12 USC 2279c - Equalization of loan-making powers of certain district associations

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

§ 2279c.

Equalization of loan-making powers of certain district associations

(a)

Equalization of loan-making powers

(1)

In general

(A)

Federal land bank associations

(B)

Production credit associations

(C)

Farm Credit Bank

(2)

Required approvals

An association may exercise the additional authority provided for in paragraph (1) only after the exercise of the authority is approved by—

(A)

the board of directors of the association; and

(B)

a majority of the voting stockholders of the association (or, if the association is a subsidiary of another association, the voting stockholders of the parent association) voting, in person or by proxy, at a duly authorized meeting of stockholders in accordance with the process described in section 2279e of this title.

(b)

Applicability

(Pub. L. 92–181, title VII, § 7.7, as added Pub. L. 110–234, title V, § 5407(a), May 22, 2008, 122 Stat. 1159, and Pub. L. 110–246, § 4(a), title V, § 5407(a), June 18, 2008, 122 Stat. 1664, 1921.)

cite as: 12 USC 2279c