dreamproit/uscode huggingface dataset:
12 U.S.C. § 2278a–7 (BANKS AND BANKING)
§ 2278a–7. Administration
(a) Expenses
The Financial Assistance Corporation shall pay the necessary and reasonable administrative expenses of the Assistance Board from funds in the Assistance Fund established in section 2278b–5 of this title.
(b) Interim funding
Before the availability of funding from the Assistance Fund, the Assistance Board may use the revolving fund established under section 2151 of this title. Such amounts used shall be repaid to the revolving fund out of the Assistance Fund within the same fiscal year that such funds were received by the Assistance Board.
(c) Assistance operations
The Farm Credit Administration shall provide such personnel and facilities to the Assistance Board as the Farm Credit Administration considers are necessary to avoid unnecessary duplication and waste.
(d) Access to FCA documents
The Assistance Board shall have access to all reports of examination and supervisory documents of the Farm Credit Administration, and relevant supporting material, for the purpose of carrying out the special powers of the Assistance Board under section 2278a–6 of this title, under such terms and conditions, acceptable to the Farm Credit Administration Board, as are necessary and appropriate to protect the confidentiality of the documents and materials.
(Pub. L. 92–181, title VI, § 6.7, as added Pub. L. 100–233, title II, § 201, Jan. 6, 1988, 101 Stat. 1591; amended Pub. L. 100–399, title II, § 201(j), Aug. 17, 1988, 102 Stat. 991.)
heading: Amendments
text: 1988—Subsec. (d). Pub. L. 100–399 substituted “material,” for “material” and “under such terms and conditions, acceptable” for “under terms and conditions that are acceptable”.
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. § 2278a–8 (BANKS AND BANKING)
§ 2278a–8. Limitation of powers
(a) Purposes
The powers of the Assistance Board under this subchapter shall be exercised only for the purposes specified in this subchapter and shall not be exercised in a manner that would result in the Assistance Board supplanting the Farm Credit System lending institutions as the primary providers of credit and other financial services to farmers, ranchers, and the cooperatives of such.
(b) Prohibition
The powers of the Assistance Board under this subchapter shall not include the management, administration, or disposition of any loans or other assets owned by other System institutions, or the providing of technical assistance or other related services to other System institutions in connection with the administration of loans owned by such other institutions.
(Pub. L. 92–181, title VI, § 6.8, as added Pub. L. 100–233, title II, § 201, Jan. 6, 1988, 101 Stat. 1591.)
12 U.S.C. § 2278a–10 (BANKS AND BANKING)
§ 2278a–10. Effect of regulations; audits
(a) Issuance
The Assistance Board may issue such regulations, policies, procedures, guidelines, or statements as the Board considers necessary or appropriate to carry out this subchapter, all of which shall be promulgated and enforced without regard to subchapter II of chapter 5 of title 5.
(b) Regulation by Farm Credit Administration
The Assistance Board shall not be subject to regulation by the Farm Credit Administration.
(c) Audits
The Assistance Board shall not require an audit or examination of a System institution that would be duplicative of an audit or examination that is conducted under other provisions of law.
(Pub. L. 92–181, title VI, § 6.10, as added Pub. L. 100–233, title II, § 201, Jan. 6, 1988, 101 Stat. 1594.)
12 U.S.C. § 2278a–11 (BANKS AND BANKING)
§ 2278a–11. Exemption from taxation
The Assistance Board, 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 the Assistance Board to the same extent, according to its value, as other similar property held by other persons is taxed.
(Pub. L. 92–181, title VI, § 6.11, as added Pub. L. 100–233, title II, § 201, Jan. 6, 1988, 101 Stat. 1594.)
12 U.S.C. § 2278a–12 (BANKS AND BANKING)
§ 2278a–12. Termination
The Assistance Board and the authority provided to the Assistance Board by this part shall terminate on December 31, 1992.
(Pub. L. 92–181, title VI, § 6.12, as added Pub. L. 100–233, title II, § 201, Jan. 6, 1988, 101 Stat. 1594; amended Pub. L. 100–399, title II, § 201(m), Aug. 17, 1988, 102 Stat. 991.)
heading: Amendments
text: 1988—Pub. L. 100–399 inserted “to the Assistance Board” after “provided”.
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. § 2278a–13 (BANKS AND BANKING)
§ 2278a–13. Transitional provisions
(a) Exercise of powers
The powers of the Assistance Board under this subchapter shall be exercised by the Farm Credit Administration Board until the issuance of the charter of the Assistance Board, or such later date not to exceed 30 days thereafter, as may be requested by the Assistance Board.
(b) Limitation on assistance
Any assistance provided to System institutions by the Farm Credit Administration in accordance with this section shall be provided from, and shall not exceed, the amounts contained in the revolving fund established under section 2151 of this title.
(c) Issuance of stock
Each institution that receives assistance from the Farm Credit Administration during the interim period specified in subsection (a) of this section, in consideration thereof, shall issue preferred stock to the Financial Assistance Corporation in an amount equal to the amount of such assistance. Payments by the Financial Assistance Corporation under subsection (d) of this section shall be considered to be payments to each such institution for such stock.
(d) Repayment
The Financial Assistance Corporation shall pay to the Farm Credit Administration, for return to the revolving fund established under section 2151 of this title, the full amount of all financial assistance provided by the Farm Credit Administration in accordance with this section, from the proceeds from the sale of the first issue of obligations by the Financial Assistance Corporation in accordance with section 2278b–6 of this title.
(Pub. L. 92–181, title VI, § 6.13, as added Pub. L. 100–233, title II, § 201, Jan. 6, 1988, 101 Stat. 1594; amended Pub. L. 100–399, title II, § 201(n), Aug. 17, 1988, 102 Stat. 991.)
heading: Amendments
text: 1988—Subsec. (d). Pub. L. 100–399 inserted “, for return to the revolving fund established under section 2151 of this title,” before “the full”.
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. § 2278b (BANKS AND BANKING)
§ 2278b. Establishment of Corporation
Not later than 5 days after January 6, 1988, the Farm Credit Administration shall charter the Farm Credit System Financial Assistance Corporation (hereinafter referred to in this chapter as the “Financial Assistance Corporation”) which shall be—
(1) an institution of the Farm Credit System; and
(2) a Federally chartered instrumentality of the United States.
(Pub. L. 92–181, title VI, § 6.20, as added Pub. L. 100–233, title II, § 201, Jan. 6, 1988, 101 Stat. 1595.)
heading: Financial Report
text: Pub. L. 100–233, title II, § 206, Jan. 6, 1988, 101 Stat. 1607, provided that:
“During the period beginning September 30, 2001, and ending December 31, 2001, the Farm Credit Administration shall review and evaluate the financial condition of the Farm Credit System and report to the Secretary of the Treasury and the appropriate committees of Congress on—
“(1) the general financial condition of each System institution;
“(2) the total outstanding principal of debt obligations issued under section 6.26 of the Farm Credit Act of 1971 (as added by section 201 of this Act) [12 U.S.C. 2278b–6]; and
“(3) the ability of each System institution to retire, at par value, preferred stock issued by the institution in accordance with section 6.27 of the Farm Credit Act of 1971 (as added by section 201 of this Act) [12 U.S.C. 2278b–7].”
12 U.S.C. § 2278b–1 (BANKS AND BANKING)
§ 2278b–1. Purpose
The purpose of the Financial Assistance Corporation shall be to carry out a program to provide capital to institutions of the Farm Credit System that are experiencing financial difficulty and to assist, pursuant to section 2278a–9(e) of this title and subsections (c) through (g) of section 2278b–6 of this title, in the repayment by System institutions to those persons who provided funds in connection with the program.
(Pub. L. 92–181, title VI, § 6.21, as added Pub. L. 100–233, title II, § 201, Jan. 6, 1988, 101 Stat. 1595; amended Pub. L. 102–552, title III, § 307(a), Oct. 28, 1992, 106 Stat. 4116.)
heading: Amendments
text: 1992—Pub. L. 102–552 inserted before period at end “and to assist, pursuant to section 2278a–9(e) of this title and subsections (c) through (g) of section 2278b–6 of this title, in the repayment by System institutions to those persons who provided funds in connection with the program”.
12 U.S.C. § 2278b–2 (BANKS AND BANKING)
§ 2278b–2. Board of Directors
(a) Board of Directors
(1) Composition
The Board of Directors of the Financial Assistance Corporation (hereinafter referred to in this part as the “Board of Directors”) shall consist of the Board of Directors of the Federal Farm Credit Banks Funding Corporation.
(2) Chairman
The Board of Directors shall elect annually a Chairman from among the members of the Board.
(3) Compensation
The members of the Board of Directors shall receive compensation for the time devoted to meetings and other activities of the Board and reasonable allowances for necessary expenses of travel, lodging, and subsistence incurred in attending meetings and other activities of the Board of Directors in amounts not exceeding levels set by the Farm Credit Administration Board.
(b) Rules and records
The Board of Directors shall adopt such rules as it may deem appropriate for the transaction of its business and shall keep permanent and accurate records and minutes of its acts and proceedings.
(c) Quorum required
No business may be conducted at a meeting of the Board of Directors unless a quorum of the members of the Board is present, and a vote to approve an action requires a majority vote of the members voting.
(d) Chief executive officer
A chief executive officer of the Financial Assistance Corporation shall be selected by the Board of Directors and shall serve at the pleasure of the Board.
(Pub. L. 92–181, title VI, § 6.22, as added Pub. L. 100–233, title II, § 201, Jan. 6, 1988, 101 Stat. 1595; amended Pub. L. 100–399, title II, § 201(o), Aug. 17, 1988, 102 Stat. 991.)
heading: Amendments
text: 1988—Subsec. (a)(1). Pub. L. 100–399 substituted “part” for “chapter”.
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. § 2278b–3 (BANKS AND BANKING)
§ 2278b–3. Stock
The Financial Assistance Corporation shall issue stock with a par value of $5 to System institutions, as provided for in this part, and such stock shall not be transferable, except in the event of a restructuring or liquidation to a successor System institution.
(Pub. L. 92–181, title VI, § 6.23, as added Pub. L. 100–233, title II, § 201, Jan. 6, 1988, 101 Stat. 1595; amended Pub. L. 102–237, title V, § 502(m), Dec. 13, 1991, 105 Stat. 1869.)
heading: Amendments
text: 1991—Pub. L. 102–237 inserted before period at end “, except in the event of a restructuring or liquidation to a successor System institution”.
12 U.S.C. § 2278b–5 (BANKS AND BANKING)
§ 2278b–5. Accounts
(a) Farm Credit Assistance Fund
(1) Establishment
The Financial Assistance Corporation shall establish an account called the Farm Credit Assistance Fund (referred to in this chapter as the “Assistance Fund”) which shall be available to the Financial Assistance Corporation as a revolving fund to carry out this part. The moneys of such Assistance Fund shall be invested in direct obligations of the United States or obligations guaranteed by the United States or an agency thereof.
(2) Funding
The Assistance Fund shall be funded through the issuance of debt obligations and payments, as provided in section 2278b–6 of this title, and payments, as provided in section 2278b–8 of this title.
(b) Financial Assistance Corporation Trust Fund
The Financial Assistance Corporation shall establish an account called the Financial Assistance Corporation Trust Fund (hereinafter referred to in this chapter as the “Trust Fund”) that shall consist of securities of the United States Treasury purchased by the Financial Assistance Corporation with the funds received from the purchase of stock by System institutions from the Financial Assistance Corporation under section 2278b–9 of this title.
(Pub. L. 92–181, title VI, § 6.25, as added Pub. L. 100–233, title II, § 201, Jan. 6, 1988, 101 Stat. 1597.)
12 U.S.C. § 2278b–7 (BANKS AND BANKING)
§ 2278b–7. Preferred stock
(a) Issuance
(1) In general
Each System institution that is certified under section 2278a–4 of this title may issue a special class of preferred stock only in an amount, and subject to such terms and conditions, as authorized by the Assistance Board.
(2) Dividends
(A) In general
Except as provided in subparagraph (B), dividends shall not be payable on stock issued under this section.
(B) Exception
Stock issued under this section shall be issued under such terms and conditions as to enable the Secretary of the Treasury, with respect to any of such stock the Secretary purchases under section 2278b–6(d)(3)(B)(iii) of this title, and the Farm Credit System Insurance Corporation, with respect to any of such stock that the Insurance Corporation purchases or otherwise acquires under section 2278b–6(d)(3)(B)(iii) of this title or section 2278b–6(d)(4)(B)(ii) of this title, to establish for such stock a stated dividend rate equal to the current market yield on outstanding, marketable obligations of the United States with maturities of 30 years, plus a premium to reflect the cost of capital for institutions in financial distress.
(3) Voting rights
A holder of stock issued under this subsection shall have no voting rights with respect to the stock.
(b) Purchase
The Financial Assistance Corporation shall purchase shares of stock issued by certified System institutions under subsection (a) of this section to the extent that the issuance of such stock is approved by the Assistance Board.
(Pub. L. 92–181, title VI, § 6.27, as added Pub. L. 100–233, title II, § 201, Jan. 6, 1988, 101 Stat. 1602; amended Pub. L. 100–399, title II, § 201(y)–(aa), Aug. 17, 1988, 102 Stat. 992.)
heading: Amendments
text: 1988—Subsec. (a)(1). Pub. L. 100–399, § 201(y), struck out “(a) or (b)” after “section 2278a–4”.
Subsec. (a)(2)(B). Pub. L. 100–399, § 201(z), substituted “Farm Credit System Insurance Corporation” for “Reserve Account Board” and “Insurance Corporation purchases” for “Board purchases”.
Subsec. (b). Pub. L. 100–399, § 201(aa), substituted “subsection (a)” for “subsections (a) and (b)”.
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. § 2278b–8 (BANKS AND BANKING)
§ 2278b–8. Payments
(a) In general
Beginning in fiscal year 1989, the Secretary of the Treasury shall reimburse the Financial Assistance Corporation for any amounts such Corporation pays in interest charges under section 2278b–6(c) of this title during fiscal year 1988, and thereafter the Secretary shall pay the Financial Assistance Corporation any amounts due from the Secretary to such Corporation under section 2278b–6(c) of this title.
(b) Authorization of appropriations
There is authorized to be appropriated to the Secretary of the Treasury such sums on an annual basis as may be necessary to carry out this part.
(Pub. L. 92–181, title VI, § 6.28, as added Pub. L. 100–233, title II, § 201, Jan. 6, 1988, 101 Stat. 1603; amended Pub. L. 100–399, title II, § 201(bb), Aug. 17, 1988, 102 Stat. 992; Pub. L. 102–552, title III, § 304(b), Oct. 28, 1992, 106 Stat. 4114.)
heading: Amendments
text: 1992—Subsecs. (b), (c). Pub. L. 102–552 redesignated subsec. (c) as (b) and struck out former subsec. (b) which read as follows:
“(b) Repayment of Interest Paid by Secretary of the Treasury.—
“(1) In general.—Any amounts paid into the Assistance Fund by the Secretary of the Treasury pursuant to subsection (a) of this section exceeding $2,000,000,000 shall be repaid by System institutions in accordance with a schedule to be established by the Farm Credit Administration Board.
“(2) Allocation.—Until such repayment is completed, each System institution shall pay a proportionate share of the amount due under paragraph (1) equal to—
“(A) the amount of the performing loan volume of the institution, determined in accordance with section 2278b–6(c)(2)(D) of this title (based on the average loan volume for the preceding year); divided by
“(B) the total performing loan volume of the System for the preceding year.”
1988—Subsec. (b)(2). Pub. L. 100–399 in introductory provision substituted “paragraph (1) equal” for “this paragraph” and in subpar. (A) substituted “section 2278b–6(c)(2)(D) of this title” for “subsection (c)(1)(D) of this section”.
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. § 2278b–10 (BANKS AND BANKING)
§ 2278b–10. Exemption from taxation
(a) Assets
The Financial Assistance Corporation, 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 the Financial Assistance Corporation to the same extent, according to its value, as other similar property held by other persons is taxed.
(b) Obligations
The notes, bonds, debentures, and other obligations issued by the Financial Assistance Corporation shall be accorded the same tax treatment as System-wide obligations.
(Pub. L. 92–181, title VI, § 6.30, as added Pub. L. 100–233, title II, § 201, Jan. 6, 1988, 101 Stat. 1604.)
12 U.S.C. § 2278b–11 (BANKS AND BANKING)
§ 2278b–11. Termination
(a) Financial Assistance Corporation
The Financial Assistance Corporation and the authority provided to such Corporation by this part shall terminate on the complete discharge by the Financial Assistance Corporation of its responsibilities under section 2278a–9(e) of this title and subsections (c) through (g) of section 2278b–6 of this title with regard to repayments by System institutions, but in no event later than 2 years following the maturity and full payment of all debt obligations issued under section 2278b–6(a) of this title.
(b) Accounts
Simultaneously with the termination of the Financial Assistance Corporation as provided in subsection (a) of this section, any funds in the accounts established under section 2278b–5 of this title shall be transferred to the Insurance Fund established under section 2277a–9 of this title.
(Pub. L. 92–181, title VI, § 6.31, as added Pub. L. 100–233, title II, § 201, Jan. 6, 1988, 101 Stat. 1605; amended Pub. L. 102–552, title III, § 307(b), Oct. 28, 1992, 106 Stat. 4116.)
heading: Amendments
text: 1992—Subsec. (a). Pub. L. 102–552 substituted “terminate on the complete discharge by the Financial Assistance Corporation of its responsibilities under section 2278a–9(e) of this title and subsections (c) through (g) of section 2278b–6 of this title with regard to repayments by System institutions, but in no event later than 2 years following” for “terminate on”.
12 U.S.C. § 2279a (BANKS AND BANKING)
§ 2279a. Power to merge
The banks within a district may merge into a single entity (hereinafter in this subchapter referred to as a “merged bank”) 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 of the stockholders of each bank voting, in person or by proxy, at a duly authorized stockholders’ meeting with each association entitled to cast a number of votes equal to the number of its 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.
(Pub. L. 92–181, title VII, § 7.0, as added Pub. L. 100–233, title IV, § 416, Jan. 6, 1988, 101 Stat. 1645; amended Pub. L. 100–399, title IV, § 408(b), Aug. 17, 1988, 102 Stat. 1001.)
heading: Amendments
text: 1988—Pub. L. 100–399 substituted “The banks” for “Two or more banks” in introductory provisions, and in par. (3) substituted “with each association entitled to cast a number of votes equal to the number of its voting” for “in accordance with the provisions of section 2223(c) of this title relating to the casting of votes by”.
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. § 2279a–1 (BANKS AND BANKING)
§ 2279a–1. Board of directors
Each merged 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 VII, § 7.1, as added Pub. L. 100–233, title IV, § 416, Jan. 6, 1988, 101 Stat. 1645; amended Pub. L. 100–399, title IV, § 408(c), Aug. 17, 1988, 102 Stat. 1001.)
heading: Amendments
text: 1988—Pub. L. 100–399 struck out “for the district” in section catchline and amended text generally, revising and restating as a single unlettered paragraph provisions of former subsecs. (a) and (b).
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. § 2279a–2 (BANKS AND BANKING)
§ 2279a–2. Powers of merged banks
(a) In general
Except as otherwise provided in this subchapter, a merged bank shall have all of the powers granted to, and shall be subject to all of the obligations imposed on, any of the constituent entities of the merged bank.
(b) Regulations
The Farm Credit Administration shall issue regulations that establish the manner in which the powers and obligations of the banks that form the merged bank are consolidated, and to the extent necessary, reconciled in the merged bank.
(Pub. L. 92–181, title VII, § 7.2, as added Pub. L. 100–233, title IV, § 416, Jan. 6, 1988, 101 Stat. 1645.)