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12 U.S.C. · Banks and Banking
12 U.S.C. § 2211

Establishment

Ch. 23 — FARM CREDIT SYSTEM
Title 12 U.S.C. ● ACTIVE Primary Source Ch. 23
Statutory Text

12 U.S.C. § 2211 — Establishment

U.S.C. Title 12 - BANKS AND BANKING 12 U.S.C. United States Code, 2023 Edition Title 12 - BANKS AND BANKING CHAPTER 23 - FARM CREDIT SYSTEM SUBCHAPTER IV - PROVISIONS APPLICABLE TO TWO OR MORE CLASSES OF INSTITUTIONS OF THE SYSTEM Part E - Service Organizations Sec. 2211 - Establishment From the U.S. Government Publishing Office, www.gpo.gov

§2211. Establishment

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.)

Editorial Notes

Amendments 1985—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 Amendment Amendment 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.

Source: uscode.house.gov — public domain Official Source ↗
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◈ Machine-Readable Provenance Record Root-LD v1.0 · boisestandard.org
Federation ID
BS-USC12-SEC-B71135
Entity Class
STATUTE / FEDERAL-CODE-SECTION
Domain Signature
boisestandard.org
Citation
12 U.S.C. § 2211
Jurisdiction
Federal — United States
Status
✓ ACTIVE
Source
PRIMARY-SOURCE
Source Verified
✓ TRUE
Content Hash
0ecea837302d8a93...
Semantic Edges
Pending — corpus passes queued
The statutory text of 12 U.S.C. § 2211 is reproduced from the official United States Code as published by the Office of the Law Revision Counsel of the U.S. House of Representatives (uscode.house.gov).
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Ch. 23 — FARM CREDIT SYSTEM
12 U.S.C. § 200112 U.S.C. § 200212 U.S.C. § 201112 U.S.C. § 201212 U.S.C. § 201312 U.S.C. § 201412 U.S.C. § 201512 U.S.C. § 201612 U.S.C. § 201712 U.S.C. § 201812 U.S.C. § 201912 U.S.C. § 202012 U.S.C. § 202112 U.S.C. § 202212 U.S.C. § 202312 U.S.C. § 207112 U.S.C. § 207212 U.S.C. § 207312 U.S.C. § 207412 U.S.C. § 207512 U.S.C. § 207612 U.S.C. § 2076a12 U.S.C. § 207712 U.S.C. § 209112 U.S.C. § 209212 U.S.C. § 209312 U.S.C. § 209412 U.S.C. § 209512 U.S.C. § 209612 U.S.C. § 2097
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boisestandard.org → United States → Law → U.S. Code → Title 12 → 12 U.S.C. § 2211