dreamproit/uscode huggingface dataset:
12 U.S.C. § 2279a–3 (BANKS AND BANKING)
§ 2279a–3. Capitalization
In accordance with section 2154a of this title, each merged 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 VII, § 7.3, as added Pub. L. 100–399, title IV, § 408(d), Aug. 17, 1988, 102 Stat. 1001.)
heading: Prior Provisions
text: A prior section 2279a–3, Pub. L. 92–181, title VII, § 7.3, as added Pub. L. 100–233, title IV, § 416, Jan. 6, 1988, 101 Stat. 1645, related to issuance of shares of capital stock, prior to repeal by Pub. L. 100–399, title IV, § 408(d), Aug. 17, 1988, 102 Stat. 1001.
heading: Effective Date
text: Section 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 an Effective Date of 1988 Amendment note under section 2002 of this title.
12 U.S.C. § 2279a–4 (BANKS AND BANKING)
§ 2279a–4. Repealed. Pub. L. 100–399, title IV, § 408(d), Aug. 17, 1988, 102 Stat. 1001
text: Section, Pub. L. 92–181, title VII, § 7.4, as added Pub. L. 100–233, title IV, § 416, Jan. 6, 1988, 101 Stat. 1646, related to earnings, reserves, and distributions with regard to merged banks. See section 2279a–3 of this title.
heading: Effective Date of Repeal
text: Repeal effective as if repealing provisions had been 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 an Effective Date of 1988 Amendment note under section 2002 of this title.
12 U.S.C. § 2279a–5 (BANKS AND BANKING)
§ 2279a–5. Transferred
heading: Codification
text: Section, Pub. L. 92–181, title VII, § 7.5, as added Pub. L. 100–233, title IV, § 416, Jan. 6, 1988, 101 Stat. 1646, which required reports by merged banks for cooperatives, was renumbered section 3.29 of title III of Pub. L. 92–181 by Pub. L. 100–399, title IV, § 408(e), Aug. 17, 1988, 102 Stat. 1001, and is classified to section 2149a of this title.
12 U.S.C. § 2279d (BANKS AND BANKING)
§ 2279d. Termination of System institution status
(a) Conditions
A System institution may terminate the status of the institution as a System institution if—
(1) the institution provides written notice to the Farm Credit Administration Board not later than 90 days prior to the proposed termination date;
(2) the termination is approved by the Farm Credit Administration Board;
(3) the appropriate Federal or State authority grants approval to charter the institution as a bank, savings and loan association, or other financial institution;
(4) the institution pays to the Farm Credit Assistance Fund, as created under section 2278b–5 of this title, if the termination is prior to January 1, 1992, or pays to the Farm Credit Insurance Fund, if the termination is after such date, the amount by which the total capital of the institution exceeds, 6 percent of the assets;
(5) the institution pays or makes adequate provision for payment of all outstanding debt obligations of the institution;
(6) the termination is approved by a majority of the stockholders of the institution voting, in person or by written proxy, at a duly authorized stockholders’ meeting, held prior to giving notice to the Farm Credit Administration Board; and
(7) the institution meets such other conditions as the Farm Credit Administration Board by regulation considers appropriate.
(b) Effect
On termination of its status as a System institution—
(1) the Farm Credit Administration Board shall revoke the charter of the institution; and
(2) the institution shall no longer be an instrumentality of the United States under this chapter.
(Pub. L. 92–181, title VII, § 7.10, as added Pub. L. 100–233, title IV, § 416, Jan. 6, 1988, 101 Stat. 1650.)
12 U.S.C. § 2279e (BANKS AND BANKING)
§ 2279e. Approval of disclosure information and issuance of charters
(a) Disclosure of information
(1) Approval of plan
With respect to any plan of merger, transfer of lending authority, dissolution, or termination, prior to submission to the voters (voting stockholders and, where required, contributors to guaranty funds) of the institutions involved, such plan shall be submitted to the Farm Credit Administration Board, together with all information that is to be distributed to the voters with respect to the contemplated action, including an enumerated statement of the anticipated benefits and potential disadvantages of such action.
(2) Notice of approval
On notification that the Farm Credit Administration Board has approved such plan for submission to the stockholders, or after 60 days of no action on the plan by the Board, the submitting institutions may submit the plan, together with the disclosure information, to the voters for the prescribed vote.
(b) Notice of reasons for disapproval
If the Farm Credit Administration Board disapproves the plan for submission to the stockholders, notification to the submitting institutions shall specify the reasons for the determination by the Board. If such plan is determined to be inadequate, it shall not be submitted to the voters for a vote.
(c) Federal charter
Each plan of merger or transfer of lending authority may include a proposed new or revised Federal charter for the merged or transferee entity. The Farm Credit Administration Board shall issue such charter on the approval of the plan, as prescribed in this subchapter, unless the Board determines that the charter submitted is not consistent with this chapter.
(Pub. L. 92–181, title VII, § 7.11, as added Pub. L. 100–233, title IV, § 416, Jan. 6, 1988, 101 Stat. 1651; amended Pub. L. 100–399, title IV, § 408(p), Aug. 17, 1988, 102 Stat. 1002; Pub. L. 102–237, title V, § 502(n), Dec. 13, 1991, 105 Stat. 1870.)
heading: Amendments
text: 1991—Subsec. (a)(2). Pub. L. 102–237 substituted “60 days” for “30 days”.
1988—Subsec. (a)(1). Pub. L. 100–399 substituted “transfer of lending authority” for “transfer or assignment of lending authority” and “the institutions involved” for “such institutions”.
heading: Effective Date of 1988 Amendment
text: Amendment 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.
12 U.S.C. § 2279f (BANKS AND BANKING)
§ 2279f. Merger of similar banks
(a) In general
Banks organized or operating under this chapter may merge with banks in other districts operating under the same subchapter if the plan of merger is approved by—
(1) the Farm Credit Administration Board;
(2) the respective Boards of Directors of the banks involved;
(3) a majority vote of the stockholders of each bank voting, in person or by proxy, at a duly authorized stockholders’ meeting, with each association having a number of votes equal to the number of such association’s voting stockholders; and
(4) in the case of a bank for cooperatives, a majority of the total equity interests in such merging bank for cooperatives (including allocated, but not unallocated, surplus and reserves) held by those stockholders or subscribers to the guaranty fund of the bank voting.
(b) Powers and capitalization
Sections 2279a–2 and 2279a–3 of this title shall apply to banks merged under this section.
(c) Board of directors
(1) In general
After a merger under subsection (a) of this section, a board of directors shall be created for the resulting bank.
(2) Composition
The board shall be composed of—
(A) two directors elected by each of the bank boards, with at least one such director from each bank being elected by the eligible stockholders of, or subscribers to, the guaranty fund of the merging banks; and
(B) one outside director elected by the directors elected under subparagraph (A).
(3) Outside director
(A) Qualifications
The outside director elected under paragraph (2)(B) shall be experienced in financial services and credit, and within the 2-year period prior to such election, shall not have been a borrower from, shareholder in, or director, officer, employee, or agent of any institution of the Farm Credit System.
(B) Failure to elect
If the other members of the board fail to elect an outside director, the Farm Credit Administration Board shall appoint a qualified person to serve on the board of directors until such member is so elected.
(4) Bylaws
Notwithstanding paragraph (2), the bylaws of the merged bank may, with the approval of the Farm Credit Administration, provide for a different number of directors to be selected in a different manner, except that the bylaws shall provide for at least one outside director.
(Pub. L. 92–181, title VII, § 7.12, as added Pub. L. 100–233, title IV, § 416, Jan. 6, 1988, 101 Stat. 1652; amended Pub. L. 100–399, title IV, § 408(q), (r), Aug. 17, 1988, 102 Stat. 1002, 1003.)
heading: Amendments
text: 1988—Subsec. (b). Pub. L. 100–399, § 408(q), substituted “Powers and capitalization” for “Procedures” in heading and, in amending text generally, substituted “Sections 2279a–2 and 2279a–3 of this title” for “The provisions of sections 2279a–2 through 2279a–4 of this title”.
Subsec. (c)(2)(B). Pub. L. 100–399, § 408(r), substituted “directors” for “members”.
heading: Effective Date of 1988 Amendment
text: Amendment 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.
12 U.S.C. § 2279f–1 (BANKS AND BANKING)
§ 2279f–1. Merger of similar associations
(a) In general
Associations may voluntarily merge with other like associations if the plan of merger is approved by—
(1) the Farm Credit Administration Board;
(2) the respective Boards of Directors of the associations involved;
(3) a majority vote of the stockholders of each association voting, in person or by proxy, at a duly authorized stockholders’ meeting; and
(4) the Farm Credit Banks involved.
(b) Procedures
The provisions of subsections (b) and (c) of section 2279c–1 of this title shall apply to associations merged under this section.
(Pub. L. 92–181, title VII, § 7.13, as added Pub. L. 100–233, title IV, § 416, Jan. 6, 1988, 101 Stat. 1653; amended Pub. L. 100–399, title IV, § 408(s), (t), Aug. 17, 1988, 102 Stat. 1003.)
heading: Amendments
text: 1988—Subsec. (a)(4). Pub. L. 100–399, § 408(s), substituted “the Farm Credit Banks involved” for “the Farm Credit Bank”.
Subsec. (b). Pub. L. 100–399, § 408(t), substituted “subsections (b) and (c)” for “subsections (b), (c), and (d)”.
heading: Effective Date of 1988 Amendment
text: Amendment 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.
12 U.S.C. § 2279g (BANKS AND BANKING)
§ 2279g. Transactions to accomplish mergers exempt from certain State taxes
No State or political subdivision thereof may treat the merger or consolidation of two or more institutions of the Farm Credit System under this subchapter or title IV of the Agricultural Credit Act of 1987 as resulting in a change of ownership of any property owned by any of such merging or consolidating institutions, for purposes of any law of such State or political subdivision providing for reassessment of property on the occurrence of a change of ownership or imposing a tax on the ownership or transfer of property.
(Pub. L. 92–181, title VII, § 7.14, as added Pub. L. 100–399, title IV, § 408(u), Aug. 17, 1988, 102 Stat. 1003.)
heading: References in Text
text: The Agricultural Credit Act of 1987, referred to in text, is Pub. L. 100–233, Jan. 6, 1988, 101 Stat. 1568, as amended. Title IV of that Act amended this chapter. For complete classification of this Act to the Code see Short Title of 1988 Amendment note set out under section 2001 of this title and Tables.
heading: Effective Date
text: Section 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 an Effective Date of 1988 Amendment note under section 2002 of this title.
12 U.S.C. § 2279aa–1 (BANKS AND BANKING)
§ 2279aa–1. Federal Agricultural Mortgage Corporation
(a) Establishment
(1) In general
There is hereby established a corporation to be known as the Federal Agricultural Mortgage Corporation, which shall be a federally chartered instrumentality of the United States.
(2) Institution within Farm Credit System
The Corporation shall be an institution of the Farm Credit System.
(3) Liability
(A) Corporation
The Corporation shall not be liable for any debt or obligation of any other institution of the Farm Credit System.
(B) System institutions
The Farm Credit System and System institutions (other than the Corporation) shall not be liable for any debt or obligation of the Corporation.
(b) Duties
The Corporation shall—
(1) in consultation with originators, develop uniform underwriting, security appraisal, and repayment standards for qualified loans;
(2) determine the eligibility of agricultural mortgage marketing facilities to contract with the Corporation for the provision of guarantees for specific mortgage pools;
(3) provide guarantees for the timely repayment of principal and interest on securities representing interests in, or obligations backed by, pools of qualified loans; and
(4) purchase qualified loans and issue securities representing interests in, or obligations backed by, the qualified loans, guaranteed for the timely repayment of principal and interest.
(Pub. L. 92–181, title VIII, § 8.1, as added Pub. L. 100–233, title VII, § 702, Jan. 6, 1988, 101 Stat. 1687; amended Pub. L. 104–105, title I, § 103, Feb. 10, 1996, 110 Stat. 163.)
heading: Amendments
text: 1996—Subsec. (b)(4). Pub. L. 104–105 added par. (4).
12 U.S.C. § 2279aa–7 (BANKS AND BANKING)
§ 2279aa–7. Repealed. Pub. L. 104–105, title I, § 108(b), Feb. 10, 1996, 110 Stat. 164
text: Section, Pub. L. 92–181, title VIII, § 8.7, as added Pub. L. 100–233, title VII, § 702, Jan. 6, 1988, 101 Stat. 1698, related to reserves and subordinated participation interests of certified facilities, including provisions relating to cash contributions, retention of subordinated participation interests, additional requirements relating to reserves under section 2279aa–6(b)(2) of this title, and authority of Board of Directors of Federal Agricultural Mortgage Corporation to establish other policies and procedures.
12 U.S.C. § 2279aa–9 (BANKS AND BANKING)
§ 2279aa–9. Exemption from restructuring and borrowers rights provisions for pooled loans
(a) Restructuring
Notwithstanding any other provision of law, sections 2202, 2202a, 2202b, 2202c, 2202d, and 2219a of this title shall not apply to any loan included in a pool of qualified loans backing securities or obligations for which the Corporation provides guarantee. The loan servicing standards established by the Corporation shall be patterned after similar standards adopted by other federally sponsored secondary market facilities.
(b) Borrowers rights
At the time of application for a loan (as defined in section 2202a(a)(5) of this title), originators that are Farm Credit System institutions shall give written notice to each applicant of the terms and conditions of the loan, setting forth separately terms and conditions for pooled loans and loans that are not pooled. This notice shall include a statement, if applicable, that the loan may be pooled and that, if pooled, sections 2202, 2202a, 2202b, 2202c, 2202d, and 2219a of this title shall not apply. This notice also shall inform the applicant that he or she has the right not to have the loan pooled. Within 3 days from the time of commitment, an applicant has the right to refuse to allow the loan to be pooled, thereby retaining rights under sections 2202, 2202a, 2202b, 2202c, 2202d, and 2219a of this title, if applicable.
(Pub. L. 92–181, title VIII, § 8.9, as added Pub. L. 100–233, title VII, § 702, Jan. 6, 1988, 101 Stat. 1701; amended Pub. L. 100–399, title VI, § 601(j), Aug. 17, 1988, 102 Stat. 1005; Pub. L. 104–105, title II, § 208(b), Feb. 10, 1996, 110 Stat. 174.)
heading: Amendments
text: 1996—Subsec. (b). Pub. L. 104–105 inserted “(as defined in section 2202a(a)(5) of this title)” after “application for a loan”.
1988—Subsecs. (a), (b). Pub. L. 100–399 substituted “2202d, and 2219a” for “and 2219b” wherever appearing.
heading: Effective Date of 1988 Amendment
text: Amendment 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.
12 U.S.C. § 2279aa–10 (BANKS AND BANKING)
§ 2279aa–10. Funding for guarantee; reserves of Corporation
(a) Guarantee
The Corporation shall provide guarantees for securities representing interests in, or obligations backed by, pools of qualified loans through commitments issued by the Corporation providing for guarantees.
(b) Guarantee fees
(1) Initial fee
At the time a guarantee is issued by the Corporation, the Corporation shall assess the certified facility a fee of not more than ½ of 1 percent of the initial principal amount of each pool of qualified loans.
(2) Annual fees
Beginning in the second year after the date the guarantee is issued under paragraph (1), the Corporation may, at the end of each year, assess the certified facility an annual fee of not more than ½ of 1 percent of the principal amount of the loans then constituting the pool.
(3) Determination of amount
The Corporation shall establish such fees on the amount of risk incurred by the Corporation in providing the guarantees with respect to which such fee is assessed, as determined by the Corporation. Fees assessed under paragraphs (1) and (2) shall be established on an actuarially sound basis.
(4) Review by GAO
The Comptroller General of the United States may review, and submit to the Congress a report regarding, the actuarial soundness and reasonableness of the fees established by the Corporation under this subsection.
(c) Corporation reserve against guarantees losses required
(1) In general
So much of the fees assessed under this section as the Board determines to be necessary shall be set aside by the Corporation in a segregated account as a reserve against losses arising out of the guarantee activities of the Corporation.
(2) Exhaustion of reserve required
The Corporation may not issue obligations to the Secretary of the Treasury under section 2279aa–13 of this title in order to meet the obligations of the Corporation with respect to any guarantees provided under this subchapter until the reserve established under paragraph (1) has been exhausted.
(d) Fees to cover administrative costs authorized
The Corporation may impose charges or fees in reasonable amounts in connection with the administration of its activities under this subchapter to recover its costs for performing such administration.
(Pub. L. 92–181, title VIII, § 8.10, as added Pub. L. 100–233, title VII, § 702, Jan. 6, 1988, 101 Stat. 1701; amended Pub. L. 104–316, title I, § 106(f), Oct. 19, 1996, 110 Stat. 3831.)
heading: Amendments
text: 1996—Subsec. (b)(4). Pub. L. 104–316 substituted “Review” for “Annual review” in heading and “may review” for “shall annually review” in text.
12 U.S.C. § 2279aa–14 (BANKS AND BANKING)
§ 2279aa–14. Federal jurisdiction
Notwithstanding section 1349 of title 28 or any other provision of law:
(1) The Corporation shall be considered an agency under sections 1345 and 1442 of such title.
(2) All civil actions to which the Corporation is a party shall be deemed to arise under the laws of the United States and, to the extent applicable, shall be deemed to be governed by Federal common law. The district courts of the United States shall have original jurisdiction of all such actions, without regard to amount of value.
(3) Any civil or other action, case, or controversy in a court of a State or any court, other than a district court of the United States, to which the Corporation is a party may at any time before trial be removed by the Corporation, without the giving of any bond or security—
(A) to the District Court of the United States for the district and division embracing the place where the same is pending; or
(B) if there is no such district court, to the District Court of the United States for the district in which the principal office of the Corporation is located;
by following any procedure for removal for causes in effect at the time of such removal.
(4) No attachment or execution shall be issued against the Corporation or any of the property of the Corporation before final judgment in any Federal, State, or other court.
(Pub. L. 92–181, title VIII, § 8.14, as added Pub. L. 100–233, title VII, § 702, Jan. 6, 1988, 101 Stat. 1705.)
12 U.S.C. § 2279bb (BANKS AND BANKING)
§ 2279bb. Definitions
For purposes of this part:
(1) Compensation
The term “compensation” means any payment of money or the provision of any other thing of current or potential value in connection with employment.
(2) Core capital
The term “core capital” means, with respect to the Corporation, the sum of the following (as determined in accordance with generally accepted accounting principles):
(A) The par value of outstanding common stock.
(B) The par value of outstanding preferred stock.
(C) Paid-in capital.
(D) Retained earnings.
(3) Director
The term “Director” means the Director of the Office of Secondary Market Oversight of the Farm Credit Administration, selected under section 2279aa–11(a)(3) of this title.
(4) Office
The term “Office” means the Office of Secondary Market Oversight of the Farm Credit Administration, established in section 2279aa–11(a) of this title.
(5) Regulatory capital
The term “regulatory capital” means, with respect to the Corporation, the core capital of the Corporation plus an allowance for losses and guarantee claims, as determined in accordance with generally accepted accounting principles.
(6) State
The term “State” means the States of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, Guam, the Virgin Islands, American Samoa, the Trust Territory of the Pacific Islands, and any other territory or possession of the United States.
(Pub. L. 92–181, title VIII, § 8.31, as added Pub. L. 102–237, title V, § 503(b)(2), Dec. 13, 1991, 105 Stat. 1871.)
heading: Termination of Trust Territory of the Pacific Islands
text: For termination of Trust Territory of the Pacific Islands, see note set out preceding section 1681 of Title 48, Territories and Insular Possessions.