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Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
2026-07-06 10:51:44 -04:00

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LegalText 12 U.S.C. § 2211 Establishment us united_states_code code_section 12 BANKS AND BANKING 23 FARM CREDIT SYSTEM 2211 12 U.S.C. § 2211 current 119-100 2026-06-26 official https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip /us/usc/t12/s2211 data/legal/raw/us/code/title-12/usc12.xml 87da4db2058897d397415eefee7ea33b162e5b82effb1febbcf5f12af821ee7c e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa ebc9f1066c9eb72500a1f9cf3d4413bbe1ef90d57ba55f9ca34aec296c97860d 2026-07-04 official
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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. 92181, title IV, § 4.25, as added Pub. L. 96592, title IV, § 404, Dec. 24, 1980, 94 Stat. 3447; amended Pub. L. 99205, title II, § 205(f)(8), Dec. 23, 1985, 99 Stat. 1706.)

Notes

Editorial Notes

Amendments1985—Pub. L. 99205 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. 99205 effective thirty days after Dec. 23, 1985, see section 401 of Pub. L. 99205, set out as a note under section 2001 of this title.