12 USC 2074 - Production credit association capitalization

U.S Code last checked for updates: Nov 23, 2024

§ 2074.

Production credit association capitalization

(a)

In general

(b)

Application of earnings

At the end of each fiscal year, each production credit association shall apply the amount of the earnings of the association for the fiscal year in excess of the operating expenses of the association (including provision for valuation reserves against loan assets in accordance with generally accepted accounting principles)—

(1)

first, to the restoration of the impairment (if any) of capital; and

(2)

second, to the establishment and maintenance of the surplus accounts, the minimum aggregate amount of which shall be prescribed by the Farm Credit Bank.

(c)

Patronage

(Pub. L. 92–181, title II, § 2.3, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1632; amended Pub. L. 102–552, title V, § 501, Oct. 28, 1992, 106 Stat. 4129.)

cite as: 12 USC 2074