amendment, section read as follows: “The board of directors of the consolidated bank shall provide for the capitalization of such bank in accordance with the provisions of section 2154a of this title.”
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1988 AmendmentAmendment by Pub. L. 100–399 effective as if enacted immediately after enactment of Pub. L. 100–233, which was approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100–399, set out as a note under section 2002 of this title.

legal/us/code/title-12/chapter-23/section-2147.md

@@ -0,0 +1,39 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2147"
+description: "Patronage pools"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2147"
+citation: "12 U.S.C. § 2147"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2147"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "9f2d49822a739344ad0ea90d21b657f282bcc4e0031aa9bb81acab88975f39c2"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "b2950f38de45dcfe824f7b64497bc43066342559467782f56c36b9a14aa32cc4"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2147 - Patronage pools
+
+## Text
+
+Under such terms and conditions as may be determined by its board of directors, the consolidated bank may—
+
+(1) for a period of at least 3 years following January 6, 1988, establish separate patronage pools consisting of loans to eligible borrowers located in each constituent farm credit district (as such district existed on January 6, 1988); and
+
+(2) allocate revenues, expenses, and net savings among such pools on an equitable basis.
+
+(Pub. L. 92–181, title III, § 3.26, as added Pub. L. 100–233, title IV, § 415(2), Jan. 6, 1988, 101 Stat. 1644.)

legal/us/code/title-12/chapter-23/section-2148.md

@@ -0,0 +1,45 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2148"
+description: "Transactions to accomplish merger"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2148"
+citation: "12 U.S.C. § 2148"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2148"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "ad286b5ea07c2d48c3981a3f8f431c299a25d800fe0902f7b6d5af48ea38164c"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "27b4505b1dc757e123c085e45b5631c99e6d20e1280350e8ca34cb6ecd559cbb"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2148 - Transactions to accomplish merger
+
+## Text
+
+The receipt of assets or assumption of liabilities by the consolidated bank, the exchange of stock, equities, or other ownership interests, and any other transaction carried out in accomplishing the merger of the banks for cooperatives shall not be treated as a taxable event under the laws of the United States or of any State or political subdivision thereof. The preceding sentence shall also apply to the receipt of assets and liabilities by a cooperative to the extent that the net amount of the distribution is immediately reinvested in stock of a consolidated bank (and in such case the basis of such stock shall be appropriately reduced by the amount of gain not recognized by reason of this sentence).
+
+(Pub. L. 92–181, title III, § 3.27, as added Pub. L. 100–233, title IV, § 415(2), Jan. 6, 1988, 101 Stat. 1644; amended Pub. L. 100–399, title IV, § 407(g), Aug. 17, 1988, 102 Stat. 1001.)
+
+## Notes
+
+Editorial Notes
+
+Amendments1988—Pub. L. 100–399 substituted “cooperative” for “taxable institution”.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1988 AmendmentAmendment by Pub. L. 100–399 effective as if enacted immediately after enactment of Pub. L. 100–233, which was approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100–399, set out as a note under section 2002 of this title.

legal/us/code/title-12/chapter-23/section-2149.md

@@ -0,0 +1,41 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2149"
+description: "Lending limits"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2149"
+citation: "12 U.S.C. § 2149"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2149"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "585969effe6435ab78da1d259b9fd92fdbddbffec0d37f1e4468287d6d747d7d"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "25b74fd508ddefe8c4bde416006ff32f1514403c12b951bcd59ce6886b016ace"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2149 - Lending limits
+
+## Text
+
+The Farm Credit Administration may not establish lending limits for the consolidated bank with respect to any loans or borrowers that are more restrictive than the combined lending limits that were previously established by the Farm Credit Administration for the constituent banks described in section 413(b) of the Agricultural Credit Act of 1987 (12 U.S.C. 2121 note; Public Law 100–233) with respect to such loans or borrowers.
+
+(Pub. L. 92–181, title III, § 3.28, as added Pub. L. 100–233, title IV, § 415(2), Jan. 6, 1988, 101 Stat. 1644; amended Pub. L. 115–334, title V, § 5411(15), Dec. 20, 2018, 132 Stat. 4680.)
+
+## Notes
+
+Editorial Notes
+
+Amendments2018—Pub. L. 115–334 substituted “the constituent banks described in section 413(b) of the Agricultural Credit Act of 1987 (12 U.S.C. 2121 note; Public Law 100–233)” for “a district bank for cooperatives and the Central Bank for Cooperatives”.

legal/us/code/title-12/chapter-23/section-2149a.md

@@ -0,0 +1,35 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2149a"
+description: "Repealed. Pub. L. 115–334, title V, § 5411(16), Dec. 20, 2018, 132 Stat. 4680"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2149a"
+citation: "12 U.S.C. § 2149a"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2149a"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "dc9a9d5ed1c371e12fee2b0d089fe47897fe230db892e24527dec3f4f7da3f74"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "c1cea0a7cfb6831886ada0676b27c0dd1457e66e7a3dd559a691837969ec0cc7"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2149a - Repealed. Pub. L. 115–334, title V, § 5411(16), Dec. 20, 2018, 132 Stat. 4680
+
+## Notes
+
+Section, Pub. L. 92–181, title III, § 3.29, formerly title VII, § 7.5, as added Pub. L. 100–233, title IV, § 416, Jan. 6, 1988, 101 Stat. 1646; renumbered § 3.29, Pub. L. 100–399, title IV, § 408(e), Aug. 17, 1988, 102 Stat. 1001, related to reports by merged banks for cooperatives.
+
+Section was classified to section 2279a–5 of this title prior to renumbering by Pub. L. 100–399.

legal/us/code/title-12/chapter-23/section-2151.md

@@ -0,0 +1,33 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2151"
+description: "Repealed. Pub. L. 115–334, title V, § 5411(17), Dec. 20, 2018, 132 Stat. 4680"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2151"
+citation: "12 U.S.C. § 2151"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2151"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "f09a433eb9dbdcdc398f2e54e21c03737c74d4cad3ef1cecb86a3247480077ac"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "b6e43eafe8e06b7c2278308fab17d52c68d4628d3954c7ab1c0fa33bdf4150b3"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2151 - Repealed. Pub. L. 115–334, title V, § 5411(17), Dec. 20, 2018, 132 Stat. 4680
+
+## Notes
+
+Section, Pub. L. 92–181, title IV, § 4.0, Dec. 10, 1971, 85 Stat. 609; Pub. L. 99–205, title I, § 101(1), Dec. 23, 1985, 99 Stat. 1678; Pub. L. 100–233, title II, § 202, Jan. 6, 1988, 101 Stat. 1605; Pub. L. 100–399, title II, § 202, Aug. 17, 1988, 102 Stat. 992, related to the revolving fund in effect immediately before Jan. 6, 1988.

legal/us/code/title-12/chapter-23/section-2152.md

@@ -0,0 +1,39 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2152"
+description: "Repealed. Pub. L. 100–233, title II, § 207(a)(1), Jan. 6, 1988, 101 Stat. 1607"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2152"
+citation: "12 U.S.C. § 2152"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2152"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "249184bc877735380199d9c22a7076e55809020e47f38b839e01f7fab91229c6"
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+text_hash: "3a4f4085d1ecf85fb8ace70148085b90d6ff264a765bcd815b5aaf4e2ef014ce"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2152 - Repealed. Pub. L. 100–233, title II, § 207(a)(1), Jan. 6, 1988, 101 Stat. 1607
+
+## Notes
+
+Section, Pub. L. 92–181, title IV, § 4.1, as added Pub. L. 99–205, title I, § 104, Dec. 23, 1985, 99 Stat. 1687, contained requirements for purchase of stock and payment of assessments and contribution of capital to Capital Corporation.
+
+A prior section 2152, Pub. L. 92–181, title IV, § 4.1, Dec. 10, 1971, 85 Stat. 609, related to revolving funds and government deposits, prior to repeal, effective thirty days after Dec. 23, 1985, by Pub. L. 99–205, title I, § 101(2), Dec. 23, 1985, 99 Stat. 1678.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of RepealPub. L. 100–233, title II, § 207(b), Jan. 6, 1988, 101 Stat. 1607, provided that: “The repeals made by subsection (a) [repealing this section and sections 2216 to 2216k, and 2252(a)(8) of this title] shall take effect 15 days after the date of the enactment of this Act [Jan. 6, 1988].”

legal/us/code/title-12/chapter-23/section-2153.md

@@ -0,0 +1,57 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2153"
+description: "Power to borrow; issuance of notes, bonds, debentures, and other obligations"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2153"
+citation: "12 U.S.C. § 2153"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2153"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "1bbf1f1d90f189c99a1e164315289e1a7fb451231f4ed9419f7a4e8226a5680a"
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+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2153 - Power to borrow; issuance of notes, bonds, debentures, and other obligations
+
+## Text
+
+Each of the banks of the System, in order to obtain funds for its authorized purposes, shall have power, subject to regulation by the Farm Credit Administration, and subject to the limitations of paragraph (e) of this section, to—
+
+(a) Borrow money from or loan to any other institution of the System, borrow from any commercial bank or other lending institution, issue its notes or other evidence of debt on its own individual responsibility and full faith and credit, and invest its excess funds in such sums, at such times, and on such terms and conditions as it may determine.
+
+(b) Issue its own notes, bonds, debentures, or other similar obligations, fully collateralized as provided in section 2154(c) of this title by the notes, mortgages, and security instruments it holds in the performance of its functions under this chapter in such sums, maturities, rates of interest, and terms and conditions of each issue as it may determine with approval of the Farm Credit Administration.
+
+(c) Join with any or all banks organized and operating under the same subchapter of this chapter in borrowing or in issuance of consolidated notes, bonds, debentures, or other obligations as may be agreed with approval of the Farm Credit Administration.
+
+(d) Join with other banks of the System in issuance of System-wide notes, bonds, debentures, and other obligations in the manner, form, amounts, and on such terms and conditions as may be agreed upon with approval of the Farm Credit Administration. Such System-wide issue by the participating banks and such participations by each bank shall not exceed the limits to which each such bank is subject in the issuance of its individual or consolidated obligations and each such issue shall be subject to approval of the Farm Credit Administration: Provided, however, There shall be no issues of System-wide obligations without the concurrence of the boards of directors of each bank and the approval of the Farm Credit Administration for such issues shall be conditioned on and be evidence of the compliance with this provision.
+
+(e) No bank or banks shall issue notes, bonds, debentures, or other obligations individually or in concert with one or more banks of the System other than through the Federal Farm Credit Banks Funding Corporation under any provision of this chapter except under subsection (a) of this section: Provided, That any bank or banks may issue investment bonds or like obligations other than through the Federal Farm Credit Banks Funding Corporation if the interest rate is not in excess of the interest allowable on savings deposits of commercial banks of comparable amounts and maturities under Federal Reserve regulation on its member banks.
+
+(Pub. L. 92–181, title IV, § 4.2, Dec. 10, 1971, 85 Stat. 610; Pub. L. 99–205, title II, § 205(f)(1), Dec. 23, 1985, 99 Stat. 1705; Pub. L. 100–233, title IV, § 418(b), formerly § 415(b), Jan. 6, 1988, 101 Stat. 1653, renumbered § 418(b), Pub. L. 100–399, title IV, § 409(a), Aug. 17, 1988, 102 Stat. 1003; Pub. L. 100–399, title II, § 203(e), Aug. 17, 1988, 102 Stat. 993.)
+
+## Notes
+
+Editorial Notes
+
+Amendments1988—Subsec. (d). Pub. L. 100–233 substituted “the boards of directors of each bank” for “the boards of directors of each of the 12 districts and the Central Bank for Cooperatives”. Subsec. (e). Pub. L. 100–399, § 203(e), substituted “System other than through the” for “System other than through their”, and substituted “Federal Farm Credit Banks Funding Corporation” for “fiscal agent” in two places. 1985—Pub. L. 99–205 substituted “regulation by” for “supervision of” in provision preceding subsec. (a). Subsec. (b). Pub. L. 99–205 substituted references to section “2154(c)” for “2154(b)” and “Farm Credit Administration” for “Governor”. Subsecs. (c), (d). Pub. L. 99–205 substituted “Farm Credit Administration” for “Governor” wherever appearing.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1988 AmendmentAmendment by Pub. L. 100–399 effective as if enacted immediately after enactment of Pub. L. 100–233, which was approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100–399, set out as a note under section 2002 of this title.
+
+Effective Date of 1985 AmendmentAmendment by Pub. L. 99–205 effective thirty days after Dec. 23, 1985, see section 401 of Pub. L. 99–205, set out as a note under section 2001 of this title.

legal/us/code/title-12/chapter-23/section-2154.md

@@ -0,0 +1,57 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2154"
+description: "Capital adequacy of banks and institutions"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2154"
+citation: "12 U.S.C. § 2154"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2154"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "85a3a8495ffd50937f0c82b55023bbec117850480c6774feebd82c1ab5762cc1"
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+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2154 - Capital adequacy of banks and institutions
+
+## Text
+
+(a) Minimum levels of capital The Farm Credit Administration shall cause System institutions to achieve and maintain adequate capital by establishing minimum levels of capital for such System institutions and by using such other methods as the Farm Credit Administration deems appropriate. The Farm Credit Administration may establish such minimum level of capital for a System institution as the Farm Credit Administration, in its discretion, deems to be necessary or appropriate in light of the particular circumstances of the System institution.
+
+(b) Failure to maintain minimum levels; directives; plans for achieving minimum levels; proposals affecting compliance (1) Failure of a System institution to maintain capital at or above its minimum level as established under subsection (a) may be deemed by the Farm Credit Administration, in its discretion, to constitute an unsafe and unsound practice within the meaning of this chapter.
+
+(2) In addition to, or in lieu of, any other action authorized by law, including paragraph (1), the Farm Credit Administration may issue a directive to a System institution that fails to maintain capital at or above its required level as established under subsection (a). Such directive may require the System institution to submit and adhere to a plan acceptable to the Farm Credit Administration describing the means and timing by which the System institution shall achieve its required capital level, but may not require merger or consolidation without a majority vote of the voting stockholders or the contributors to the guaranty fund of the institution.
+
+(3) The Farm Credit Administration may consider such System institution’s progress in adhering to any plan required under paragraph (2) whenever such System institution, or an affiliate thereof, seeks the requisite approval of the Farm Credit Administration for any proposal that would divert earnings, diminish capital, or otherwise impede such System institution’s progress in achieving its minimum capital level. The Farm Credit Administration may deny such approval where it determines that such proposal would adversely affect the ability of the System institution to comply with such plan.
+
+(c) Enhancement of capital adequacy of banks Each bank shall have on hand at the time of issuance of any note, bond, debenture, or other similar obligation and at all times thereafter maintain, free from any lien or other pledge, notes and other obligations representing loans made under this chapter or real or personal property acquired in connection with loans made under this chapter, obligations of the United States or any agency thereof direct or fully guaranteed, other bank assets (including marketable securities) approved by the Farm Credit Administration, or cash, in an aggregate value equal to the total amount of notes, bonds, debentures, or other similar obligations outstanding for which the bank is primarily liable.
+
+(Pub. L. 92–181, title IV, § 4.3, Dec. 10, 1971, 85 Stat. 611; Pub. L. 99–205, title I, § 101(3), Dec. 23, 1985, 99 Stat. 1678; Pub. L. 100–233, title III, § 304, title VIII, §§ 804(a)(3), 805(q), Jan. 6, 1988, 101 Stat. 1621, 1715, 1716; Pub. L. 100–399, title VII, § 702(b), Aug. 17, 1988, 102 Stat. 1006.)
+
+## Notes
+
+Editorial Notes
+
+Amendments1988—Subsec. (b)(2). Pub. L. 100–233, § 804(a)(3), struck out subpar. (A) designation and struck out subpar. (B) which read as follows: “Any directive issued under this paragraph, including plans submitted pursuant thereto, shall be enforceable under the provisions of section 2267 of this title to the same extent as an effective and outstanding order issued under section 2261 of this title that has become final.” Subsec. (c). Pub. L. 100–233, § 805(q), which directed the amendment of subsec. (c) by substituting “direct or fully guaranteed” for “direct of fully guaranteed” was repealed by Pub. L. 100–399, § 702(b). See Construction of 1988 Amendment note below. Pub. L. 100–233, § 304, amended subsec. (c) generally. Prior to amendment, subsec. (c) read as follows: “Each bank shall have on hand at the time of issuance of any long-term notes, bonds, debentures, or other similar obligations and at all times thereafter maintain, free from any lien or other pledge, notes and other obligations representing loans made under the authority of this chapter, obligations of the United States or any agency thereof direct or fully guaranteed, other readily marketable securities approved by the Farm Credit Administration, or cash, in an aggregate value equal to the total amount of long-term notes, bonds, debentures, or other similar obligations outstanding for which the bank is primarily liable.” 1985—Pub. L. 99–205 substituted “Capital adequacy of banks and associations” for “Aggregate of obligations; collateral” in section catchline. Subsec. (a). Pub. L. 99–205 amended subsec. (a) generally. Prior to amendment, subsec. (a) read as follows: “No issue of long-term notes, bonds, debentures, or other similar obligations by a bank or banks shall be approved in an amount which, together with the amount of other bonds, debentures, long-term notes, or other similar obligations issued and outstanding, exceeds twenty times the capital and surplus of all the banks which will be primarily liable on the proposed issue, or such lesser amount as the Farm Credit Administration shall establish by regulation.” Subsecs. (b), (c). Pub. L. 99–205 added subsec. (b) and redesignated former subsec. (b) as (c).
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1985 AmendmentAmendment by Pub. L. 99–205 effective thirty days after Dec. 23, 1985, see section 401 of Pub. L. 99–205, set out as a note under section 2001 of this title.
+
+Construction of 1988 AmendmentPub. L. 100–399, title VII, § 702(b), Aug. 17, 1988, 102 Stat. 1006, provided that section 805(q) of Pub. L. 100–233, cited as a credit to this section, is repealed and that subsec. (c) of this section shall be applied and administered as if such section had not been enacted.
+
+Minimum Capital Adequacy StandardsPub. L. 100–233, title III, § 301(a), Jan. 6, 1988, 101 Stat. 1608, as amended by Pub. L. 100–399, title III, § 301(a), Aug. 17, 1988, 102 Stat. 993, provided that: “(1) In general.—“(A) Establishment.—Within 120 days after the date of the enactment of this Act [Jan. 6, 1988], the Farm Credit Administration shall issue regulations under section 4.3(a) of the Farm Credit Act of 1971 (12 U.S.C. 2154(c) [12 U.S.C. 2154(a)]) that establish minimum permanent capital adequacy standards for Farm Credit System institutions. “(B) Basis for establishment.—The standards established under subparagraph (A) shall apply to an institution based on the financial statements of the institution prepared in accordance with generally accepted accounting principles. “(C) Ratio of capital to assets.—The standards established under subparagraph (A) shall specify fixed percentages representing the ratio of permanent capital of the institution to the assets of the institution, taking into consideration relative risk factors as determined by the Farm Credit Administration. “(D) Phase-in period.—The standards established under subparagraph (A) shall be phased in during the 5-year period beginning on the date of the enactment of this Act [Jan. 6, 1988]. “(2) Emergency power not available.—The Farm Credit Administration shall not invoke the emergency provisions of section 5.17(c)(2) of the Farm Credit Act of 1971 (12 U.S.C. 2251(c)(2) [12 U.S.C. 2252(c)(2)]) with respect to the issuance of the regulations required under paragraph (1)(A). “(3) Prohibitions during transition period.—During the 5-year period specified in paragraph (1)(D), the Farm Credit Administration shall not initiate any receivership, conservatorship, liquidation, or enforcement action against any System institution certified to issue preferred stock under section 6.27 of the Farm Credit Act of 1971 (as added by section 201 of this Act) [12 U.S.C. 2278b–7], solely because of the failure of such institution to meet minimum permanent capital adequacy standards unless such action is recommended or concurred in by the Farm Credit System Assistance Board established under section 6.0 of such Act (as added by section 201 of this Act) [former 12 U.S.C. 2278a]. “(4) Permanent capital.—For purposes of this subsection, the term ‘permanent capital’ has the same meaning given that term in section 4.3A(a)(1) of the Farm Credit Act of 1971 [12 U.S.C. 2154a(a)(1)].”

legal/us/code/title-12/chapter-23/section-2154a.md

@@ -0,0 +1,127 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2154a"
+description: "Capitalization of System institutions"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2154a"
+citation: "12 U.S.C. § 2154a"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2154a"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "77b9fc076de77e6dcacc38d310ba5f641f3f04e625d420f85eada008dc846123"
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+text_hash: "1be661ae722d7a1bc0b73821f23e35572ea3d02cea66acd80c1de0b2d6b4ae97"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2154a - Capitalization of System institutions
+
+## Text
+
+(a) Definitions As used in this section:
+
+(1) Permanent capital The term “permanent capital” means—
+
+(A) current year retained earnings;
+
+(B) allocated and unallocated earnings (which, in the case of earnings allocated in any form by a System bank to any association or other recipient and retained by the bank, shall be considered, in whole or in part, permanent capital of the bank or of any such association or other recipient as provided under an agreement between the bank and each such association or other recipient);
+
+(C) all surplus (less allowances for losses);
+
+(D) stock issued by a System institution, except—
+
+(i) stock that may be retired by the holder of the stock on repayment of the holder’s loan, or otherwise at the option or request of the holder; or
+
+(ii) stock that is protected under section 2162 of this title or is otherwise not at risk; and
+
+(E) any other debt or equity instruments or other accounts that the Farm Credit Administration determines appropriate to be considered permanent capital.
+
+(2) Stock The term “stock” means voting and nonvoting stock (including preferred stock), equivalent contributions to a guaranty fund, participation certificates, allocated equities, and other forms and types of equities.
+
+(b) Adoption of bylaws Subject to approval by shareholders under subsection (c)(2), each bank and association shall adopt bylaws, developed by its board of directors, that provide for the capitalization of the institution in accordance with subsection (c)(1).
+
+(c) Requirements of bylaws (1) In general Notwithstanding any other provision of this chapter, the bylaws adopted under subsection (b)—
+
+(A) shall provide for such classes, par value, and amounts of the stock of the institution, the manner in which such stock shall be issued, transferred, and retired, and the payment of dividends and patronage refunds, as determined appropriate by the Board of Directors, subject to this section;
+
+(B) may provide for the charging of loan origination fees as determined appropriate by the Board of Directors;
+
+(C) shall enable the institution to meet the capital adequacy standards established under the regulations issued under section 2154(a) of this title;
+
+(D) shall provide for the issuance of voting stock, which may only be held by—
+
+(i) borrowers who are farmers, ranchers, or producers or harvesters of aquatic products, and cooperative associations eligible to borrow from System institutions under this chapter;
+
+(ii) persons and entities eligible to borrow from the banks for cooperatives, as described in section 2124(c)(ii) of this title;
+
+(iii) in the case of a Central Bank for Cooperatives, other banks for cooperatives; and
+
+(iv) in the case of banks other than banks for cooperatives, System associations;
+
+(E) shall require that—
+
+(i) as a condition of borrowing from or through the institution, any borrower who is entitled to hold voting stock or participation certificates shall, at the time a loan is made, acquire voting stock or participation certificates in an amount not less than $1,000 or 2 percent of the amount of the loan, whichever is less; and
+
+(ii) within 2 years after the loan of a borrower is repaid in full, any voting stock held by the borrower be converted to nonvoting stock;
+
+(F) may provide that persons who are not borrowers from the institution may hold nonvoting stock of the institution;
+
+(G) shall require that any holder of voting stock issued before the adoption of bylaws under this section exchange a portion of such stock for new voting stock;
+
+(H) do not need to provide for maximum or minimum standards of borrower stock ownership based on a percentage of the loan of the borrower, except as otherwise provided in this section;
+
+(I) shall permit the retirement of stock at the discretion of the institution if the institution meets the capital adequacy standards established under section 2154(a) of this title; and
+
+(J) shall permit stock to be transferable.
+
+(2) Effective date The bylaws adopted by the board of directors of a System institution under subsection (b) shall take effect only on approval of a majority of the stockholders of such institution present and voting, or voting by written proxy, at a duly authorized stockholders’ meeting.
+
+(d) Reduction of capital (1) General rule Except as provided in paragraph (2), the board of directors of a System institution may not reduce the permanent capital of the institution through the payment of patronage refunds or dividends, or the retirement of stock if, after or due to such action, the permanent capital of the institution would thereafter fail to meet the minimum capital adequacy standards established under section 2154(a) of this title.
+
+(2) Exceptions Paragraph (1) shall not apply to the payment of noncash patronage refunds by any institution exempt from Federal income tax if the entire refund paid qualifies as permanent capital. Notwithstanding paragraph (1), any System institution subject to Federal income tax may pay patronage refunds partially in cash as long as the cash portion of the refund is the minimum amount required to qualify the refund as a deductible patronage distribution for Federal income tax purposes and the remaining portion of the refund paid qualifies as permanent capital.
+
+(e) Compliance The Farm Credit Administration may issue a directive that requires compliance with subsection (d), to the board of directors of any System institution that fails to comply therewith.
+
+(f) Loans designated for sale or sold into secondary market (1) In general Subject to paragraph (2) and notwithstanding any other provision of this section, the bylaws adopted by a bank or association under subsection (b) may provide—
+
+(A) in the case of a loan made on or after February 10, 1996, that is designated, at the time the loan is made, for sale into a secondary market, that no voting stock or participation certificate purchase requirement shall apply to the borrower for the loan; and
+
+(B) in the case of a loan made before February 10, 1996, that is sold into a secondary market, that all outstanding voting stock or participation certificates held by the borrower with respect to the loan shall, subject to subsection (d)(1), be retired.
+
+(2) Applicability Notwithstanding any other provision of this section, in the case of a loan sold to a secondary market under subchapter VIII, paragraph (1) shall apply regardless of whether the bank or association retains a subordinated participation interest in a loan or pool of loans or contributes to a cash reserve.
+
+(3) Exception (A) In general Subject to subparagraph (B) and notwithstanding any other provision of this section, if a loan designated for sale under paragraph (1)(A) is not sold into a secondary market during the 180-day period that begins on the date of the designation, the voting stock or participation certificate purchase requirement that would otherwise apply to the loan in the absence of a bylaw provision described in paragraph (1)(A) shall be effective.
+
+(B) Retirement The bylaws adopted by a bank or association under subsection (b) may provide that if a loan described in subparagraph (A) is sold into a secondary market after the end of the 180-day period described in the subparagraph, all outstanding voting stock or participation certificates held by the borrower with respect to the loan shall, subject to subsection (d)(1), be retired.
+
+(g) Construction This section shall not be construed to affect the provisions of this chapter that confer on System institutions a lien on borrower stock or other equities and the privilege to retire or cancel such stock or other equities for application against the indebtedness on a defaulted or restructured loan.
+
+(h) Controlling authority To the extent that any provision of this section is inconsistent with any other provision of this chapter (other than section 2162 of this title), the provision of this section shall control.
+
+(Pub. L. 92–181, title IV, § 4.3A, as added Pub. L. 100–233, title III, § 301(b), Jan. 6, 1988, 101 Stat. 1608; amended Pub. L. 100–399, title III, § 301(b)–(f), Aug. 17, 1988, 102 Stat. 994; Pub. L. 102–552, title I, § 101, Oct. 28, 1992, 106 Stat. 4103; Pub. L. 104–105, title II, § 206, Feb. 10, 1996, 110 Stat. 173; Pub. L. 110–234, title V, § 5403(b), May 22, 2008, 122 Stat. 1154; Pub. L. 110–246, § 4(a), title V, § 5403(b), June 18, 2008, 122 Stat. 1664, 1916.)
+
+## Notes
+
+Editorial Notes
+
+Codification Pub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246.
+
+Amendments2008—Subsec. (c)(1)(D)(ii) to (iv). Pub. L. 110–246, § 5403(b), added cl. (ii) and redesignated former cls. (ii) and (iii) as (iii) and (iv), respectively. 1996—Subsecs. (f) to (h). Pub. L. 104–105 added subsec. (f) and redesignated former subsecs. (f) and (g) as (g) and (h), respectively. 1992—Subsec. (a)(1). Pub. L. 102–552 amended par. (1) generally. Prior to amendment, par. (1) read as follows: “The term ‘permanent capital’ means current year retained earnings, allocated and unallocated earnings, all surplus (less allowances for losses), and stock issued by a System institution, except stock that— “(A) may be retired by the holder thereof on repayment of the holder’s loan, or otherwise at the option or request of the holder; or “(B) is protected under section 2162 of this title or is otherwise not at risk.” 1988—Subsec. (a)(1)(B). Pub. L. 100–399, § 301(b), substituted “section 2162 of this title” for “section 4.9B”. Subsec. (c)(1)(D)(i). Pub. L. 100–399, § 301(c)(1), substituted “producers or” for “producers, or”. Subsec. (c)(1)(G). Pub. L. 100–399, § 301(c)(2), substituted “voting stock issued” for “stock issued”. Subsec. (c)(1)(H). Pub. L. 100–399, § 301(d), inserted “, except as otherwise provided in this section” after “the borrower”. Subsec. (c)(1)(I). Pub. L. 100–399, § 301(e), struck out “standards issued under” after “established under”. Subsec. (d)(1). Pub. L. 100–399, § 301(f), struck out “and in section 2162 of this title” after “paragraph (2)” and “or allocated equities” after “retirement of stock”.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 2008 AmendmentAmendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of Title 7, Agriculture.
+
+Effective Date of 1988 AmendmentAmendment by Pub. L. 100–399 effective as if enacted immediately after enactment of Pub. L. 100–233, which was approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100–399, set out as a note under section 2002 of this title.

legal/us/code/title-12/chapter-23/section-2155.md

@@ -0,0 +1,65 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2155"
+description: "Liability of banks; United States not liable"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2155"
+citation: "12 U.S.C. § 2155"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2155"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "a50cfe4a8e1925d65e0586f1671a89f9d9d5105b28ab5f4f8ce1cb63652dc503"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "d2c53e4569ef108191a520701192b48e91ad425ea0f68b9443346d978b7aaaca"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2155 - Liability of banks; United States not liable
+
+## Text
+
+(a) Joint and several liability of banks (1) Each bank of the System shall be fully liable on notes, bonds, debentures, or other obligations issued by it individually, and shall be liable for the interest payments on long-term notes, bonds, debentures, or other obligations issued by other banks operating under the same subchapter of this chapter.
+
+(2) (A) Each bank shall also be primarily liable for the portion of any issue of consolidated or System-wide obligations made on its behalf and be jointly and severally liable for the payment of any additional sums as called upon by the Farm Credit Administration in order to make payments of interest or principal which any bank primarily liable therefor shall be unable to make.
+
+(B) Such calls first shall be made on all nondefaulting banks in proportion to each such bank’s proportionate share of the aggregate available collateral held by all such banks.
+
+(C) For purposes of this paragraph, the term “available collateral” means the amount (determined at the close of the last calendar quarter ending before such call) by which a bank’s collateral as described in section 2154 of this title exceeds the collateral required to support the bank’s outstanding notes, bonds, debentures, and other similar obligations.
+
+(D) If the Farm Credit Administration makes any such call and the available collateral of all such banks does not fully satisfy the liability necessitating such calls, such calls shall be made on all nondefaulting banks in proportion to each such bank’s remaining assets.
+
+(E) Any System bank that, pursuant to a call by the Farm Credit Administration, makes a payment of principal or interest to the holder of any consolidated or System-wide obligation issued on behalf of another System bank shall be subrogated to all rights of the holder against such other bank to the extent of such payment.
+
+(F) On making such a call with respect to obligations issued on behalf of a System bank, the Farm Credit Administration shall appoint a receiver for the bank, which shall expeditiously liquidate or otherwise wind up the affairs of the bank.
+
+(b) Resolutions as to liability; execution of obligations Each bank participating in an issue shall by appropriate resolution undertake such responsibility as provided in subsection (a), and in the case of consolidated or System-wide obligations shall authorize the execution of such long-term notes, bonds, debentures, or other obligations on its behalf. When a consolidated or System-wide issue is approved, the notes, bonds, debentures, or other obligations shall be executed and the banks shall be liable thereon as provided herein.
+
+(c) United States liability The United States shall not be liable or assume any liability directly or indirectly thereon.
+
+(d) Insurance Fund called on before invoking joint and several liability Beginning 5 years after January 6, 1988, the Farm Credit Administration shall not call on any System institution to satisfy the liability of the institution on any joint, consolidated, or System-wide obligation participated in by the institution or with respect to which the institution is primarily, or jointly and severally, liable, before the Farm Credit Insurance Fund is exhausted, even if the Fund is only able to make a partial payment because of insufficient amounts in the Fund.
+
+(Pub. L. 92–181, title IV, § 4.4, Dec. 10, 1971, 85 Stat. 611; Pub. L. 99–205, title I, § 101(4), title II, § 205(f)(2), Dec. 23, 1985, 99 Stat. 1679, 1706; Pub. L. 100–233, title II, § 207(c), title III, § 303, Jan. 6, 1988, 101 Stat. 1608, 1620; Pub. L. 100–399, title III, § 303, Aug. 17, 1988, 102 Stat. 995.)
+
+## Notes
+
+Editorial Notes
+
+Amendments1988—Subsec. (a). Pub. L. 100–233, § 303(a), amended subsec. (a) generally. Prior to amendment, subsec. (a) read as follows: “Each bank of the System shall be fully liable on notes, bonds, debentures, or other obligations issued by it individually, and shall be liable for the interest payments on long-term notes, bonds, debentures, or other obligations issued by other banks operating under the same subchapter of this chapter. Each bank shall also be primarily liable for the portion of any issue of consolidated or System-wide obligations made on its behalf and be jointly and severally liable for the payment of any additional sums as called upon by the Farm Credit Administration in order to make payments of interest or principal which any bank primarily liable therefor shall be unable to make. Such calls shall be made first upon the other banks operating under the same subchapter of this chapter as the defaulting bank, and second upon banks operating under other subchapters of this chapter, taking into consideration the capital, surplus, bonds, debentures, or other obligations which each may have outstanding at the time of such assessment.” Subsec. (c). Pub. L. 100–233, § 207(c), redesignated subsec. (d) as (c), and struck out former subsec. (c) which provided that for purposes of this part, the term “bank” included the Capital Corporation. Subsec. (d). Pub. L. 100–399 redesignated subsec. (e) as (d). Pub. L. 100–233, § 207(c), redesignated subsec. (d) as (c). Subsec. (e). Pub. L. 100–399 redesignated subsec. (e) as (d). Pub. L. 100–233, § 303(b), added subsec. (e). 1985—Subsec. (b). Pub. L. 99–205, § 205(f)(2), substituted “execution of” for “Governor to execute” in first sentence and struck out “by the Governor” after “shall be executed” in second sentence. Subsecs. (c), (d). Pub. L. 99–205, § 101(4), added subsec. (c) and redesignated former subsec. (c) as (d).
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1988 AmendmentAmendment by Pub. L. 100–399 effective as if enacted immediately after enactment of Pub. L. 100–233, which was approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100–399, set out as a note under section 2002 of this title.
+
+Effective Date of 1985 AmendmentAmendment by Pub. L. 99–205 effective thirty days after Dec. 23, 1985, see section 401 of Pub. L. 99–205, set out as a note under section 2001 of this title.

legal/us/code/title-12/chapter-23/section-2156.md

@@ -0,0 +1,33 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2156"
+description: "Repealed. Pub. L. 100–233, title II, § 204(b), Jan. 6, 1988, 101 Stat. 1607"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2156"
+citation: "12 U.S.C. § 2156"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2156"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "d4454bae11eab74dfb9f243b29bb835c931591cd1eb55647fb1c4b23e9b8f9a0"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "65a452a722b9c4d5198dcfcea1ec2037cedd7ece635987f7de0d2ec6b185da09"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2156 - Repealed. Pub. L. 100–233, title II, § 204(b), Jan. 6, 1988, 101 Stat. 1607
+
+## Notes
+
+Section, Pub. L. 92–181, title IV, § 4.5, Dec. 10, 1971, 85 Stat. 611; Pub. L. 96–592, title IV, § 401, Dec. 24, 1980, 94 Stat. 3446; Pub. L. 99–205, title II, § 205(f)(3), Dec. 23, 1985, 99 Stat. 1706, provided for establishment of a finance committee for banks organized and operated under subchapters I, II, and III of this chapter. See section 2160 of this title.

legal/us/code/title-12/chapter-23/section-2157.md

@@ -0,0 +1,35 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2157"
+description: "Bonds as investments"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2157"
+citation: "12 U.S.C. § 2157"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2157"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "c595310c91997023ccdcd71f7ad2e58244d01e073666fdcba845f3e187c143b9"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "9b5b603aaf37b7536b3059e71aefa501e3e4406751f568568192b5ef8b979381"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2157 - Bonds as investments
+
+## Text
+
+The bonds, debentures, and other similar obligations issued under the authority of this chapter shall be lawful investments for all fiduciary and trust funds and may be accepted as security for all public deposits.
+
+(Pub. L. 92–181, title IV, § 4.6, Dec. 10, 1971, 85 Stat. 612.)

legal/us/code/title-12/chapter-23/section-2158.md

@@ -0,0 +1,35 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2158"
+description: "Purchase and sale by Federal Reserve System"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2158"
+citation: "12 U.S.C. § 2158"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2158"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "093c290f105314865da0ad140eb03f7aceac3fd46fd28c534dbc1bbf38707fbe"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "ec4e6faa9776ae333e758a0aecbc0f0aa8fba790261afa9c1ced0e77527ad893"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2158 - Purchase and sale by Federal Reserve System
+
+## Text
+
+Any member of the Federal Reserve System may buy and sell bonds, debentures, or other similar obligations issued under the authority of this chapter and any Federal Reserve bank may buy and sell such obligations to the same extent and subject to the same limitations placed upon the purchase and sale by said banks of State, county, district, and municipal bonds under section 355 of this title.
+
+(Pub. L. 92–181, title IV, § 4.7, Dec. 10, 1971, 85 Stat. 612.)

legal/us/code/title-12/chapter-23/section-2159.md

@@ -0,0 +1,41 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2159"
+description: "Purchase and sale of obligations"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2159"
+citation: "12 U.S.C. § 2159"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2159"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "7ea1fe25f519522179869401159cf64e73289876ecf6e14e80db5e26b0968a6b"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "6458cce69c49e7923217901446f3c0ac05d0e1db30a1c88a9dcb5a9a554a9bce"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2159 - Purchase and sale of obligations
+
+## Text
+
+Each bank of the System may purchase its own obligations and the obligations of other banks of the System and may provide for the sale of obligations issued by it, consolidated obligations, or Systemwide obligations through a fiscal agent or agents, by negotiation, offer, bid, syndicate sale, and to deliver such obligations by book entry, wire transfer, or such other means as may be appropriate.
+
+(Pub. L. 92–181, title IV, § 4.8, Dec. 10, 1971, 85 Stat. 612; Pub. L. 99–509, title I, § 1034, Oct. 21, 1986, 100 Stat. 1878; Pub. L. 100–233, title II, § 205(a), Jan. 6, 1988, 101 Stat. 1607; Pub. L. 115–334, title V, § 5411(18), Dec. 20, 2018, 132 Stat. 4680.)
+
+## Notes
+
+Editorial Notes
+
+Amendments2018—Pub. L. 115–334 struck out subsec. (a) designation before “Each bank” and struck out subsec. (b) which described conditions under which each bank of the System could reduce the cost of its borrowings and amortize certain capitalizations through Dec. 31, 1992. 1988—Subsec. (b). Pub. L. 100–233 substituted “December 31, 1992” for “December 31, 1988” in two places. 1986—Pub. L. 99–509 designated existing provisions as subsec. (a) and added subsec. (b).

legal/us/code/title-12/chapter-23/section-2160.md

@@ -0,0 +1,85 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2160"
+description: "Federal Farm Credit Banks Funding Corporation"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2160"
+citation: "12 U.S.C. § 2160"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2160"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "09493963f4235976aaad76c173d60f652f9e04326f25386840649ae7177173a0"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "4401359fbffc144075852b638b2bd6d1648a4099de8ea3ce913b15c4c95a0c05"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2160 - Federal Farm Credit Banks Funding Corporation
+
+## Text
+
+(a) Establishment There is hereby established the Federal Farm Credit Banks Funding Corporation (hereinafter in this section referred to as the “Corporation”), which shall be an institution of the Farm Credit System.
+
+(b) Duties The Corporation—
+
+(1) shall issue, market, and handle the obligations of the banks of the Farm Credit System, and interbank or intersystem flow of funds as may from time to time be required;
+
+(2) acting for the banks of the Farm Credit System, subject to approval of the Farm Credit Administration, shall determine the amount, maturities, rates of interest, terms, and conditions of participation by the several banks in each issue of joint, consolidated, or System-wide obligations; and
+
+(3) shall exercise such other powers as were provided to the predecessor Federal Farm Credit Banks Funding Corporation in accordance with its charter issued under section 2211 of this title, in effect immediately before January 6, 1988.
+
+(c) Officers and committees (1) Designation The board of directors may designate such officers and committees for such terms and such purposes as may be agreed on by the board.
+
+(2) Issuance of obligations When appropriate to the board’s functions under this section, a committee of the board of directors of the Corporation, or representatives thereof, may act on behalf of the board in connection with the issuance of joint, consolidated, and System-wide obligations.
+
+(d) Board of directors (1) Composition The board of directors shall be composed of nine voting members and one nonvoting member, as follows:
+
+(A) Four voting members shall be current or former directors of the System banks elected by the shareholders of the Corporation.
+
+(B) Three voting members shall be chief executive officers or presidents of System banks elected by the shareholders of the Corporation.
+
+(C) Two voting members shall be appointed by the members elected under subparagraphs (A) and (B) after the elected members have received recommendations for such appointments from, and consulted with, the Secretary of the Treasury and the Chairman of the Board of Governors of the Federal Reserve System. The appointed members shall be selected from United States citizens—
+
+(i) who are not borrowers from, shareholders in, or employees or agents of any System institution, who are not affiliated with the Farm Credit Administration, and who are not actively engaged with a bank or investment organization that is a member of the Corporation’s selling group for System-wide securities; and
+
+(ii) who are experienced or knowledgeable in corporate and public finance, agricultural economics, and financial reporting and disclosure.
+
+(D) The president of the Corporation shall serve as a nonvoting member of the board.
+
+(2) Considerations In selecting candidates under subparagraphs (A) and (B) of paragraph (1), due consideration shall be given to choosing individuals knowledgeable in agricultural economics, public and corporate finance, and financial reporting and disclosure.
+
+(3) Representation of board The Farm Credit System Insurance Corporation shall not have representation on the board of directors of the Corporation.
+
+(e) Succession (1) Assets and liabilities The Corporation shall, by operation of law and without any further action by the Farm Credit Administration, the predecessor Federal Farm Credit Banks Funding Corporation (hereinafter referred to in this subsection as “the predecessor corporation”) chartered under this chapter, or any court, succeed to the assets of and assume all debts, obligations, contracts, and other liabilities of the predecessor corporation, matured or unmatured, accrued, absolute, contingent or otherwise, and whether or not reflected or reserved against on balance sheets, books of account, or records of the predecessor corporation.
+
+(2) Contracts The existing contractual obligations, security instruments, and title instruments of the predecessor corporation shall, by operation of law and without any further action by the Farm Credit Administration, the predecessor corporation, or any court, become and be converted into obligations, entitlements, and instruments of the Corporation.
+
+(3) Stock The stock of the predecessor corporation issued before January 6, 1988, shall, by operation of law and without any further action by the Farm Credit Administration, the predecessor corporation, or any court, become and be converted into stock of the Corporation established by this section.
+
+(4) Taxation The succession to assets, assumption of liabilities, conversion of obligations, instruments, and stock, and effectuation of any other transaction by the Corporation to carry out this subsection shall not be treated as a taxable event under the laws of any State or political subdivision thereof.
+
+(Pub. L. 92–181, title IV, § 4.9, Dec. 10, 1971, 85 Stat. 612; Pub. L. 100–233, title II, § 204(a), Jan. 6, 1988, 101 Stat. 1605; Pub. L. 100–399, title II, § 203(a)–(d), Aug. 17, 1988, 102 Stat. 992, 993; Pub. L. 102–552, title V, § 507, Oct. 28, 1992, 106 Stat. 4131; Pub. L. 115–334, title V, § 5411(19), Dec. 20, 2018, 132 Stat. 4681.)
+
+## Notes
+
+Editorial Notes
+
+References in TextJanuary 6, 1988, referred to in subsec. (e)(3), was in the original “the date of the enactment of this section”, which was translated as meaning the date of enactment of Pub. L. 100–233, which amended this section generally, to reflect the probable intent of Congress.
+
+AmendmentsSubsec. (d)(2). Pub. L. 115–334, § 5411(19)(A), designated concluding provisions of subsec. (d)(1) as par. (2), inserted heading, inserted “of paragraph (1)” after “(A) and (B)”, and struck out former par. (2) which related to Assistance Board non-voting representatives and post-termination representation on the board of directors of the Corporation. Subsec. (d)(3). Pub. L. 115–334, § 5411(19)(A)(i), added par. (3). Subsecs. (e), (f). Pub. L. 115–334, § 5411(19)(B), (C), redesignated subsec. (f) as (e) and struck out former subsec. (e) which set out transitional authority until a majority of the voting members of the board of directors of the Corporation was elected. 1992—Subsec. (d)(2). Pub. L. 102–552 amended par. (2) generally. Prior to amendment, par. (2) read as follows: “(A) Assistance board.—During the period in which the Assistance Board is in existence, the board of directors of the Assistance Board shall designate one of its directors to serve as a nonvoting representative to the board of directors of the Corporation. “(B) Insurance corporation.—After such period, the board of directors of the Farm Credit System Insurance Corporation may designate one of its directors to serve as a nonvoting representative to the board of directors of the Corporation. “(C) Meetings.—The persons so designated by the Assistance Board and by the Farm Credit System Insurance Corporation may attend and participate in all deliberations of the board of directors of the Corporation.” 1988—Pub. L. 100–233 amended section generally. Prior to amendment, section read as follows: “A fiscal agency shall be established by the banks for such of their functions relating to the issuance, marketing, and handling of their obligations, and interbank or intersystem flow of funds as may from time to time be required.” Subsec. (b)(3). Pub. L. 100–399, § 203(b), inserted “predecessor Federal Farm Credit Banks” before “Funding Corporation”. Subsec. (d)(2)(B), (C). Pub. L. 100–399, § 203(c), substituted “directors of the Corporation” for “directors of the Federal Farm Credit Banks Funding Corporation”. Subsec. (e). Pub. L. 100–399, § 203(d), amended subsec. (e) generally. Prior to amendment, subsec. (e) read as follows: “Until a quorum of the board of directors of the Corporation is elected or appointed, the finance committee established under section 2156 of this title in effect before January 6, 1988, and the fiscal agency established under section 2160 of this title in effect before January 6, 1988, shall continue to operate as if this section had not been enacted.” Subsec. (f). Pub. L. 100–399, § 203(a), added subsec. (f).
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1988 AmendmentAmendment by Pub. L. 100–399 effective as if enacted immediately after enactment of Pub. L. 100–233, which was approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100–399, set out as a note under section 2002 of this title.

legal/us/code/title-12/chapter-23/section-2161.md

@@ -0,0 +1,37 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2161"
+description: "Repealed. Pub. L. 100–399, title I, § 101(a), Aug. 17, 1988, 102 Stat. 989"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2161"
+citation: "12 U.S.C. § 2161"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2161"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "e5f4588a93fdd11c65736b8f9b8c8c7df886837d25d6a8d7017f09c1a29b8d1e"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "e4b922fdc337e5bc6a28e9150776d56001adc5533d71b081f1aa3ed9b165fe30"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2161 - Repealed. Pub. L. 100–399, title I, § 101(a), Aug. 17, 1988, 102 Stat. 989
+
+## Notes
+
+Section, Pub. L. 92–181, title IV, § 4.9A, as added Pub. L. 99–205, title I, § 105, Dec. 23, 1985, 99 Stat. 1687, authorized a central reserve for Farm Credit System.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of RepealRepeal effective immediately after enactment of Pub. L. 100–233, approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100–399, set out as a note under section 2002 of this title.

legal/us/code/title-12/chapter-23/section-2162.md

@@ -0,0 +1,87 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2162"
+description: "Protection of borrower stock"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2162"
+citation: "12 U.S.C. § 2162"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2162"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "0048e4e95a004ce351822e6f10d15ab3829f33ce839d766e9db7faf245742e60"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "1990bc01c62fa4c7bc348a207c9e382e59dc792aea6ace1ab2c2d5e880699e99"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2162 - Protection of borrower stock
+
+## Text
+
+(a) Retirement of stock Notwithstanding any other section of this chapter, each institution of the Farm Credit System, when retiring eligible borrower stock in accordance with this chapter, shall retire such stock at par value.
+
+(b) Certain powers not affected This section does not affect the authority of any institution of the Farm Credit System—
+
+(1) to retire or cancel borrower stock at par value for application against a loan in default;
+
+(2) to cancel borrower stock at par value under section 2202b of this title; or
+
+(3) to apply, against any outstanding indebtedness to a System association arising out of or in connection with a liquidation referred to in subsection (d)(2), the par value of borrower stock frozen in such liquidation.
+
+(c) Inability to retire stock at par value (1) In general If an institution is unable to retire eligible borrower stock at par value due to the liquidation of the institution, the Farm Credit System Insurance Corporation, acting as receiver, shall retire such stock at par value as would have been retired in the ordinary course of business of the institution.
+
+(2) Funding The Farm Credit System Insurance Corporation shall use such funds from the Farm Credit Insurance Fund as are sufficient to carry out this section.
+
+(d) Definitions For purposes of this section:
+
+(1) Borrower stock The term “borrower stock” means voting and nonvoting stock, equivalent contributions to a guaranty fund, participation certificates, allocated equities, and other similar equities that are subject to retirement under a revolving cycle issued by any System institution and held by any person other than any System institution.
+
+(2) Eligible borrower stock The term “eligible borrower stock” means borrower stock that—
+
+(A) is outstanding on January 6, 1988;
+
+(B) is issued or allocated after January 6, 1988, but prior to the earlier of—
+
+(i) in the case of each bank and association, the date of approval, by the stockholders of such bank or association, of the capitalization requirements of the institution in accordance with section 2154a of this title; or
+
+(ii) the date that is 9 months after January 6, 1988;
+
+(C) was, after January 1, 1983, but before January 6, 1988, frozen by an institution that was placed in liquidation; or
+
+(D) was retired at less than par value by an institution that was placed in liquidation after January 1, 1983, but before January 6, 1988.
+
+(3) Institution The term “institution” means a bank or association chartered under this chapter.
+
+(4) Par value The term “par value” means—
+
+(A) in the case of stock, par value;
+
+(B) in the case of participation certificates and other equities and interests not described in subparagraph (C), face or equivalent value; or
+
+(C) in the case of participation certificates and allocated equities subject to retirement under a revolving cycle but that a System institution elects to retire out of order for application against a loan in default or otherwise as provided in this chapter, par or face value discounted, at a rate determined by the institution, to reflect the present value of the equity or interest as of the date of such retirement.
+
+(Pub. L. 92–181, title IV, § 4.9A, as added Pub. L. 100–233, title I, § 101, Jan. 6, 1988, 101 Stat. 1572; amended Pub. L. 100–399, title I, § 101(b)–(d), Aug. 17, 1988, 102 Stat. 989; Pub. L. 115–334, title V, § 5411(20), Dec. 20, 2018, 132 Stat. 4681.)
+
+## Notes
+
+Editorial Notes
+
+Prior ProvisionsA prior section 4.9A of Pub. L. 92–181, which authorized a central reserve for Farm Credit System, was classified to section 2161 of this title and was repealed by Pub. L. 100–399, § 101(a).
+
+Amendments2018—Subsec. (c). Pub. L. 115–334 inserted par. (1) designation and heading before “If an institution”, substituted “the Farm Credit System Insurance Corporation, acting as receiver,” for “the receiver of the institution” and “business of the institution.” for “business of the institution, and—”, added par. (2), and struck out former pars. (1) and (2) which read as follows: “(1) during the 5-year period beginning on January 6, 1988, the Assistance Board shall direct the Financial Assistance Corporation to provide the receiver with sufficient funds to enable the receiver to carry out this subsection; and “(2) after such 5-year period, the Farm Credit System Insurance Corporation shall provide the receiver with sufficient funds from the Farm Credit Insurance Fund to enable the receiver to carry out this subsection.” 1988—Subsec. (a). Pub. L. 100–399, § 101(b), struck out provision that an institution whose capital stock is impaired coordinate retirement of stock under this section with the activities of the Assistance Board and the Financial Assistance Corporation. Subsec. (c). Pub. L. 100–399, § 101(c), inserted “stock” in subsec. heading and amended text generally. Prior to amendment, text read as follows: “If an institution is unable to retire eligible borrower stock at par value due to the freezing of such stock during a liquidation of the institution, the receiver of the institution shall retire such stock at par value as would have been retired in the ordinary course of business of the institution and the Financial Assistance Corporation, on request of the Assistance Board, shall provide the receiver with sufficient funds to enable the receiver to carry out this subsection.” Subsec. (d)(2)(B). Pub. L. 100–399, § 101(d), in introductory provision substituted “issued or allocated” for “required to be purchased, and is purchased, as a condition of obtaining a loan made” and in cl. (i) substituted “section 2154a of this title” for “section 4.9B”.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1988 AmendmentAmendment by Pub. L. 100–399 effective as if enacted immediately after enactment of Pub. L. 100–233, which was approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100–399, set out as a note under section 2002 of this title.

legal/us/code/title-12/chapter-23/section-2183.md

@@ -0,0 +1,51 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2183"
+description: "Dissolution; voluntary or involuntary liquidation; mergers; receiverships or conservators"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2183"
+citation: "12 U.S.C. § 2183"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2183"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "dc4a67472a3724fb0128fd7437d40b2c991aeca9ddac2dea03311725291734a5"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "93655b27f17c3537de4752e54ca8c9095b98ff184b3419e7dc60bea2a35be9e0"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2183 - Dissolution; voluntary or involuntary liquidation; mergers; receiverships or conservators
+
+## Text
+
+(a) Voluntary liquidation; consent of Farm Credit Administration; rules and regulations; minimization of adverse effect; voluntary merger; mandatory merger on failure to comply or meet obligations No institution of the System shall go into voluntary liquidation without the consent of the Farm Credit Administration and with such consent may liquidate only in accordance with regulations prescribed by the Farm Credit Administration. In the case of a voluntary liquidation of an association, such regulations, among other things, shall direct the supervising bank to institute such measures as it deems appropriate to minimize the adverse effect of the liquidation on those borrowers whose loans are purchased by or otherwise transferred to another System institution. The Farm Credit Administration Board may require an association to merge with another association whenever it determines, with the concurrence of the board of the supervising bank, that an association has failed to meet its outstanding obligations or failed to conduct its operations in accordance with this chapter.
+
+(b) Appointment of conservator or receiver; grounds; action for removal; stay of actions or proceedings The Farm Credit Administration Board may appoint a conservator or receiver for any System institution on the determination by the Farm Credit Administration Board that one or more of the following exists, or is occurring, with respect to the institution: (1) insolvency, in that the assets of the institution are less than its obligations to its creditors and others, including its members; (2) substantial dissipation of assets or earnings due to any violation of law, rules, or regulations, or to any unsafe or unsound practice; (3) an unsafe or unsound condition to transact business; (4) willful violation of a cease and desist order that has become final; (5) concealment of books, papers, records, or assets of the institution or refusal to submit books, papers, records, or other material relating to the affairs of the institution for inspection to any examiner or to any lawful agent of the Farm Credit Administration; (6) the institution is unable to timely pay principal or interest on any insured obligation (as defined in section 2277a(3) of this title) issued by the institution. The Farm Credit Administration Board shall have exclusive power and jurisdiction to appoint a conservator or receiver, and such receiver or conservator, after the 5-year period beginning on January 6, 1988, shall be the Farm Credit System Insurance Corporation. If the Farm Credit Administration Board determines that a ground for the appointment of a conservator or receiver as herein provided exists, the Farm Credit Administration Board may appoint ex parte and without notice a conservator or receiver for the institution. In the event of such appointment, the institution, within thirty days thereafter, may bring an action in the United States district court for the judicial district in which the home office of such institution is located, or in the United States District Court for the District of Columbia, for an order requiring the Farm Credit Administration Board to remove such conservator or receiver, and the court shall on the merits, dismiss such action or direct the Farm Credit Administration Board to remove such conservator or receiver. On the commencement of such an action, the court having jurisdiction of any other action or enforcement proceeding authorized under this chapter to which the institution is a party shall stay such action or proceeding during the pendency of the action for removal of the conservator or receiver.
+
+(c) Involuntary liquidation; rules and regulations; minimization of adverse effect In the case of an involuntary liquidation of an association, regulations of the Farm Credit Administration, among other things, shall direct the supervising bank to institute such measures as it deems appropriate to minimize the adverse effect of the liquidation on those borrowers whose loans are purchased by or otherwise transferred to another System institution.
+
+(Pub. L. 92–181, title IV, § 4.12, Dec. 10, 1971, 85 Stat. 612; Pub. L. 99–205, title I, § 102, title II, § 205(f)(5), title III, § 305, Dec. 23, 1985, 99 Stat. 1679, 1706, 1708; Pub. L. 100–233, title III, § 306, title IV, § 418(a)(4), formerly § 415(a)(4), § 431(g), title VIII, § 805(r), Jan. 6, 1988, 101 Stat. 1622, 1653, 1660, 1716, renumbered § 418(a)(4), Pub. L. 100–399, title IV, § 409(a), Aug. 17, 1988, 102 Stat. 1003; Pub. L. 100–399, title IX, § 901(f), Aug. 17, 1988, 102 Stat. 1007.)
+
+## Notes
+
+Editorial Notes
+
+Amendments1988—Subsec. (a). Pub. L. 100–399, § 901(f), substituted “board of the supervising bank” for “district board”. Pub. L. 100–233, § 415(a)(4), struck out third sentence which provided that Associations may voluntarily merge with other like associations upon the vote of a majority of each of their stockholders present and voting or voting by written proxy at duly authorized meetings, and with the approval of the supervising bank and the Farm Credit Administration, and substituted “Board may require an association to merge with another association” for “may require such merger” in fourth sentence. Subsec. (b). Pub. L. 100–233, § 431(g), substituted “Farm Credit Administration Board” for “Farm Credit Administration” wherever appearing other than in cl. (5). Pub. L. 100–233, § 306, added cl. (6) and inserted “, and such receiver or conservator, after the 5-year period beginning on January 6, 1988, shall be the Farm Credit System Insurance Corporation” before the period at end of second sentence. Pub. L. 100–233, § 805(r), substituted “court shall” for “court, shall”. 1985—Subsec. (a). Pub. L. 99–205, § 205(f)(5), substituted “Farm Credit Administration” for “Federal Farm Credit Board” in last sentence. Pub. L. 99–205, § 305(a), inserted after first sentence a sentence requiring the regulations, in the case of a voluntary liquidation of an association, to direct the supervising bank to institute appropriate measures to minimize the adverse effect of the liquidation on borrowers whose loans are purchased by or otherwise transferred to another System institution. Subsec. (b). Pub. L. 99–205, § 102, in revising subsec. (b), substituted expanded provisions respecting appointment of conservator or receiver for former provision, which read as follows: “Upon default of any obligation by any institution of the System, such institution may be declared insolvent and placed in the hands of a conservator or a receiver appointed by the Governor and the proceedings thereon shall be in accordance with regulations of the Farm Credit Administration regarding such insolvencies.” Subsec. (c). Pub. L. 99–205, § 305(b), added subsec. (c).
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1988 AmendmentAmendment by Pub. L. 100–399 effective as if enacted immediately after enactment of Pub. L. 100–233, which was approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100–399, set out as a note under section 2002 of this title.
+
+Effective Date of 1985 AmendmentAmendment by Pub. L. 99–205 effective thirty days after Dec. 23, 1985, see section 401 of Pub. L. 99–205, set out as a note under section 2001 of this title.

legal/us/code/title-12/chapter-23/section-2184.md

@@ -0,0 +1,51 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2184"
+description: "Communications with stockholders"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2184"
+citation: "12 U.S.C. § 2184"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2184"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "3b5d3fb8b98033aa59998acd933483f754b2431dcd31aa2c61ad349ffc9f476a"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "d9e49afd07c23d8b559087470eadcd0951ef25670a46153cb866a3ba3adb8609"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2184 - Communications with stockholders
+
+## Text
+
+(a) Provision of stockholder lists (1) In general A Farm Credit System bank or association shall provide to a stockholder of the bank or association a current list of stockholders of the bank or association not later than 7 calendar days after the date on which the bank or association receives a written request for the stockholder list from the stockholder.
+
+(2) Conditions As a condition of providing a stockholder list under paragraph (1), the bank or association may require that the stockholder agree and certify in writing that the stockholder will—
+
+(A) use the list exclusively for communicating with stockholders for permissible purposes; and
+
+(B) not make the list available to any person, other than the stockholder’s attorney or accountant, without first obtaining the written consent of the institution.
+
+(b) Alternative communications (1) Request to issue As an alternative to receiving a list of stockholders, a stockholder may request the institution to mail or otherwise furnish to each stockholder a communication for a permissible purpose on behalf of the requesting stockholder.
+
+(2) When permissible Alternative communications may be used, at the discretion of the requesting stockholder, if the requester agrees to defray the reasonable costs of the communication. If the requester decides to exercise this option, the institution shall provide the requester with a written estimate of the costs of handling and mailing the communication as soon as is practicable after receipt of the stockholder’s request to furnish the communication.
+
+(Pub. L. 92–181, title IV, § 4.12A, as added Pub. L. 100–233, title IV, § 420, Jan. 6, 1988, 101 Stat. 1653; amended Pub. L. 115–334, title V, § 5411(21), Dec. 20, 2018, 132 Stat. 4681.)
+
+## Notes
+
+Editorial Notes
+
+Amendments2018—Subsec. (a)(1). Pub. L. 115–334 added par. (1) and struck out former par. (1). Prior to amendment, text read as follows: “Within 7 days after receipt of a written request by a stockholder, a bank for cooperatives, Federal land bank association, or production credit association shall provide a current list of its stockholders to such requesting stockholder.”

legal/us/code/title-12/chapter-23/section-2199.md

@@ -0,0 +1,69 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2199"
+description: "Disclosure"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2199"
+citation: "12 U.S.C. § 2199"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2199"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "45b9bf476374d88afe8736de609cea3f164191911b941cbb0d337e1d6d429432"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "81c2450a2feb1de5e6fbb3066b2d04b48f0185b45263ade7da084ce63b19f71f"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2199 - Disclosure
+
+## Text
+
+(a) In general In accordance with regulations of the Farm Credit Administration, qualified lenders shall provide to borrowers, for all loans that are not subject to the Truth in Lending Act (15 U.S.C. 1601 et seq.), meaningful and timely disclosure not later than the time of the loan closing, of—
+
+(1) the current rate of interest on the loan;
+
+(2) in the case of an adjustable or variable rate loan, the amount and frequency by which the interest rate can be increased during the term of the loan or, if there are no such limitations, a statement to that effect, and the factors (including the cost of funds, operating expenses, and provision for loan losses) that will be taken into account by the qualified lender in determining adjustments to the interest rate;
+
+(3) the effect, as shown by a representative example or examples, of any loan origination charges or purchases of stock or participation certificates on the effective rate of interest;
+
+(4) any change in the interest rate applicable to the borrower’s loan, and notice to the borrower of a change in the interest rate applicable to the loan of the borrower may be made within a reasonable time after the effective date of an increase or decrease in the interest rate;
+
+(5) except with respect to stock guaranteed under section 2162 of this title, a statement indicating that stock that is purchased is at risk; and
+
+(6) a statement indicating the various types of loan options available to borrowers, with an explanation of the terms and borrowers’ rights that apply to each type of loan.
+
+(b) Differential interest rates A qualified lender offering more than one rate of interest to borrowers shall, at the request of a borrower of a loan—
+
+(1) provide a review of the loan to determine if the proper interest rate has been established;
+
+(2) explain to the borrower in writing the basis for the interest rate charged; and
+
+(3) explain to the borrower in writing how the credit status of the borrower may be improved to receive a lower interest rate on the loan.
+
+(Pub. L. 92–181, title IV, § 4.13, as added Pub. L. 99–205, title III, § 301(b), Dec. 23, 1985, 99 Stat. 1707; amended Pub. L. 100–233, title I, §§ 103, 109, Jan. 6, 1988, 101 Stat. 1579, 1584; Pub. L. 104–105, title II, § 207, Feb. 10, 1996, 110 Stat. 173.)
+
+## Notes
+
+Editorial Notes
+
+References in TextThe Truth in Lending Act, referred to in subsec. (a), is title I of Pub. L. 90–321, May 29, 1968, 82 Stat. 146, which is classified generally to subchapter I (§ 1601 et seq.) of chapter 41 of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see Short Title note set out under section 1601 of Title 15 and Tables.
+
+Prior ProvisionsA prior section 4.13 of Pub. L. 92–181, title IV, Dec. 10, 1971, 85 Stat. 613, was renumbered section 4.13B by Pub. L. 99–205, title III, § 301(a), Dec. 23, 1985, 99 Stat. 1707, and is classified to section 2201 of this title.
+
+Amendments1996—Subsec. (a)(4). Pub. L. 104–105 inserted before semicolon at end “, and notice to the borrower of a change in the interest rate applicable to the loan of the borrower may be made within a reasonable time after the effective date of an increase or decrease in the interest rate”. 1988—Pub. L. 100–233, § 109, designated existing provisions as subsec. (a), inserted heading, and added subsec. (b). Pub. L. 100–233, § 103, amended section generally, substituting introductory provisions and cls. (1) to (6) for former subsecs. (a) and (b).
+
+Statutory Notes and Related Subsidiaries
+
+Effective DateSection effective thirty days after Dec. 23, 1985, see section 401 of Pub. L. 99–205, set out as an Effective Date of 1985 Amendment note under section 2001 of this title.

legal/us/code/title-12/chapter-23/section-2200.md

@@ -0,0 +1,45 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2200"
+description: "Access to documents and information"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2200"
+citation: "12 U.S.C. § 2200"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2200"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "78198aba14142d41e8fd9d33e24b69975cfe081bdfffd0159a075b235648a2be"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "88bcbb9eae53a55e29e8106f13db0a004c4215d3ae0af71c2931df117b3f3bb9"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2200 - Access to documents and information
+
+## Text
+
+In accordance with regulations of the Farm Credit Administration, qualified lenders shall provide their borrowers, at the time of execution of loans, copies of all documents signed by the borrower and at any time thereafter, on a borrower’s request, copies of all documents signed or delivered by the borrower and at any time, on request, a copy of the institution’s articles of incorporation or charter and bylaws and copies of each appraisal of the borrower’s assets made or used by the qualified lender.
+
+(Pub. L. 92–181, title IV, § 4.13A, as added Pub. L. 99–205, title III, § 301(b), Dec. 23, 1985, 99 Stat. 1707; amended Pub. L. 100–233, title I, § 104, Jan. 6, 1988, 101 Stat. 1579.)
+
+## Notes
+
+Editorial Notes
+
+Amendments1988—Pub. L. 100–233 substituted “qualified lenders” for “System institutions” and inserted “and copies of each appraisal of the borrower’s assets made or used by the qualified lender” before period at end.
+
+Statutory Notes and Related Subsidiaries
+
+Effective DateSection effective thirty days after Dec. 23, 1985, see section 401 of Pub. L. 99–205, set out as an Effective Date of 1985 Amendment note under section 2001 of this title.

legal/us/code/title-12/chapter-23/section-2201.md

@@ -0,0 +1,59 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2201"
+description: "Notice of action on application"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2201"
+citation: "12 U.S.C. § 2201"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2201"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "7659270199ac294bf3c0726b46783a1d72cad3587491f9b4dd15367ea50b3b51"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "e09fe82b04869e8dddcd21b0c352e33e925d267580f20a7c81980378a20adc8b"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2201 - Notice of action on application
+
+## Text
+
+(a) Loan applications Each qualified lender to which a person has applied for a loan shall provide the person with prompt written notice of—
+
+(1) the action on the application;
+
+(2) if the loan applied for is reduced or denied, the reasons for such action; and
+
+(3) the applicant’s right to review under section 2202 of this title.
+
+(b) Distressed loans Each qualified lender that has a distressed loan outstanding that is subject to restructuring requirements under this chapter shall provide, in accordance with regulations prescribed by the Farm Credit Administration, the borrower with prompt written notice of—
+
+(1) any action taken with respect to restructuring the loan under section 2202a of this title;
+
+(2) if restructuring is denied, the reasons for such action; and
+
+(3) the borrower’s right to review under section 2202 of this title.
+
+(Pub. L. 92–181, title IV, § 4.13B, formerly § 4.13, Dec. 10, 1971, 85 Stat. 613, renumbered § 4.13B and amended Pub. L. 99–205, title III, §§ 301(a), 302, Dec. 23, 1985, 99 Stat. 1707, 1708; Pub. L. 100–233, title I, § 105, Jan. 6, 1988, 101 Stat. 1579.)
+
+## Notes
+
+Editorial Notes
+
+Amendments1988—Pub. L. 100–233 amended section generally. Prior to amendment, section read as follows: “Every applicant for a loan from an institution of the System shall be entitled to prompt written notice of action on his application, and, if the loan applied for is reduced or denied, the reason for such action, and of the applicant’s right to review under section 2202 of this title.” 1985—Pub. L. 99–205, § 302, provided for a “written” notice and for the applicant’s right to review under section 2202 of this title.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1985 AmendmentAmendment by Pub. L. 99–205 effective thirty days after Dec. 23, 1985, see section 401 of Pub. L. 99–205, set out as a note under section 2001 of this title.

legal/us/code/title-12/chapter-23/section-2202.md

@@ -0,0 +1,67 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2202"
+description: "Reconsideration of actions"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2202"
+citation: "12 U.S.C. § 2202"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2202"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "7f1aa9155a9536652edb007165bde6cdcb86cc9ccd859d3e755da19c3105741e"
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+text_hash: "1732e6993c19d9be41a883f99bc30d739df1adb41abfc5e54fc5a67ba72dd023"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2202 - Reconsideration of actions
+
+## Text
+
+(a) Credit review committees (1) In general The board of directors of each qualified lender shall establish one or more credit review committees, which shall include farmer board representation.
+
+(2) Membership In no case shall a loan officer involved in the initial decision on a loan serve on the credit review committee when the committee reviews such loan.
+
+(b) Review of decisions (1) Denials or reductions Any applicant for a loan from a qualified lender that has received a written notice issued under section 2201 of this title of a decision to deny or reduce the loan applied for may submit a written request, not later than 30 days after receiving a notice denying or reducing the amount of the loan application, to obtain a review of the decision before the credit review committee.
+
+(2) Denials of restructuring A borrower of a loan from a qualified lender that has received notice, under section 2201 of this title, of a decision to deny loan restructuring with respect to a loan made to the borrower, if the borrower so requests in writing within 7 days after receiving such notice, may obtain a review of such decision in person before the credit review committee.
+
+(c) Personal appearance An applicant for a loan or for restructuring, who is entitled to and has requested a review under this section, may appear in person before the credit review committee, and may be accompanied by counsel or by any other representative of such person’s choice, to seek a reversal of the decision on the application under review.
+
+(d) Independent appraisal (1) In general An appeal filed with a credit review committee under this section may include, as a part of the request for a review of the decision filed under subsection (b)(1) or (2), a request for an independent appraisal, by an accredited appraiser, of any interests in property securing the loan (other than the stock or participation certificates of the qualified lender held by the borrower).
+
+(2) Arrangement and cost Within 30 days after a request for an appraisal under paragraph (1), the credit review committee shall present the borrower with a list of three appraisers approved by the appropriate qualified lender from which the borrower shall select an appraiser to conduct the appraisal the cost of which shall be borne by the borrower, and shall consider the results of such appraisal in any final determination with respect to the loan.
+
+(3) Copy to borrower A copy of any appraisal made under this subsection shall be provided to the borrower.
+
+(4) Additional collateral An independent appraisal shall be permitted if additional collateral for a loan is demanded by the qualified lender when determining whether to restructure the loan.
+
+(e) Notification of applicant Promptly after a review by the credit review committee, the committee shall notify the applicant or borrower, as the case may be, in writing of the decision of the committee and the reasons for the decision.
+
+(Pub. L. 92–181, title IV, § 4.14, Dec. 10, 1971, 85 Stat. 613; Pub. L. 99–205, title III, § 303, Dec. 23, 1985, 99 Stat. 1708; Pub. L. 100–233, title I, § 106, title VIII, § 805(s), Jan. 6, 1988, 101 Stat. 1580, 1716; Pub. L. 100–399, title I, § 103, title VII, § 702(b), Aug. 17, 1988, 102 Stat. 990, 1006.)
+
+## Notes
+
+Editorial Notes
+
+Amendments1988—Pub. L. 100–233, § 805(s), which directed amendment of this section by substituting “committees” for “committee(s)”, “2201” for “2199”, and “review” for “reviews”, was repealed by Pub. L. 100–399, § 702(b). See Construction of 1988 Amendment note below. Pub. L. 100–233, § 106, amended section generally. Prior to amendment, section read as follows: “The board of directors of each Farm Credit System institution shall establish one or more credit review committee(s), which shall include farmer board respresentation. [sic] Any loan applicant who has received written notice, under section 2199 of this title, of a decision to deny or reduce the loan applied for, if the applicant so requests in writing within thirty days after receiving such notice, may obtain a review of such decision in person before the credit review committee. When a loan applicant requests review of an adverse credit decision, a majority of persons serving on such reviews committee must be persons who were not involved in making the adverse decision. Promptly after any such review, the applicant shall be notified in writing of the credit review committee’s decision and the reasons therefor.” Subsec. (b)(1). Pub. L. 100–399, § 103(a), substituted “before the” for “by a”. Subsec. (d)(1). Pub. L. 100–399, § 103(b), inserted “or (2)”. 1985—Pub. L. 99–205, in amending section generally, substituted provisions respecting reconsideration of action on loan application for prior reconsideration provisions which read as follows: “Any applicant who has reason to believe that the action on his application by an association failed to take into account facts pertinent to his application, or has misinterpreted or failed to properly apply the applicable law or rules and regulations governing his application, may, if he so requests in writing within thirty days of the date of that notice, request an informal hearing on his application and the action of the association in reduction or denial thereof, or the reason for such action, in person before the loan committee or officer or employee thereof authorized to act on applications under section 2033(11) or 2093(18) of this title. Promptly after such a hearing, he shall be notified of the decision upon reconsideration and the reasons therefor.”
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1988 AmendmentAmendment by Pub. L. 100–399 effective as if enacted immediately after enactment of Pub. L. 100–233, which was approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100–399, set out as a note under section 2002 of this title.
+
+Effective Date of 1985 AmendmentAmendment by Pub. L. 99–205 effective thirty days after Dec. 23, 1985, see section 401 of Pub. L. 99–205, set out as a note under section 2001 of this title.
+
+Construction of 1988 AmendmentPub. L. 100–399, title VII, § 702(b), Aug. 17, 1988, 102 Stat. 1006, provided that section 805(s) of Pub. L. 100–233, cited as a credit to this section, is repealed and that this section shall be applied and administered as if such section had not been enacted.

legal/us/code/title-12/chapter-23/section-2202a.md

@@ -0,0 +1,159 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2202a"
+description: "Restructuring distressed loans"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2202a"
+citation: "12 U.S.C. § 2202a"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2202a"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "0c4497ada5b47dac90890d0a1281063f7fe92ef2b09edbcba387cdd03f9d4177"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "e2f0c70988d6ef416b4d9ea661b44494b3e8db40502d5954ae8a1606c4c856e6"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2202a - Restructuring distressed loans
+
+## Text
+
+(a) Definitions As used in this part and section 2219a of this title:
+
+(1) Application for restructuring The term “application for restructuring” means a written request—
+
+(A) from a borrower for the restructuring of a distressed loan in accordance with a preliminary restructuring plan proposed by the borrower as a part of the application;
+
+(B) submitted on the appropriate forms prescribed by the qualified lender; and
+
+(C) accompanied by sufficient financial information and repayment projections, where appropriate, as required by the qualified lender to support a sound credit decision.
+
+(2) Cost of foreclosure The term “cost of foreclosure” includes—
+
+(A) the difference between the outstanding balance due on a loan made by a qualified lender and the liquidation value of the loan, taking into consideration the borrower’s repayment capacity and the liquidation value of the collateral used to secure the loan;
+
+(B) the estimated cost of maintaining a loan as a nonperforming asset;
+
+(C) the estimated cost of administrative and legal actions necessary to foreclose a loan and dispose of property acquired as the result of the foreclosure, including attorneys’ fees and court costs;
+
+(D) the estimated cost of changes in the value of collateral used to secure a loan during the period beginning on the date of the initiation of an action to foreclose or liquidate the loan and ending on the date of the disposition of the collateral; and
+
+(E) all other costs incurred as the result of the foreclosure or liquidation of a loan.
+
+(3) Distressed loan The term “distressed loan” means a loan that the borrower does not have the financial capacity to pay according to its terms and that exhibits one or more of the following characteristics:
+
+(A) The borrower is demonstrating adverse financial and repayment trends.
+
+(B) The loan is delinquent or past due under the terms of the loan contract.
+
+(C) One or both of the factors listed in subparagraphs (A) and (B), together with inadequate collateralization, present a high probability of loss to the lender.
+
+(4) Foreclosure proceeding The term “foreclosure proceeding” means—
+
+(A) a foreclosure or similar legal proceeding to enforce a lien on property, whether real or personal, that secures a nonaccrual or distressed loan; or
+
+(B) the seizing of and realizing on nonreal property collateral, other than collateral subject to a statutory lien arising under subchapter I or II, to effect collection of a nonaccrual or distressed loan.
+
+(5) Loan (A) In general Subject to subparagraph (B), the term “loan” means a loan made to a farmer, rancher, or producer or harvester of aquatic products, for any agricultural or aquatic purpose and other credit needs of the borrower, including financing for basic processing and marketing directly related to the borrower’s operations and those of other eligible farmers, ranchers, and producers or harvesters of aquatic products.
+
+(B) Exclusion for loans designated for sale into secondary market (i) In general Except as provided in clause (ii), the term “loan” does not include a loan made on or after February 10, 1996, that is designated, at the time the loan is made, for sale into a secondary market.
+
+(ii) Unsold loans (I) In general Except as provided in subclause (II), if a loan designated for sale under clause (i) is not sold into a secondary market during the 180-day period that begins on the date of the designation, the provisions of this section and sections 2202, 2202b, 2202d, and 2219a of this title that would otherwise apply to the loan in the absence of the exclusion described in clause (i) shall become effective with respect to the loan.
+
+(II) Later sale If a loan described in subclause (I) is sold into a secondary market after the end of the 180-day period described in subclause (I), subclause (I) shall not apply with respect to the loan beginning on the date of the sale.
+
+(6) Qualified lender The term “qualified lender” means—
+
+(A) a System institution that makes loans (as defined in paragraph (5)) except a bank for cooperatives; and
+
+(B) each bank, institution, corporation, company, union, and association described in section 2015(b)(1)(B) of this title but only with respect to loans discounted or pledged under section 2015(b)(1) of this title.
+
+(7) Restructure and restructuring The terms “restructure” and “restructuring” include rescheduling, reamortization, renewal, deferral of principal or interest, monetary concessions, and the taking of any other action to modify the terms of, or forbear on, a loan in any way that will make it probable that the operations of the borrower will become financially viable.
+
+(b) Notice (1) In general On a determination by a qualified lender that a loan made by the lender is or has become a distressed loan, the lender shall provide written notice to the borrower that the loan may be suitable for restructuring, and include with such notice—
+
+(A) a copy of the policy of the lender established under subsection (g) that governs the treatment of distressed loans; and
+
+(B) all materials necessary to enable the borrower to submit an application for restructuring on the loan.
+
+(2) Notice before foreclosure Not later than 45 days before any qualified lender begins foreclosure proceedings with respect to a loan outstanding to any borrower, the lender shall notify the borrower that the loan may be suitable for restructuring and that the lender will review any such suitable loan for restructuring, and shall include with such notice a copy of the policy and the materials described in paragraph (1).
+
+(3) Limitation on foreclosure No qualified lender may foreclose or continue any foreclosure proceeding with respect to any distressed loan before the lender has completed any pending consideration of the loan for restructuring under this section.
+
+(c) Meetings On determination by a qualified lender that a loan made by the lender is or has become a distressed loan, the lender shall provide a reasonable opportunity for the borrower thereof to personally meet with a representative of the lender—
+
+(1) to review the status of the loan, the financial condition of the borrower, and the suitability of the loan for restructuring; and
+
+(2) with respect to a loan that is in nonaccrual status, to develop a plan for restructuring the loan if the loan is suitable for restructuring.
+
+(d) Consideration of applications (1) In general When a qualified lender receives an application for restructuring from a borrower, the qualified lender shall determine whether or not to restructure the loan, taking into consideration—
+
+(A) whether the cost to the lender of restructuring the loan is equal to or less than the cost of foreclosure;
+
+(B) whether the borrower is applying all income over and above necessary and reasonable living and operating expenses to the payment of primary obligations;
+
+(C) whether the borrower has the financial capacity and the management skills to protect the collateral from diversion, dissipation, or deterioration;
+
+(D) whether the borrower is capable of working out existing financial difficulties, reestablishing a viable operation, and repaying the loan on a rescheduled basis; and
+
+(E) in the case of a distressed loan that is not delinquent, whether restructuring consistent with sound lending practices may be taken to reasonably ensure that the loan will not become a loan that it is necessary to place in nonaccrual status.
+
+(2) Applications not required for restructuring plans This section shall not prevent a qualified lender from proposing a restructuring plan for an individual borrower in the absence of an application for restructuring from the borrower.
+
+(e) Restructuring (1) In general If a qualified lender determines that the potential cost to such qualified lender of restructuring the loan in accordance with a proposed restructuring plan is less than or equal to the potential cost of foreclosure, the qualified lender shall restructure the loan in accordance with the plan.
+
+(2) Computation of cost of restructuring In determining whether the potential cost to the qualified lender of restructuring a distressed loan is less than or equal to the potential cost of foreclosure, a qualified lender shall consider all relevant factors, including—
+
+(A) the present value of interest income and principal forgone by the lender in carrying out the restructuring plan;
+
+(B) reasonable and necessary administrative expenses involved in working with the borrower to finalize and implement the restructuring plan;
+
+(C) whether the borrower has presented a preliminary restructuring plan and cash-flow analysis taking into account income from all sources to be applied to the debt and all assets to be pledged, showing a reasonable probability that orderly debt retirement will occur as a result of the proposed restructuring; and
+
+(D) whether the borrower has furnished or is willing to furnish complete and current financial statements in a form acceptable to the institution.
+
+(f) Least cost alternative If two or more restructuring alternatives are available to a qualified lender under this section with respect to a distressed loan, the lender shall restructure the loan in conformity with the alternative that results in the least cost to the lender.
+
+(g) Restructuring policy (1) Establishment Each bank board of directors shall develop a policy within 60 days after January 6, 1988, that is consistent with this section, to govern the restructuring of distressed loans. Such policy shall constitute the restructuring policy of each qualified lender within the district.
+
+(2) Contents of policy The policy established under paragraph (1) shall include an explanation of—
+
+(A) the procedure for submitting an application for restructuring; and
+
+(B) the right of borrowers with distressed loans to seek review by a credit review committee in accordance with section 2202 of this title of a denial of an application for restructuring.
+
+(3) Submission of policy to FCA Each bank board shall submit the policy of the district governing the treatment of distressed loans under this section to the Farm Credit Administration. Notwithstanding the duty imposed by the preceding sentence, the other duties imposed by this section shall take effect on January 6, 1988.
+
+(h) Compliance The Farm Credit Administration may issue a directive requiring compliance with any provision of this section to any qualified lender that fails to comply with such provision.
+
+(i) Permitted foreclosures This section shall not be construed to prevent any qualified lender from enforcing any contractual provision that allows the lender to foreclose a loan, or from taking such other lawful action as the lender deems appropriate, if the lender has reasonable grounds to believe that the loan collateral will be destroyed, dissipated, consumed, concealed, or permanently removed from the State in which the collateral is located.
+
+(j) Application of section The time limitation prescribed in subsection (b)(2), and the requirements of subsection (c), shall not apply to a loan that became a distressed loan before January 6, 1988, if the borrower and lender of the loan are in the process of negotiating loan restructuring with respect to the loan.
+
+(k) Assistance in restructuring Each Farm Credit Bank, on request of any association, may assist the association in restructuring loans under this section.
+
+(Pub. L. 92–181, title IV, § 4.14A, as added Pub. L. 100–233, title I, § 102(a), Jan. 6, 1988, 101 Stat. 1574; amended Pub. L. 100–399, title I, § 102(a)–(f), Aug. 17, 1988, 102 Stat. 990; Pub. L. 104–105, title II, § 208(a), Feb. 10, 1996, 110 Stat. 173; Pub. L. 115–334, title V, § 5411(22), Dec. 20, 2018, 132 Stat. 4681.)
+
+## Notes
+
+Editorial Notes
+
+Amendments2018—Subsec. (a). Pub. L. 115–334, § 5411(22)(A)(i), inserted “and section 2219a of this title” after “this part” in introductory provisions. Subsec. (a)(5)(B)(ii)(I). Pub. L. 115–334, § 5411(22)(A)(ii), struck out “2202c,” after “2202b,”. Subsecs. (h) to (j). Pub. L. 115–334, § 5411(22)(B), (C), redesignated subsecs. (i) to (k) as (h) to (j), respectively, and struck out former subsec. (h). Prior to amendment, text of subsec. (h) read as follows: “During the 5-year period beginning on January 6, 1988, each qualified lender shall submit semiannual reports to the Farm Credit Administration containing— “(1) the results of the review of distressed loans of the lender; and “(2) the financial effect of loan restructurings and liquidations on the lender.” Subsecs. (k), (l). Pub. L. 115–334, § 5411(22)(C), (D), redesignated subsec. (l) as (k) and struck out “production credit” after “request of any”. Former subsec. (k) redesignated (j). 1996—Subsec. (a)(5). Pub. L. 104–105 designated existing provisions as subpar. (A), inserted subpar. heading, substituted “Subject to subparagraph (B), the term” for “The term”, and added subpar. (B). 1988—Subsec. (a). Pub. L. 100–399, § 102(a), struck out “(other than in sections 2205 and 2206 of this title)” after “in this part”. Subsec. (a)(6)(B). Pub. L. 100–399, § 102(b), substituted “section 2015(b)(1)(B) of this title” for “section 2074(a)(2) of this title” and “section 2015(b)(1) of this title” for “section 2074(a) of this title”. Subsec. (e)(1). Pub. L. 100–399, § 102(c), substituted “cost to such qualified” for “cost to a qualified”. Subsec. (g)(1). Pub. L. 100–399, § 102(d), substituted “bank” for “farm credit district”. Subsec. (g)(3). Pub. L. 100–399, § 102(e), substituted “bank board” for “district board”. Subsec. (l). Pub. L. 100–399, § 102(f), substituted “Farm Credit Bank” for “Federal intermediate credit bank”.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1988 AmendmentAmendment by section 102(b), (f) of Pub. L. 100–399 effective immediately after amendment made by section 401 of Pub. L. 100–233, which was effective 6 months after Jan. 6, 1988, and amendment by section 102(a), (c)–(e) of Pub. L. 100–399 effective as if enacted immediately after enactment of Pub. L. 100–233, which was approved Jan. 6, 1988, see section 1001 of Pub. L. 100–399, set out as a note under section 2002 of this title.
+
+Sense of CongressPub. L. 100–233, title I, § 102(b), Jan. 6, 1988, 101 Stat. 1579, provided that: “It is the sense of Congress that the banks and associations (except banks for cooperatives) operating under the Farm Credit Act of 1971 (12 U.S.C. 2001 et seq.) should administer distressed loans to farmers with the objective of using the loan guarantee programs of the Farmers Home Administration and other loan restructuring measures, including participation in interest rate buy-down programs that are Federally or State funded, and other Federal and State sponsored financial assistance programs that offer relief to financially distressed farmers, as alternatives to foreclosure, considering the availability and appropriateness of such programs on a case-by-case basis.”

legal/us/code/title-12/chapter-23/section-2202b.md

@@ -0,0 +1,49 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2202b"
+description: "Effect of restructuring on borrower stock"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2202b"
+citation: "12 U.S.C. § 2202b"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2202b"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "0f75df37586efa74ae6d179ceba01bd6944aebb6063d8f41adc44acc7a5a31d6"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "72bb820af04af7c0f0643e5545286ca734d440596f6991d5055133f35bc5c139"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2202b - Effect of restructuring on borrower stock
+
+## Text
+
+(a) Farm Credit Bank If a Farm Credit Bank forgives and writes off, under section 2202a of this title, any of the principal outstanding on a loan made to any borrower, the Federal land bank association of which the borrower is a member and stockholder shall cancel the same dollar amount of borrower stock held by the borrower in respect of the loan, up to the total amount of such stock, and, to the extent provided for in the bylaws of the bank relating to its capitalization, the bank shall retire an equal amount of stock owned by the Federal land bank association.
+
+(b) Production credit association If a production credit association forgives and writes off, under section 2202a of this title, any of the principal outstanding on a loan made to any borrower, the association shall cancel the same dollar amount of borrower stock held by the borrower in respect of the loan, up to the total amount of such stock.
+
+(c) Retention of stock Notwithstanding subsections (a) and (b), the borrower shall be entitled to retain at least one share of stock to maintain the borrower’s membership and voting interest in the association.
+
+(Pub. L. 92–181, title IV, § 4.14B, as added Pub. L. 100–233, title I, § 102(a), Jan. 6, 1988, 101 Stat. 1577; amended Pub. L. 100–399, title I, § 102(g), Aug. 17, 1988, 102 Stat. 990.)
+
+## Notes
+
+Editorial Notes
+
+Amendments1988—Subsec. (a). Pub. L. 100–399 substituted in subsec. heading “Farm Credit Bank” for “Federal land bank” and in text “a Farm Credit Bank” for “a Federal land bank” and “, to the extent provided for in the bylaws of the bank relating to capitalization, the bank shall” for “the Federal land bank shall”.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1988 AmendmentAmendment by Pub. L. 100–399 effective immediately after amendment made by section 401 of Pub. L. 100–233, which was effective 6 months after Jan. 6, 1988, see section 1001(b) of Pub. L. 100–399, set out as a note under section 2002 of this title.

legal/us/code/title-12/chapter-23/section-2202c.md

@@ -0,0 +1,33 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2202c"
+description: "Repealed. Pub. L. 115–334, title V, § 5411(23), Dec. 20, 2018, 132 Stat. 4682"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2202c"
+citation: "12 U.S.C. § 2202c"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2202c"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "c712d763d52fb02f91466c1192840804d7554afe8ec1f17c08ec0ed6d144ea5c"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "f06767736ae4768ec16140868e4720abefb64de4704fc4e25531c5d41264b8a5"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2202c - Repealed. Pub. L. 115–334, title V, § 5411(23), Dec. 20, 2018, 132 Stat. 4682
+
+## Notes
+
+Section, Pub. L. 92–181, title IV, § 4.14C, as added Pub. L. 100–233, title I, § 102(a), Jan. 6, 1988, 101 Stat. 1578; amended Pub. L. 100–399, title I, § 102(h), Aug. 17, 1988, 102 Stat. 990, related to review of restructuring denials and establishment of a National Special Asset Council.

legal/us/code/title-12/chapter-23/section-2202d.md

@@ -0,0 +1,49 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2202d"
+description: "Protection of borrowers who meet all loan obligations"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2202d"
+citation: "12 U.S.C. § 2202d"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2202d"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "e954dd34ad17caeef2d041e1fdc8c6a0f5ca2360632e65102f15fe185aee4bf9"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "96dcbf34be270632b3df4f71b080529f18a50493848974cca89376d97380df17"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2202d - Protection of borrowers who meet all loan obligations
+
+## Text
+
+(a) Foreclosure prohibited A qualified lender may not foreclose on any loan because of the failure of the borrower thereof to post additional collateral, if the borrower has made all accrued payments of principal, interest, and penalties with respect to the loan.
+
+(b) Prohibition against required principal reduction A qualified lender may not require any borrower to reduce the outstanding principal balance of any loan made to the borrower by any amount that exceeds the regularly scheduled principal installment payment (when due and payable), unless—
+
+(1) the borrower sells or otherwise disposes of part or all of the collateral; or
+
+(2) the parties agree otherwise in a written agreement entered into by the parties.
+
+(c) Nonenforcement After a borrower has made all accrued payments of principal, interest, and penalties with respect to a loan made by a qualified lender, the lender shall not enforce acceleration of the borrower’s repayment schedule due to the borrower having not timely made one or more principal or interest payments.
+
+(d) Placing loans in nonaccrual status (1) Notification If a qualified lender places any loan in nonaccrual status, the lender shall document such change of status and promptly notify the borrower thereof in writing of such action and the reasons therefor.
+
+(2) Review of denial If the borrower was not delinquent in any principal or interest payment under the loan at the time of such action and the borrower’s request to have the loan placed back into accrual status is denied, the borrower may obtain a review of such denial before the appropriate credit review committee under section 2202 of this title.
+
+(3) Application This subsection shall only apply if a loan being placed in nonaccrual status results in an adverse action being taken against the borrower.
+
+(Pub. L. 92–181, title IV, § 4.14D, as added Pub. L. 100–233, title I, § 107, Jan. 6, 1988, 101 Stat. 1581.)

legal/us/code/title-12/chapter-23/section-2202e.md

@@ -0,0 +1,41 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2202e"
+description: "Waiver of mediation rights by borrowers"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2202e"
+citation: "12 U.S.C. § 2202e"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2202e"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "0aad55390e47bffe6fd965386ee9b9ad85862334bddae3deff6d124b92a195db"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "2da4958817056032cfe2afd7de2c63490dfdf7757cdc4e8e7acdd03189149369"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2202e - Waiver of mediation rights by borrowers
+
+## Text
+
+No System institution may make a loan secured by a mortgage or lien on agricultural property to a borrower on the condition that the borrower waive any right under the mediation program of any State.
+
+(Pub. L. 92–181, title IV, § 4.14E, as added Pub. L. 100–233, title V, § 511, Jan. 6, 1988, 101 Stat. 1664; amended Pub. L. 103–354, title II, § 282(f)(2), Oct. 13, 1994, 108 Stat. 3235.)
+
+## Notes
+
+Editorial Notes
+
+Amendments1994—Pub. L. 103–354 struck out “agricultural loan” before “mediation program”.

legal/us/code/title-12/chapter-23/section-2203.md

@@ -0,0 +1,45 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2203"
+description: "Nomination of association directors; representative selection of nominees"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2203"
+citation: "12 U.S.C. § 2203"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2203"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "165cdf31dad7b8c19b641db6aa06dd151efdb289d4de7c73798adc5383e36ff8"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "6f384b97e2f076aa0a8938341998e033bda16db4c6c9269929c3efc17fc13045"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2203 - Nomination of association directors; representative selection of nominees
+
+## Text
+
+Each production credit association and each Federal land bank association shall elect a nominating committee by vote of the stockholders at the annual meeting to serve for the following year. Each nominating committee shall review lists of farmers from the association territory, determine their willingness to serve, and submit for election a slate of eligible candidates which shall include at least two nominees for each elective office to be filled. In doing so, the committee shall endeavor to assure representation to all sections of the association territory and as nearly as possible to all types of agriculture practiced within the area. Employees of the association shall not be eligible to be nominated, elected, or serve as a member of the board. Nominations shall also be accepted from the floor. Members of the board are not eligible to serve on the nominating committee. Regulations of the Farm Credit Administration governing the election of bank directors shall similarly assure a choice of two nominees for each elective office to be filled and that the bank board represent as nearly as possible all types of agriculture in the district.
+
+(Pub. L. 92–181, title IV, § 4.15, Dec. 10, 1971, 85 Stat. 613; Pub. L. 100–399, title IX, § 901(g), Aug. 17, 1988, 102 Stat. 1007.)
+
+## Notes
+
+Editorial Notes
+
+Amendments1988—Pub. L. 100–399 substituted “bank directors” for “district directors” and “bank board” for “district board”.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1988 AmendmentAmendment by Pub. L. 100–399 effective as if enacted immediately after enactment of Pub. L. 100–233, which was approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100–399, set out as a note under section 2002 of this title.

legal/us/code/title-12/chapter-23/section-2204.md

@@ -0,0 +1,33 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2204"
+description: "Repealed. Pub. L. 102–552, title V, § 508, Oct. 28, 1992, 106 Stat. 4132"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2204"
+citation: "12 U.S.C. § 2204"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2204"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "49b0294f7746dafc0e63c9d68173447677b24db616ec3b573b0520a7ae3a9815"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "f68fdc6e990e0fe311763599c1a3c1dd57da5d4bc6380c8a236a4c7400913d4a"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2204 - Repealed. Pub. L. 102–552, title V, § 508, Oct. 28, 1992, 106 Stat. 4132
+
+## Notes
+
+Section, Pub. L. 92–181, title IV, § 4.16, Dec. 10, 1971, 85 Stat. 613, prohibited tax-exempt guarantees.

legal/us/code/title-12/chapter-23/section-2205.md

@@ -0,0 +1,47 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2205"
+description: "Interest rates"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2205"
+citation: "12 U.S.C. § 2205"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2205"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "16f54feb1454ea4c9f199d8daf7e7cde3dc07e029c967b17e54d17442f6e2a27"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "5afcda335428195a29b676e8d5ff4e541064e8431e1cdcf8d8a37a6e61dd37f4"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2205 - Interest rates
+
+## Text
+
+Interest rates on loans from institutions of the Farm Credit System shall not be subject to any interest rate limitation imposed by any State constitution or statute or other laws. Such limitation is preempted for purposes of this chapter. Interest rates on loans made by agricultural credit corporations organized in conjunction with cooperative associations for the purpose of financing the ordinary crop operations of the members of such associations or other producers and eligible to discount with the Farm Credit Banks shall be exempt from any interest rate limitation imposed by any State constitution or statute or other laws which are hereby preempted for purposes of this chapter.
+
+(Pub. L. 92–181, title IV, § 4.17, as added Pub. L. 96–592, title IV, § 403, Dec. 24, 1980, 94 Stat. 3446; amended Pub. L. 99–205, title II, § 205(f)(6), Dec. 23, 1985, 99 Stat. 1706; Pub. L. 99–509, title I, § 1035, Oct. 21, 1986, 100 Stat. 1878; Pub. L. 100–399, title IX, § 901(h), Aug. 17, 1988, 102 Stat. 1007; Pub. L. 115–334, title V, § 5411(24), Dec. 20, 2018, 132 Stat. 4682.)
+
+## Notes
+
+Editorial Notes
+
+Amendments2018—Pub. L. 115–334 struck out “Federal intermediate credit banks and” before “Farm Credit Banks”. 1988—Pub. L. 100–399 substituted “and Farm Credit Banks” for “pursuant to section 2074 of this title”. 1986—Pub. L. 99–509 substituted first two sentences for former first sentence which read as follows: “Interest rates on loans from institutions of the Farm Credit System shall be determined with the approval of, as provided in section 2252(a)(5) of this title, the Farm Credit Administration as provided in this chapter, notwithstanding any interest rate limitation imposed by any State constitution or statute or other laws which are hereby preempted for purposes of this chapter.” 1985—Pub. L. 99–205 inserted “, as provided in section 2252(a)(5) of this title,” after “with the approval of” in first sentence.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1988 AmendmentAmendment by Pub. L. 100–399 effective immediately after amendment made by section 401 of Pub. L. 100–233, which was effective 6 months after Jan. 6, 1988, see section 1001(b) of Pub. L. 100–399, set out as a note under section 2002 of this title.
+
+Effective Date of 1985 AmendmentAmendment by Pub. L. 99–205 effective thirty days after Dec. 23, 1985, see section 401 of Pub. L. 99–205, set out as a note under section 2001 of this title.

legal/us/code/title-12/chapter-23/section-2206.md

@@ -0,0 +1,45 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2206"
+description: "Participation loans"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2206"
+citation: "12 U.S.C. § 2206"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2206"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "c6044625e6a05402d905fa982c4b488c2953260c6e0244bffa37410e57192039"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "ba286eb738e122c371aa20239db1f75f6698967b85dd9ae3a6f8d40dfa0b9ca7"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2206 - Participation loans
+
+## Text
+
+Notwithstanding any other provisions of this chapter, the terms of any loan participated in by two or more Farm Credit System institutions operating under different subchapters of this chapter, including provisions for capitalization of the portion of the loan participated in by each institution, shall be as may be agreed upon among such institutions and authorized under regulations issued by the Farm Credit Administration, except that for purposes of determining borrower eligibility, membership, term, amount, loan security, and purchase of stock or participation certificates by the borrower, the provisions of law applicable to the loan shall be the provisions in the subchapter under which the institution that originates the loan operates.
+
+(Pub. L. 92–181, title IV, § 4.18, as added Pub. L. 96–592, title IV, § 403, Dec. 24, 1980, 94 Stat. 3446; amended Pub. L. 99–205, title II, § 205(f)(7), Dec. 23, 1985, 99 Stat. 1706.)
+
+## Notes
+
+Editorial Notes
+
+Amendments1985—Pub. L. 98–205 inserted “under regulations issued” after “authorized”.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1985 AmendmentAmendment by Pub. L. 99–205 effective thirty days after Dec. 23, 1985, see section 401 of Pub. L. 99–205, set out as a note under section 2001 of this title.

legal/us/code/title-12/chapter-23/section-2206a.md

@@ -0,0 +1,59 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2206a"
+description: "Authority of Farm Credit Banks and direct lender associations to participate in loans to similar entities for risk management purposes"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2206a"
+citation: "12 U.S.C. § 2206a"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2206a"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "abf4c1791a3e6e1a9e2661a4c2afeccde566727e8672e3bdaf6a45702dc05c56"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "77fe3388a9e3b52694c93a23993b0d8fa23214dfafa8e388cb80c46afb66ac22"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2206a - Authority of Farm Credit Banks and direct lender associations to participate in loans to similar entities for risk management purposes
+
+## Text
+
+(a) Definitions As used in this section:
+
+(1) Participate and participation The terms “participate” and “participation” shall have the meaning provided in section 2122(11)(B)(iii) of this title.
+
+(2) Similar entity The term “similar entity” means a person that—
+
+(A) is not eligible for a loan from the Farm Credit Bank or association; and
+
+(B) has operations that are functionally similar to a person that is eligible for a loan from the Farm Credit Bank or association in that the person derives a majority of the income of the person from, or has a majority of the assets of the person invested in, the conduct of activities that are functionally similar to the activities that are conducted by an eligible person.
+
+(b) Loan participation authority Notwithstanding any other provision of this chapter, any Farm Credit Bank or direct lender association chartered under this chapter may participate in any loan of a type otherwise authorized under subchapter I or II made to a similar entity by any person in the business of extending credit, except that a Farm Credit Bank or direct lender association may not participate in a loan under this section if—
+
+(1) the participation would cause the total amount of all participations by the Farm Credit Bank or association under this section involving a single credit risk to exceed 10 percent (or the applicable higher lending limit authorized under regulations issued by the Farm Credit Administration if the stockholders of the respective Farm Credit Bank or association so approve) of the total capital of the Farm Credit Bank or association;
+
+(2) the participation by the Farm Credit Bank or association would equal or exceed 50 percent of the principal of the loan or, when taken together with participations in the loan by other Farm Credit System institutions, would cause the cumulative amount of the participations by all Farm Credit System institutions in the loan to equal or exceed 50 percent of the principal of the loan;
+
+(3) the participation would cause the cumulative amount of participations that the Farm Credit Bank or association has outstanding under this section to exceed 15 percent of the total assets of the Farm Credit Bank or association; or
+
+(4) the loan is of the type authorized under section 2019(b) or 2075(a)(2) of this title.
+
+(Pub. L. 92–181, title IV, § 4.18A, as added Pub. L. 103–376, § 5, Oct. 19, 1994, 108 Stat. 3498; Pub. L. 107–171, title V, § 5401(b), May 13, 2002, 116 Stat. 349.)
+
+## Notes
+
+Editorial Notes
+
+Amendments2002—Subsec. (a)(1). Pub. L. 107–171, § 5401(b)(1), substituted “2122(11)(B)(iii) of this title” for “2122(11)(B)(iv) of this title”. Subsec. (c). Pub. L. 107–171, § 5401(b)(2), struck out heading and text of subsec. (c). Text read as follows: “(1) In general.—With respect to a similar entity that is eligible to borrow from a bank for cooperatives under subchapter III of this chapter, the authority of a Farm Credit Bank or association to participate in a loan to the entity under this section shall be subject to the prior approval of the bank for cooperatives having, at the time the loan is made, the greatest loan volume in the State in which the headquarters office of the similar entity is located. “(2) Terms and conditions.—Approval under paragraph (1) may be granted on an annual basis and under such terms and conditions as may be agreed on between the Farm Credit Bank or association, as the case may be, and the bank for cooperatives granting the approval. “(3) Approval by supervising farm credit bank.—An association may not participate in a loan to a similar entity under this section without the approval of the supervising Farm Credit Bank of the association.”

legal/us/code/title-12/chapter-23/section-2207.md

@@ -0,0 +1,47 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2207"
+description: "Young, beginning, and small farmers and ranchers"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2207"
+citation: "12 U.S.C. § 2207"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2207"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "4bd7541b2c8fddb9fe55d5d5dfffc7a4db11b67605c0da8f20fc0d381b696dba"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "30f3965e67ccd98cfa46508df23ee6167a0f0bd7b18a73353603638164b3c6d0"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2207 - Young, beginning, and small farmers and ranchers
+
+## Text
+
+(a) Under policies of the Farm Credit Bank board, each association shall prepare a program for furnishing sound and constructive credit and related services to young, beginning, and small farmers and ranchers. Such programs shall assure that such credit and services are available in coordination with other institutions of the Farm Credit System serving the territory and with other governmental and private sources of credit. Each program shall be subject to review and approval by the supervising bank.
+
+(b) The Farm Credit Bank for each district shall annually obtain from associations under its supervision reports of activities under programs developed pursuant to subsection (a) and progress toward program objectives. On the basis of such reports, the bank shall provide to the Farm Credit Administration an annual report summarizing the operations and achievements in its district under such programs.
+
+(Pub. L. 92–181, title IV, § 4.19, as added Pub. L. 96–592, title IV, § 403, Dec. 24, 1980, 94 Stat. 3446; amended Pub. L. 100–399, title IX, § 901(i), (j), Aug. 17, 1988, 102 Stat. 1007; Pub. L. 115–334, title V, § 5411(25), Dec. 20, 2018, 132 Stat. 4682.)
+
+## Notes
+
+Editorial Notes
+
+Amendments2018—Subsec. (a). Pub. L. 115–334 struck out “district” before “Farm Credit Bank board” and “Federal land bank association and production credit” before “association shall prepare” and substituted “institutions” for “units”. 1988—Subsec. (a). Pub. L. 100–399, § 901(i), inserted “Farm Credit Bank” after “district”. Subsec. (b). Pub. L. 100–399, § 901(j), substituted “The Farm Credit Bank for each district” for “The Federal land bank and the Federal intermediate credit bank for each district”, “under its supervision” for “under their supervision”, “subsection (a)” for “subsection (a) of this section”, “the bank shall” for “the banks shall”, “an annual report” for “a joint annual report”, and “achievements in its district” for “achievements in their district”.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1988 AmendmentAmendment by Pub. L. 100–399 effective immediately after amendment made by section 401 of Pub. L. 100–233, which was effective 6 months after Jan. 6, 1988, see section 1001(b) of Pub. L. 100–399, set out as a note under section 2002 of this title.

legal/us/code/title-12/chapter-23/section-2208.md

@@ -0,0 +1,45 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2208"
+description: "Prohibition against use of signed ballots"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2208"
+citation: "12 U.S.C. § 2208"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2208"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "bf36a4bbe3a97141a64561bf69156533fbd736e2cbbe68ae58de850be0fc3d80"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "dc0cc830292269288ad77a8984883bcd5345d72dfc8dff7ab85d719856dcb63e"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2208 - Prohibition against use of signed ballots
+
+## Text
+
+In any election or merger vote, or other proceeding subject to a vote of the stockholders (or subscribers to the guaranty fund of a bank for cooperatives), conducted by a lending institution of the Farm Credit System, the institution—
+
+(1) may not use signed ballots; and
+
+(2) shall implement measures to safeguard the voting process for the protection of the right of stockholders (or subscribers) to a secret ballot.
+
+(Pub. L. 92–181, title IV, § 4.20, as added Pub. L. 96–592, title IV, § 403, Dec. 24, 1980, 94 Stat. 3447; amended Pub. L. 100–233, title IV, § 425, Jan. 6, 1988, 101 Stat. 1657.)
+
+## Notes
+
+Editorial Notes
+
+Amendments1988—Pub. L. 100–233 amended section generally. Prior to amendment, section read as follows: “The provisions of (1) section 2074 of this title authorizing the Federal intermediate credit banks to lend to or discount paper for other financial institutions, and (2) section 2128(b) of this title authorizing the financing of certain domestic or foreign entities in connection with the import or export activities of cooperatives which are borrowers from the banks for cooperatives, shall expire on September 30, 1990, unless extended by Act of Congress prior to that date. Any contract or agreement entered into under the authority of either provision prior to its expiration shall remain in full force and effect notwithstanding such expiration.”

legal/us/code/title-12/chapter-23/section-2209.md

@@ -0,0 +1,33 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2209"
+description: "Repealed. Pub. L. 115–334, title V, § 5403, Dec. 20, 2018, 132 Stat. 4675"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2209"
+citation: "12 U.S.C. § 2209"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2209"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "e28ebbd02fb440327b8328608f84646739136e09ffb51b230079dc98301f4cda"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "c342312ff2ebceacb91605e884892e3ed120366fc84e1c7c6bb9197ddba46892"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2209 - Repealed. Pub. L. 115–334, title V, § 5403, Dec. 20, 2018, 132 Stat. 4675
+
+## Notes
+
+Section, Pub. L. 92–181, title IV, § 4.21, as added Pub. L. 100–399, title IV, § 414, Aug. 17, 1988, 102 Stat. 1004; amended Pub. L. 102–552, title V, § 509, Oct. 28, 1992, 106 Stat. 4132, related to maximum amount of compensation of bank directors.

legal/us/code/title-12/chapter-23/section-2211.md

@@ -0,0 +1,45 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2211"
+description: "Establishment"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2211"
+citation: "12 U.S.C. § 2211"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2211"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "87da4db2058897d397415eefee7ea33b162e5b82effb1febbcf5f12af821ee7c"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "ebc9f1066c9eb72500a1f9cf3d4413bbe1ef90d57ba55f9ca34aec296c97860d"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2211 - Establishment
+
+## Text
+
+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.
+
+(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.)
+
+## Notes
+
+Editorial Notes
+
+Amendments1985—Pub. L. 99–205 struck out “the Governor of” before “the Farm Credit Administration” in second sentence and substituted “Farm Credit Administration” for “Governor” in third and fourth sentences.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1985 AmendmentAmendment by Pub. L. 99–205 effective thirty days after Dec. 23, 1985, see section 401 of Pub. L. 99–205, set out as a note under section 2001 of this title.

legal/us/code/title-12/chapter-23/section-2212.md

@@ -0,0 +1,45 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2212"
+description: "Powers of Farm Credit Administration"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2212"
+citation: "12 U.S.C. § 2212"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2212"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "c8799cc017b3cdacc244c81e114e731689033db1e4aa0edd649585ec4febf1e7"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "b44f69dca5331cf37cfb7209bd46dfe116e832fac9a25cfe25005b8137720d49"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2212 - Powers of Farm Credit Administration
+
+## Text
+
+The Farm Credit Administration shall have power, under rules and regulations prescribed by the Farm Credit Administration, to provide for the organization of any corporation chartered under this part and the territory within which its operations may be carried on, and to approve amendments consistent with this chapter to charters or articles of service corporations.
+
+(Pub. L. 92–181, title IV, § 4.26, as added Pub. L. 96–592, title IV, § 404, Dec. 24, 1980, 94 Stat. 3447; amended Pub. L. 99–205, title II, § 205(f)(9), Dec. 23, 1985, 99 Stat. 1706; Pub. L. 100–233, title VIII, § 802(s), Jan. 6, 1988, 101 Stat. 1712.)
+
+## Notes
+
+Editorial Notes
+
+Amendments1988—Pub. L. 100–233 struck out “or by prescribing in the terms of the charter or by approval of the bylaws of the corporation” after second reference to Farm Credit Administration, substituted “approve amendments consistent with this chapter to charters or articles of service corporations” for “direct at any time such changes in its charter as the Farm Credit Administration finds necessary for the accomplishment of the purposes of this chapter”, and struck out last sentence which read as follows: “The powers of the Farm Credit Administration to provide for the organization of any corporation chartered under this part include, but are not limited to approval of— “(1) corporate title; “(2) general corporate powers; “(3) eligibility for membership on, and the powers, composition, selection, terms, and compensation of the board of directors; “(4) classes, issuance, value, and retirement of stock; “(5) sources of operating funds; “(6) dissolution, liquidation, and distribution of assets on liquidation; and “(7) application and distribution of earnings.” 1985—Pub. L. 99–205 substituted “Farm Credit Administration” for “Governor” in heading and wherever appearing in text, and substituted “the Federal Credit Administration” for “he” before “finds necessary” in first sentence.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1985 AmendmentAmendment by Pub. L. 99–205 effective thirty days after Dec. 23, 1985, see section 401 of Pub. L. 99–205, set out as a note under section 2001 of this title.

legal/us/code/title-12/chapter-23/section-2213.md

@@ -0,0 +1,45 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2213"
+description: "Regulation and examination"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2213"
+citation: "12 U.S.C. § 2213"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2213"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "58f791f5d83704486333ad360d322c1f7c347d6a4307de0d33f1bf3b5e0432aa"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "fb286c9c46ffbfe4f08eb2ab4b183d782257d72b0cc53d927ae125f508c07f60"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2213 - Regulation and examination
+
+## Text
+
+The corporations organized under this part shall be institutions of the Farm Credit System and shall be subject to the same regulation and examination by the Farm Credit Administration as are the organizing bank or banks under this chapter.
+
+(Pub. L. 92–181, title IV, § 4.27, as added Pub. L. 96–592, title IV, § 404, Dec. 24, 1980, 94 Stat. 3447; amended Pub. L. 99–205, title II, § 205(f)(10), Dec. 23, 1985, 99 Stat. 1706; Pub. L. 100–233, title VIII, § 802(t), Jan. 6, 1988, 101 Stat. 1712.)
+
+## Notes
+
+Editorial Notes
+
+Amendments1988—Pub. L. 100–233 substituted “Regulation” for “Supervision” in section catchline. 1985—Pub. L. 99–205 substituted “regulation” for “supervision”.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1985 AmendmentAmendment by Pub. L. 99–205 effective thirty days after Dec. 23, 1985, see section 401 of Pub. L. 99–205, set out as a note under section 2001 of this title.

legal/us/code/title-12/chapter-23/section-2214.md

@@ -0,0 +1,47 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2214"
+description: "State laws"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2214"
+citation: "12 U.S.C. § 2214"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2214"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "e677fa9fd8cfc3e7d30c22498b232de3dc83a3234e71f35cb67bc20b319f7b58"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "588f15281425f7664143a557c680b9aecb858fe0ddf9455081d3e01c01ddf9d5"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2214 - State laws
+
+## Text
+
+State and other laws shall apply to corporations organized pursuant to this part to the same extent such laws would apply to the organizing banks engaged in the same activity in the same jurisdiction: Provided, however, That to the extent that sections 2023, 2098, and 2134 of this title may exempt banks or associations of the Farm Credit System from taxation, such exemptions, other than with respect to franchise taxes, shall not extend to corporations organized pursuant to this part.
+
+(Pub. L. 92–181, title IV, § 4.28, as added Pub. L. 96–592, title IV, § 404, Dec. 24, 1980, 94 Stat. 3448; amended Pub. L. 100–399, title IX, § 901(k), Aug. 17, 1988, 102 Stat. 1007; Pub. L. 102–237, title V, § 502(g), Dec. 13, 1991, 105 Stat. 1869.)
+
+## Notes
+
+Editorial Notes
+
+Amendments1991—Pub. L. 102–237 made technical amendment to reference to section 2098 of this title to reflect change in reference to corresponding section of original act. 1988—Pub. L. 100–399 inserted “or associations” and substituted “2023, 2098,” for “2055, 2079,”.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1991 AmendmentAmendment by Pub. L. 102–237 effective as if included in the provision of the Food, Agriculture, Conservation, and Trade Act of 1990, Pub. L. 101–624, to which the amendment relates, see section 1101(b)(4) of Pub. L. 102–237, set out as a note under section 1421 of Title 7, Agriculture.
+
+Effective Date of 1988 AmendmentAmendment by Pub. L. 100–399 effective immediately after amendment made by section 401 of Pub. L. 100–233, which was effective 6 months after Jan. 6, 1988, see section 1001(b) of Pub. L. 100–399, set out as a note under section 2002 of this title.

legal/us/code/title-12/chapter-23/section-2214a.md

@@ -0,0 +1,41 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2214a"
+description: "“Bank” defined"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2214a"
+citation: "12 U.S.C. § 2214a"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2214a"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "3619d865057b6d844c863969b5e77e01276552d565b7be479a3c31a0320d17ed"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "8e8cb7fee03e6ff3e38ecfc93092c22b06c5b400bdb1e78093d338349080eeab"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2214a - “Bank” defined
+
+## Text
+
+In this part, the term “bank” includes each association operating under subchapter II.
+
+(Pub. L. 92–181, title IV, § 4.28A, as added Pub. L. 104–105, title II, § 209, Feb. 10, 1996, 110 Stat. 174.)
+
+## Notes
+
+Editorial Notes
+
+Prior ProvisionsA prior section 4.28A of title IV of Pub. L. 92–181, which provided for chartering of Farm Credit System Capital Corporation by Farm Credit Administration and revoked charter of Farm Credit System Capital Corporation which had been issued under part D of this subchapter, was classified to section 2216 of this title, prior to repeal by Pub. L. 100–233, title II, § 207(a)(3), Jan. 6, 1988, 101 Stat. 1607.

legal/us/code/title-12/chapter-23/section-2216-to-2216k.md

@@ -0,0 +1,59 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2216 to 2216k"
+description: "Repealed. Pub. L. 100–233, title II, § 207(a)(3), Jan. 6, 1988, 101 Stat. 1607"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2216 to 2216k"
+citation: "12 U.S.C. § 2216 to 2216k"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2216...2216k"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "5eff22ceeca2c12140803a077e10d452cacf6257a3e46f959aefce2af9d83638"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "0913fb380872f8a513397a9fa4aa070f3e953ef2fb14e7edc73c2a3dfdfaa03f"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2216 to 2216k - Repealed. Pub. L. 100–233, title II, § 207(a)(3), Jan. 6, 1988, 101 Stat. 1607
+
+## Notes
+
+Section 2216, Pub. L. 92–181, title IV, § 4.28A, as added Pub. L. 99–205, title I, § 103, Dec. 23, 1985, 99 Stat. 1680, provided for chartering of Farm Credit System Capital Corporation by Farm Credit Administration and revoked charter of Farm Credit System Capital Corporation which had been issued under part D of this subchapter.
+
+Section 2216a, Pub. L. 92–181, title IV, § 4.28B, as added Pub. L. 99–205, title I, § 103, Dec. 23, 1985, 99 Stat. 1680, set out purposes of Capital Corporation.
+
+Section 2216b, Pub. L. 92–181, title IV, § 4.28C, as added Pub. L. 99–205, title I, § 103, Dec. 23, 1985, 99 Stat. 1680, provided for Board of Directors of Capital Corporation.
+
+Section 2216c, Pub. L. 92–181, title IV, § 4.28D, as added Pub. L. 99–205, title I, § 103, Dec. 23, 1985, 99 Stat. 1682, provided for compensation of members of Board of Directors of Capital Corporation.
+
+Section 2216d, Pub. L. 92–181, title IV, § 4.28E, as added Pub. L. 99–205, title I, § 103, Dec. 23, 1985, 99 Stat. 1682, authorized Board of Directors of Capital Corporation to adopt rules.
+
+Section 2216e, Pub. L. 92–181, title IV, § 4.28F, as added Pub. L. 99–205, title I, § 103, Dec. 23, 1985, 99 Stat. 1682, provided for selection of chief executive officer of Capital Corporation.
+
+Section 2216f, Pub. L. 92–181, title IV, § 4.28G, as added Pub. L. 99–205, title I, § 103, Dec. 23, 1985, 99 Stat. 1682, enumerated corporate powers of Capital Corporation.
+
+Section 2216g, Pub. L. 92–181, title IV, § 4.28H, as added Pub. L. 99–205, title I, § 103, Dec. 23, 1985, 99 Stat. 1685, provided for succession of Capital Corporation.
+
+Section 2216h, Pub. L. 92–181, title IV, § 4.28I, as added Pub. L. 99–205, title I, § 103, Dec. 23, 1985, 99 Stat. 1685, set out provisions limiting powers of Capital Corporation.
+
+Section 2216i, Pub. L. 92–181, title IV, § 4.28J, as added Pub. L. 99–205, title I, § 103, Dec. 23, 1985, 99 Stat. 1686, set out authority of Secretary of the Treasury.
+
+Section 2216j, Pub. L. 92–181, title IV, § 4.28K, as added Pub. L. 99–205, title I, § 103, Dec. 23, 1985, 99 Stat. 1687, provided for initial capitalization of Capital Corporation.
+
+Section 2216k, Pub. L. 92–181, title IV, § 4.28L, as added Pub. L. 99–205, title I, § 103, Dec. 23, 1985, 99 Stat. 1687, provided for tax status of consolidated obligations.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of RepealRepeal effective 15 days after Jan. 6, 1988, see section 207(b) of Pub. L. 100–233, set out as a note under section 2152 of this title.

legal/us/code/title-12/chapter-23/section-2218.md

@@ -0,0 +1,73 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2218"
+description: "Lines of insurance"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2218"
+citation: "12 U.S.C. § 2218"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2218"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "3a462a53621142a9dc064031e9b57f15289941f09b529a6097e7338dad4ce238"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "4e07d56f2a4286d916bde3a8d62a08de6bf6baa34d8b760db6e4059907e86b37"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2218 - Lines of insurance
+
+## Text
+
+(a) Regulatory authorization (1) The regulations of the Farm Credit Administration governing financially related services that the banks and associations of the Farm Credit System may provide under subchapters I and II of this chapter may authorize the sale to any member of or borrower from any such bank or association, on an optional basis, of credit or term life and credit disability insurance appropriate to protect the loan commitment in the event of death or disability of the debtors and other insurance necessary to protect the member’s farm or aquatic unit, but limited to, hail and multiple-peril crop insurance, title insurance, and insurance to protect the facilities and equipment of aquatic borrowers. A member or borrower shall have the option, without coercion from the bank or association of such member or borrower, to accept or reject such insurance.
+
+(2) In making insurance available through private insurers, the banks shall approve the programs of more than two insurers for each type of insurance offered in the district, if more than two insurers for each type of insurance have proposed programs to a bank that will, in all likelihood, have long-term viability and meet the requirements of subsection (b)(2)(D). The banks may provide comparative information relating to costs and quality of approved programs and the financial conditions of approved companies. Associations shall offer at least two insurers for each program from among those approved by the Farm Credit Banks, if at least two insurers have been approved in accordance with this paragraph.
+
+(b) Contents of regulations Such regulations shall provide that—
+
+(1) in any case in which insurance is required as a condition for a loan or other financial assistance from a bank or association, notice be given that it is not necessary to purchase the insurance from the bank or association and that the borrower has the option of obtaining the insurance elsewhere;
+
+(2) such insurance services may be offered only if—
+
+(A) the bank or association has the capacity to render insurance service under this chapter in an effective and efficient manner;
+
+(B) there exists the probability that any insurance program under this chapter will generate sufficient revenue to cover all costs;
+
+(C) rendering insurance service will not have an adverse effect on the bank’s or association’s credit or other operations;
+
+(D) the insurance program has been approved by the bank or association from among specific programs made available to it by insurers—
+
+(i) meeting reasonable financial and quality of service standards; and
+
+(ii) licensed under State law to do business in the State; and
+
+(E) in making insurance available through approved insurers, the board of directors of the association or bank selects and offers at least two approved insurers for each type of insurance made available to the members and borrowers, if at least two insurers have been approved in accordance with subsection (a)(2); and
+
+(3) no bank or association shall directly or indirectly discriminate in any manner against any agent, broker, or insurer that is not affiliated with such bank or association, or against any party who purchases insurance through any such nonaffiliated insurance agent, broker, or insurer.
+
+(c) Continuation of existing coverage Notwithstanding any provision of this section to the contrary, any bank or association that on December 24, 1980, is offering insurance coverages not authorized by this section may continue to sell such coverages for a period of not more than one year from such date and may continue to service such coverages until their expiration.
+
+(Pub. L. 92–181, title IV, § 4.29, as added Pub. L. 96–592, title IV, § 404, Dec. 24, 1980, 94 Stat. 3448; amended Pub. L. 100–233, title IV, § 422(a), Jan. 6, 1988, 101 Stat. 1655; Pub. L. 100–399, title IV, § 411, Aug. 17, 1988, 102 Stat. 1003; Pub. L. 101–624, title XVIII, § 1834, Nov. 28, 1990, 104 Stat. 3833.)
+
+## Notes
+
+Editorial Notes
+
+Amendments1990—Subsec. (a)(2). Pub. L. 101–624, § 1834(1), inserted “, if more than two insurers for each type of insurance have proposed programs to a bank that will, in all likelihood, have long-term viability and meet the requirements of subsection (b)(2)(D)” before period at end of first sentence, and “, if at least two insurers have been approved in accordance with this paragraph” before period at end of third sentence. Subsec. (b)(2)(E). Pub. L. 101–624, § 1834(2), inserted before semicolon at end “, if at least two insurers have been approved in accordance with subsection (a)(2)”. 1988—Subsec. (a). Pub. L. 100–233, § 422(a)(1), designated existing provisions as par. (1), struck out “of this Act” to conform to style of original enactment, resulting in no change in text, inserted “or borrower from” before “any such bank”, inserted provision at end giving a member or borrower the option, without coercion from the bank or association of such member or borrower, to accept or reject such insurance, and added par. (2). Subsec. (a)(1). Pub. L. 100–399, § 411(a), substituted “subchapters I and II of this chapter” for “sections 2019, 2033, 2076, and 2097 of this title”. Subsec. (a)(2). Pub. L. 100–399, § 411(b), substituted “Farm Credit Banks” for “Federal intermediate credit banks”. Subsec. (b)(2). Pub. L. 100–233, § 422(a)(2), redesignated cls. (i) to (iii) as subpars. (A) to (C), respectively, and added subpars. (D) and (E).
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1988 AmendmentAmendment by Pub. L. 100–399 effective immediately after amendment made by section 401 of Pub. L. 100–233, which was effective 6 months after Jan. 6, 1988, see section 1001(b) of Pub. L. 100–399, set out as a note under section 2002 of this title.
+
+Continuation of ProgramPub. L. 100–233, title IV, § 422(b), Jan. 6, 1988, 101 Stat. 1656, provided that: “Notwithstanding the amendments made to section 4.29 [12 U.S.C. 2218] by subsection (a), any insurance program offered by any bank or association of the Farm Credit System on the date of the enactment of this Act [Jan. 6, 1988] that does not meet the requirements of section 4.29, as so amended, may be continued until July 1, 1988.”

legal/us/code/title-12/chapter-23/section-2219.md

@@ -0,0 +1,41 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2219"
+description: "Limitation on separate sale"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2219"
+citation: "12 U.S.C. § 2219"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2219"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "a7f9ea9cbf5bd58f75e9c90e1ded704bfcc6c9e7f71c1d39eb5f4a65d968c8a0"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "bc26b959b4582966484e6e64c3d197862ddc6fddaf8b7fd5b00dafabb54dbbaf"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2219 - Limitation on separate sale
+
+## Text
+
+If real property is acquired by any institution of the Farm Credit System through foreclosure, no institution of the Farm Credit System shall sell the surface rights to that real property to any person unless the institution also sells all mineral rights to that real property to that person.
+
+(Pub. L. 92–181, title IV, § 4.35, as added Pub. L. 99–205, title III, § 306, Dec. 23, 1985, 99 Stat. 1709.)
+
+## Notes
+
+Statutory Notes and Related Subsidiaries
+
+Effective DateSection effective thirty days after Dec. 23, 1985, see section 401 of Pub. L. 99–205, set out as an Effective Date of 1985 Amendment note under section 2001 of this title.

legal/us/code/title-12/chapter-23/section-2219a.md

@@ -0,0 +1,113 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2219a"
+description: "Right of first refusal"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2219a"
+citation: "12 U.S.C. § 2219a"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2219a"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "999557467775ee6f18a51e34aaa9db946df51e6a05a194dfd646f201be335ecb"
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+text_hash: "51d335bb88d53ad25e8d8b34fa79333d5553ce5ab275e97fbacbd8a825e414a3"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2219a - Right of first refusal
+
+## Text
+
+(a) General rule Agricultural real estate that is acquired by an institution of the System as a result of a loan foreclosure or a voluntary conveyance by a borrower (hereinafter in this section referred to as the “previous owner”) who, as determined by the institution, does not have the financial resources to avoid foreclosure (hereinafter in this section referred to as “acquired real estate”) shall be subject to the right of first refusal of the previous owner to repurchase or lease the property, as provided in this section.
+
+(b) Application of right of first refusal to sale of property (1) Election to sell and notification Within 15 days after an institution of the System first elects to sell acquired real estate, or any portion of such real estate, the institution shall notify the previous owner by certified mail of the owner’s right—
+
+(A) to purchase the property at the appraised fair market value of the property, as established by an accredited appraiser; or
+
+(B) to offer to purchase the property at a price less than the appraised value.
+
+(2) Eligibility to purchase To be eligible to purchase the property under paragraph (1), the previous owner must, within 30 days after receiving the notice required by such paragraph, submit an offer to purchase the property.
+
+(3) Mandatory sale An institution of the System receiving an offer from the previous owner to purchase the property at the appraised value shall, within 15 days after the receipt of such offer, accept such offer and sell the property to the previous owner.
+
+(4) Permissive sale An institution of the System receiving an offer from the previous owner to purchase the property at a price less than the appraised value may accept such offer and sell the property to the previous owner. Notice shall be provided to the previous owner of the acceptance or rejection of such offer within 15 days after the receipt of such offer.
+
+(5) Rejection of offer of previous owner (A) Duties of institution An institution of the System that rejects an offer from the previous owner to purchase the property at a price less than the appraised value may not sell the property to any other person—
+
+(i) at a price equal to, or less than, that offered by the previous owner; or
+
+(ii) on different terms and conditions than those that were extended to the previous owner,
+
+without first affording the previous owner an opportunity to purchase the property at such price or under such terms and conditions.
+
+(B) Notice Notice of the opportunity in subparagraph (A) shall be provided to the previous owner by certified mail, and the previous owner shall have 15 days in which to submit an offer to purchase the property at such price or under such terms and conditions.
+
+(c) Application of right of first refusal to leasing of property (1) Election to lease and notification Within 15 days after an institution of the System first elects to lease acquired real estate, or any portion of such real estate, the institution shall notify the previous owner by certified mail of the owner’s right—
+
+(A) to lease the property at a rate equivalent to the appraised rental value of the property, as established by an accredited appraiser; or
+
+(B) to offer to lease the property at a rate that is less than the appraised rental value of the property.
+
+(2) Eligibility to lease To be eligible to lease the property under paragraph (1), the previous owner must, within 15 days after receiving the notice required by such paragraph, submit an offer to lease the property.
+
+(3) Mandatory lease An institution of the System receiving an offer from the previous owner to lease the property at a rate equivalent to the appraised rental value of the property shall, within 15 days after the receipt of such offer, accept such offer and lease the property to the previous owner unless the institution determines that the previous owner—
+
+(A) does not have the resources available to conduct a successful farming or ranching operation; or
+
+(B) cannot meet all of the payments, terms, and conditions of such lease.
+
+(4) Permissive lease An institution of the System receiving an offer from the previous owner to lease the property at a rate that is less than the appraised rental value of the property may accept such offer and lease the property to the previous owner.
+
+(5) Notice to previous owner An institution of the System receiving an offer from the previous owner to lease the property at a rate less than the appraised rental value of the property shall notify the previous owner of its acceptance or rejection of the offer within 15 days after the receipt of such offer.
+
+(6) Rejection of offer of previous owner (A) Duties of institution An institution of the System rejecting an offer from the previous owner to lease the property at a rate less than the appraised rental value of the property may not lease the property to any other person—
+
+(i) at a rate equal to or less than that offered by the previous owner; or
+
+(ii) on different terms and conditions than those that were extended to the previous owner,
+
+without first affording the previous owner an opportunity to lease the property at such rate or under such terms and conditions.
+
+(B) Notice Notice of the opportunity described in subparagraph (A) shall be given to the previous owner by certified mail, and the previous owner shall have 15 days after the receipt of such notice in which to agree to lease the property at such rate or under such terms and conditions.
+
+(d) Public offerings (1) Notification of previous owner If an institution of the System elects to sell or lease acquired property or a portion thereof through a public auction, competitive bidding process, or other similar public offering, the institution shall notify the previous owner, by certified mail, of the availability of the property. Such notice shall contain the minimum amount, if any, required to qualify a bid as acceptable to the institution and any terms and conditions to which such sale or lease will be subject.
+
+(2) Priority If two or more qualified bids in the same amount are received by the institution under paragraph (1), such bids are the highest received, and one of the qualified bids is offered by the previous owner, the institution shall accept the offer by the previous owner.
+
+(3) Nondiscrimination No institution of the System may discriminate against a previous owner in any public auction, competitive bidding process, or other similar public offering of property acquired by the institution from such person.
+
+(e) Term or condition For the purposes of this section, financing by a System institution shall not be considered to be a term or condition of a sale of acquired real estate.
+
+(f) Financing Notwithstanding any other provision of this section, a System institution shall not be required to provide financing to the previous owner in connection with the sale of acquired real estate.
+
+(g) Mailing of notice Notwithstanding any other provision of this section, each certified mail notice requirement in this section shall be fully satisfied by mailing one certified mail notice to the last known address of the previous owner.
+
+(h) State laws The rights provided in this section shall not diminish any such right of first refusal under the law of the State in which the property is located.
+
+(i) Applicability This section shall not apply to a bank for cooperatives.
+
+(Pub. L. 92–181, title IV, § 4.36, as added Pub. L. 99–205, title III, § 306, Dec. 23, 1985, 99 Stat. 1709; amended Pub. L. 100–233, title I, § 108, Jan. 6, 1988, 101 Stat. 1582; Pub. L. 100–399, title I, § 104, Aug. 17, 1988, 102 Stat. 990.)
+
+## Notes
+
+Editorial Notes
+
+Amendments1988—Pub. L. 100–233 amended section generally. Prior to amendment, section read as follows: “No institution of the Farm Credit System shall sell any real property that previously served as security for a loan in a tract larger than a normal family size farm in the vicinity of the property for less than the amount it can receive from the Capital Corporation.” Subsec. (b)(2). Pub. L. 100–399, § 104(a), substituted “30” for “15”. Subsec. (b)(3). Pub. L. 100–399, § 104(b), substituted “15” for “30”. Subsec. (g). Pub. L. 100–399, § 104(c), substituted “previous owner” for “former borrower”.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1988 AmendmentAmendment by Pub. L. 100–399 effective as if enacted immediately after enactment of Pub. L. 100–233, which was approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100–399, set out as a note under section 2002 of this title.
+
+Effective DateSection effective thirty days after Dec. 23, 1985, see section 401 of Pub. L. 99–205, set out as an Effective Date of 1985 Amendment note under section 2001 of this title.

legal/us/code/title-12/chapter-23/section-2219b.md

@@ -0,0 +1,47 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2219b"
+description: "Application of uninsured accounts"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2219b"
+citation: "12 U.S.C. § 2219b"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2219b"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "eb84a4fa5af922aefb3c5a3f579ac69e744714a75b531857e19e5b2ab73d4a5a"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "e82f8ee714b4349b825ab605277aac78e8bb0810e19e4aa08efdb7f938a959fc"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2219b - Application of uninsured accounts
+
+## Text
+
+(a) In general Money of a borrower held by a Farm Credit System institution in an uninsured voluntary or involuntary account as authorized under regulations issued by the Farm Credit Administration (as in effect immediately before January 6, 1988), including all such other accounts known as “advanced payment accounts” or “future prepayment accounts” shall, in the event the institution is placed in liquidation, be immediately applied as payment against the indebtedness of any outstanding loans of such borrower.
+
+(b) Regulations The Farm Credit Administration shall promulgate regulations—
+
+(1) that define the term “uninsured voluntary or involuntary account”; and
+
+(2) to otherwise effectively carry out this section.
+
+(Pub. L. 92–181, title IV, § 4.37, as added Pub. L. 100–233, title I, § 110, Jan. 6, 1988, 101 Stat. 1585.)
+
+## Notes
+
+Editorial Notes
+
+Codification Another section 4.37 of Pub. L. 92–181 was renumbered section 4.38 and is classified to section 2219c of this title.

legal/us/code/title-12/chapter-23/section-2219c.md

@@ -0,0 +1,41 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2219c"
+description: "Affirmative action"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2219c"
+citation: "12 U.S.C. § 2219c"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2219c"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "3f660d08b87a2eb54464e9e7b361378513627f6c409afec2216d9d3768c12f7d"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "eefc3830c96329bbfbf7d9fc2955eb242e4c970deb86c89201cacb7546b1910e"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2219c - Affirmative action
+
+## Text
+
+All institutions of the Farm Credit System with more than 20 employees shall establish and maintain an affirmative action program plan that applies the affirmative action standards otherwise applied to contractors of the Federal Government.
+
+(Pub. L. 92–181, title IV, § 4.38, formerly § 4.37, as added Pub. L. 100–233, title IV, § 427, Jan. 6, 1988, 101 Stat. 1657; renumbered § 4.38, Pub. L. 100–399, title IV, § 413, Aug. 17, 1988, 102 Stat. 1004; amended Pub. L. 115–334, title V, § 5411(26), Dec. 20, 2018, 132 Stat. 4682.)
+
+## Notes
+
+Editorial Notes
+
+Amendments2018—Pub. L. 115–334 substituted “All” for “The Assistance Board established under section 2278a of this title and all”.

legal/us/code/title-12/chapter-23/section-2219d.md

@@ -0,0 +1,43 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2219d"
+description: "Encouragement of conservation practices"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2219d"
+citation: "12 U.S.C. § 2219d"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2219d"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "d0d4513f15cbe746dc8ff58d244e58e36100a080d7a6c84483c15d27aef96693"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "4f6384aa75d7469a9f77334aaee3a3841f00fe5544396cc856c471ec7239f2f6"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2219d - Encouragement of conservation practices
+
+## Text
+
+At the time a System institution or an agricultural mortgage loan originator (as defined in section 2279aa of this title) approves a loan made to a borrower that, in the opinion of the institution or originator, would be ineligible for a loan made, insured, or guaranteed under the Consolidated Farm and Rural Development Act (7 U.S.C. 1921 et seq.) by reason of subtitle B or C of title XII of the Food Security Act of 1985 (16 U.S.C. 3811 et seq.), the institution or originator, as the case may be, shall encourage the borrower to contact the Department of Agriculture Soil Conservation Service to obtain information about soil conservation methods and practices.
+
+(Pub. L. 92–181, title IV, § 4.39, formerly § 4.38, as added Pub. L. 100–233, title IV, § 428, Jan. 6, 1988, 101 Stat. 1658; renumbered § 4.39, Pub. L. 100–399, title IV, § 413, Aug. 17, 1988, 102 Stat. 1004; amended Pub. L. 115–334, title V, § 5411(27), Dec. 20, 2018, 132 Stat. 4682.)
+
+## Notes
+
+Editorial Notes
+
+References in TextThe Consolidated Farm and Rural Development Act, referred to in text, is title III of Pub. L. 87–128, Aug. 8, 1961, 75 Stat. 307, which is classified principally to chapter 50 (§ 1921 et seq.) of Title 7, Agriculture. For complete classification of this Act to the Code, see Short Title note set out under section 1921 of Title 7 and Tables. The Food Security Act of 1985, referred to in text, is Pub. L. 99–198, Dec. 23, 1985, 99 Stat. 1354. Subtitles B and C of title XII of the Food Security Act are classified generally to subchapters II (§ 3811 et seq.) and III (§ 3821 et seq.), respectively, of chapter 58 of Title 16, Conservation. For complete classification of this Act to the Code, see Short Title of 1985 Amendment note set out under section 1281 of Title 7 and Tables.
+
+Amendments2018—Pub. L. 115–334 substituted “section 2279aa of this title)” for “section 2279aa(7) of this title)”.

legal/us/code/title-12/chapter-23/section-2219e.md

@@ -0,0 +1,47 @@
+---
+type: "LegalText"
+title: "12 U.S.C. § 2219e"
+description: "Liability for making criminal referrals"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 12
+title_name: "BANKS AND BANKING"
+chapter_number: "23"
+chapter_name: "FARM CREDIT SYSTEM"
+section: "2219e"
+citation: "12 U.S.C. § 2219e"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
+source_identifier: "/us/usc/t12/s2219e"
+source_file: "data/legal/raw/us/code/title-12/usc12.xml"
+source_hash: "ea69f956f6d4cdc1bce919caf790f8a5faeef97872f3d4123c80da4f05a7a87a"
+raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
+text_hash: "9bf0aabe7dd805303c8c1867cca191f6118e3a9de8f5c141a60ebbc4576839eb"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 12 U.S.C. § 2219e - Liability for making criminal referrals
+
+## Text
+
+(a) In general Any institution of the Farm Credit System, or any director, officer, employee, or agent of a Farm Credit System institution, that discloses to a Government authority information proffered in good faith that may be relevant to a possible violation of any law or regulation shall not be liable to any person under any law of the United States or any State—
+
+(1) for the disclosure; or
+
+(2) for any failure to notify the person involved in the possible violation.
+
+(b) No prohibition on disclosure Any institution of the Farm Credit System, or any director, officer, employee, or agent of a Farm Credit System institution, may disclose information to a Government authority that may be relevant to a possible violation of any law or regulation.
+
+(Pub. L. 104–105, title II, § 221, Feb. 10, 1996, 110 Stat. 184.)
+
+## Notes
+
+Editorial Notes
+
+Codification Section was enacted as part of the Farm Credit System Reform Act of 1996, and not as part of the Farm Credit Act of 1971 which comprises this chapter.