12-U.S.C.-2211
§2211 – Establishment
Pathway
Title 12 > Chapter 23 > Subchapter IV > Part E > Section 2211
Details
- Reference: Section 2211
- Legend: §2211 – Establishment
- USCode Year: 2013
Provision Content
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.)
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.
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.
U.S. Encyclopedia of Law Coverage
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12-U.S.C.-1747H in the Legal Encyclopedia: Insurance
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12-U.S.C.-2202C in the Legal Encyclopedia: Farm Credit System
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