12 USC 2091 - Organizations; articles; charters; powers of the Farm Credit Administration

U.S Code last checked for updates: Nov 24, 2024

§ 2091.

Organizations; articles; charters; powers of the Farm Credit Administration

(a)

Charter

(b)

Organization

(1)

In general

(2)

Articles of association

(A)

Description of territory

(B)

Submission to FCB

(C)

Stock purchase

(D)

Statement

The articles shall be accompanied by a statement signed by each of the members of the proposed association establishing—

(i)

the individual’s eligibility and request for a Farm Credit Bank loan;

(ii)

that the real estate with respect to which the individual desires the loan for is not being served by another Federal land bank association; and

(iii)

that the individual is or will become a stockholder in the proposed association.

(E)

Submission to FCA

(3)

Denials of charters

(4)

Approval of articles

(c)

FCA authority on organization

The Farm Credit Administration shall have power, in the terms of the charter, under rules and regulations prescribed by the Farm Credit Administration—

(1)

to provide for the organization of the association;

(2)

to provide for the initial amount of stock of the association;

(3)

to provide for the territory within which the association may carry on its operations; and

(4)

to approve amendments to the charter of such association.

(Pub. L. 92–181, title II, § 2.10, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1634; amended Pub. L. 100–399, title IV, § 401(s), (t), Aug. 17, 1988, 102 Stat. 998.)

cite as: 12 USC 2091