12 USC 2160 - Federal Farm Credit Banks Funding Corporation

U.S Code last checked for updates: Nov 22, 2024

§ 2160.

Federal Farm Credit Banks Funding Corporation

(a)

Establishment

(b)

Duties

The Corporation—

(1)

shall issue, market, and handle the obligations of the banks of the Farm Credit System, and interbank or intersystem flow of funds as may from time to time be required;

(2)

acting for the banks of the Farm Credit System, subject to approval of the Farm Credit Administration, shall determine the amount, maturities, rates of interest, terms, and conditions of participation by the several banks in each issue of joint, consolidated, or System-wide obligations; and

(3)

shall exercise such other powers as were provided to the predecessor Federal Farm Credit Banks Funding Corporation in accordance with its charter issued under section 2211 of this title, in effect immediately before January 6, 1988.

(c)

Officers and committees

(1)

Designation

(2)

Issuance of obligations

(d)

Board of directors

(1)

Composition

The board of directors shall be composed of nine voting members and one nonvoting member, as follows:

(A)

Four voting members shall be current or former directors of the System banks elected by the shareholders of the Corporation.

(B)

Three voting members shall be chief executive officers or presidents of System banks elected by the shareholders of the Corporation.

(C)

Two voting members shall be appointed by the members elected under subparagraphs (A) and (B) after the elected members have received recommendations for such appointments from, and consulted with, the Secretary of the Treasury and the Chairman of the Board of Governors of the Federal Reserve System. The appointed members shall be selected from United States citizens—

(i)

who are not borrowers from, shareholders in, or employees or agents of any System institution, who are not affiliated with the Farm Credit Administration, and who are not actively engaged with a bank or investment organization that is a member of the Corporation’s selling group for System-wide securities; and

(ii)

who are experienced or knowledgeable in corporate and public finance, agricultural economics, and financial reporting and disclosure.

(D)

The president of the Corporation shall serve as a nonvoting member of the board.

(2)

Considerations

(3)

Representation of board

(e)

Succession

(1)

Assets and liabilities

(2)

Contracts

(3)

Stock

(4)

Taxation

(Pub. L. 92–181, title IV, § 4.9, Dec. 10, 1971, 85 Stat. 612; Pub. L. 100–233, title II, § 204(a), Jan. 6, 1988, 101 Stat. 1605; Pub. L. 100–399, title II, § 203(a)–(d), Aug. 17, 1988, 102 Stat. 992, 993; Pub. L. 102–552, title V, § 507, Oct. 28, 1992, 106 Stat. 4131; Pub. L. 115–334, title V, § 5411(19), Dec. 20, 2018, 132 Stat. 4681.)

cite as: 12 USC 2160