12-U.S.C.-1148B
§1148B – Additional Powers of Regional Agricultural Credit Corporations
Pathway
Title 12 > Chapter 7B > Section 1148b
Details
- Reference: Section 1148b
- Legend: §1148B – Additional Powers of Regional Agricultural Credit Corporations
- USCode Year: 2013
Provision Content
Each regional agricultural credit corporation, created under the authority of section 1148 of this title, in addition to the powers granted prior to August 19, 1937, shall have and, upon order or approval of the Farm Credit Administration, shall exercise the following rights, powers, and authority:
(a) Places of transacting business
To conduct, transact, and operate its business in any State in the continental United States, in the District of Columbia, and in Puerto Rico.
(b) Borrow money
To borrow money (other than by way of discount) from any other regional agricultural credit corporation, or any Federal intermediate credit bank, and to give security therefor.
(c) Loans
To lend any of its available funds to any other regional agricultural credit corporation at such rates of interest and upon such terms and conditions as may be approved by the Farm Credit Administration.
(d) Sale to or purchase from other like corporations
To sell to or purchase from any other regional agricultural credit corporation or any corporation formed by consolidation or merger as provided in section 1148c of this title, any part of or all the assets of any such corporation, upon such terms and conditions as may be approved by the Farm Credit Administration, including the assumption of the liabilities of any such corporation, in whole or in part.
(Aug. 19, 1937, ch. 704, §32, 50 Stat. 716; June 30, 1947, ch. 166, title II, §206(s), 61 Stat. 209.)
Amendments
1947—Subsec. (b). Act June 30, 1947, struck out Reconstruction Finance Corporation after credit corporation.
Transfer of Functions
Establishment of Farm Credit Administration as an independent agency, composition of Farm Credit Administration, appointment of Governor of Farm Credit Administration, and duties thereof, including duty to perform functions, etc., of Farm Credit Administration, see section 2241 et seq. of this title.
Exceptions From Transfer of Functions
Functions of Farm Credit Administration or any agency, officer, or entity of, under, or subject to supervision of said Administration excepted from functions of officers, agencies, and employees transferred to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, §1, eff. June 4, 1953, 18 F.R. 3219, 67 Stat. 633, set out in the Appendix to Title 5, Government Organization and Employees.
U.S. Encyclopedia of Law Coverage
12-U.S.C.-1138F in the Legal Encyclopedia: Banking Law
In this entry about 12-U.S.C.-1138F, find legal reference material, bibliographies and premiere content related to banking law in the American Encyclopedia of Law, presenting a comprehensive view of the United States banking law-specific issues, written by authorities in the field.
12-U.S.C.-1148B in the Legal Encyclopedia: Farm Credit System
In this entry about 12-U.S.C.-1148B, find legal reference material, bibliographies and premiere content related to farm credit system in the American Encyclopedia of Law, presenting a comprehensive view of the United States farm credit system-specific issues, written by authorities in the field.
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