Title 12 -- Banks and Banking


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    12 USC CHAPTER 7B - REGIONAL AGRICULTURAL CREDIT
                  CORPORATIONS                                   01/23/00
 
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    TITLE 12 - BANKS AND BANKING
    CHAPTER 7B - REGIONAL AGRICULTURAL CREDIT CORPORATIONS
    .
 
-HEAD-
    CHAPTER 7B - REGIONAL AGRICULTURAL CREDIT CORPORATIONS
 
-MISC1-
    Sec.
    1148. Regional agricultural credit corporations; creation; capital;
      management; loans; rediscounts; supervision
    1148a to 1148a-3. Repealed.
    1148a-4. Security for economic disaster and special livestock
      loans.
    1148b. Additional powers of regional agricultural credit
      corporations.
                  (a) Places of transacting business.
                  (b) Borrow money.
                  (c) Loans.
                  (d) Sale to or purchase from other like corporations.
    1148c. Consolidation or merger.
                  (a) Power of Farm Credit Administration.
                  (b) Status of corporations formed by consolidation.
    1148d. Rights and powers unaffected by sections 1148b and 1148c.
 
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    12 USC Sec. 1148                                             01/23/00
 
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    TITLE 12 - BANKS AND BANKING
    CHAPTER 7B - REGIONAL AGRICULTURAL CREDIT CORPORATIONS
 
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    Sec. 1148. Regional agricultural credit corporations; creation;
        capital; management; loans; rediscounts; supervision
 
-STATUTE-
      The Farm Credit Administration is authorized to create in any of
    the twelve farm credit districts where it may deem the same to be
    desirable a regional agricultural credit corporation with a paid-up
    capital of not less than $3,000,000, to be subscribed for by the
    Farm Credit Administration and paid for out of the unexpended
    balance of the amounts allocated and made available to the
    Secretary of Agriculture under section 2 of the Reconstruction
    Finance Corporation Act. Such corporations shall be managed by
    officers and agents to be appointed by the Farm Credit
    Administration under such rules and regulations as it may
    prescribe.  Such corporations are authorized and empowered to make
    loans or advances to farmers and stockmen, the proceeds of which
    are to be used for an agricultural purpose (including crop
    production), or for the raising, breeding, fattening, or marketing
    of livestock, to charge such rates of interest or discount thereon
    as in their judgment are fair and equitable, subject to the
    approval of the Farm Credit Administration, and to rediscount with
    the Farm Credit Administration and the various Federal reserve
    banks and Federal intermediate credit banks any paper that they
    acquire which is eligible for such purpose.  All expenses incurred
    in connection with the operation of such corporations shall be
    supervised and paid by the Farm Credit Administration under such
    rules and regulations as its board of directors may prescribe.
 
-SOURCE-
    (July 21, 1932, ch. 520, Sec. 201(e), 47 Stat. 713; Aug. 19, 1937,
    ch. 704, Sec. 5(a), 50 Stat. 704; June 30, 1947, ch. 166, title II,
    Sec. 206, 61 Stat. 208.)
 
-REFTEXT-
                             REFERENCES IN TEXT
      Section 2 of the Reconstruction Finance Corporation Act, referred
    to in text, refers to section 2 of the act of Jan. 22, 1932, ch. 8,
    47 Stat. 5, wherein the sum of $50,000,000 was made available to
    the Secretary of Agriculture for the purpose of making certain
    emergency crop loans or advances to farmers.  Act June 30, 1947,
    ch. 166, title I, Sec. 1, 61 Stat. 202 further amended section 2,
    as amended, of the Reconstruction Finance Corporation Act by
    eliminating provisions relating to the Secretary of Agriculture and
    the emergency crop loans or advances.
 
-MISC2-
                                 AMENDMENTS
      1947 - Act June 30, 1947, substituted ''Farm Credit
    Administration'' for ''Reconstruction Finance Corporation''
    wherever appearing.
 
-CHANGE-
                               CHANGE OF NAME
      Act Aug. 19, 1937, substituted ''farm credit districts'' for
    ''Federal land-bank districts''.
 
-TRANS-
                           TRANSFER OF FUNCTIONS
      Establishment of Farm Credit Administration as an independent
    agency, composition of Farm Credit Administration, appointment of
    Governor of Farm Credit Administration, and duties thereof,
    including duty to perform functions, etc., of Farm Credit
    Administration, see section 2241 et seq. of this title.
      Ex. Ord. No. 6084 of Mar. 27, 1933, set out preceding section
    2241 of this title, transferred to the jurisdiction and control of
    the Farm Credit Administration the functions defined in section
    5(e) of the Order, as follows: ''The functions of the
    Reconstruction Finance Corporation and its Board of Directors
    relating to the appointment of officers and agents to manage
    regional agricultural credit corporations formed under section
    201(e) of the Emergency Relief and Construction Act of 1932 (this
    section); relating to the establishment of rules and regulations
    for such management; and relating to the approval of loans and
    advances made by such corporations and of the terms and conditions
    thereof.''
                   EXCEPTIONS FROM TRANSFER OF FUNCTIONS
      Functions of Farm Credit Administration or any agency, officer,
    or entity of, under, or subject to supervision of said
    Administration excepted from functions of officers, agencies, and
    employees transferred to Secretary of Agriculture by Reorg. Plan
    No. 2 of 1953, Sec. 1, eff.  June 4, 1953, 18 F.R. 3219, 67 Stat.
    633, set out in the Appendix to Title 5, Government Organization
    and Employees.
 
-CROSS-
                              CROSS REFERENCES
      Financial control of corporation, see section 9101 et seq. of
    Title 31, Money and Finance.
 
-SECREF-
                   SECTION REFERRED TO IN OTHER SECTIONS
      This section is referred to in sections 1148b, 1148c of this
    title.
 
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    12 USC Sec. 1148a                                            01/23/00
 
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    TITLE 12 - BANKS AND BANKING
    CHAPTER 7B - REGIONAL AGRICULTURAL CREDIT CORPORATIONS
 
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    Sec. 1148a. Repealed. Pub. L. 92-181, title V, Sec. 5.26(a), Dec.
        10, 1971, 85 Stat. 624
 
-MISC1-
      Section, acts June 16, 1933, ch. 98, title VIII, Sec. 84, 48
    Stat. 273; June 30, 1947, ch. 166, title II, Sec. 206, 61 Stat.
    208, provided for reduction of capital of regional agricultural
    credit corporations by Farm Credit Administration. See section 2252
    of this title.
 
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    12 USC Sec. 1148a-1 to 1148a-3                               01/23/00
 
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    TITLE 12 - BANKS AND BANKING
    CHAPTER 7B - REGIONAL AGRICULTURAL CREDIT CORPORATIONS
 
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    Sec. 1148a-1 to 1148a-3. Repealed. Pub. L. 87-128, title III, Sec.
        341(a), Aug. 8, 1961, 75 Stat. 318
 
-MISC1-
      Section 1148a-1, acts Apr. 6, 1949, ch. 49, Sec. 1, 63 Stat. 43;
    Aug. 5, 1950, ch. 592, Sec. 1(a), 64 Stat. 414, provided for
    transfer of functions of Regional Agricultural Credit Corporation,
    Washington, D.C., to Secretary of Agriculture to make disaster
    loans, abolished such corporation, provided for transfer of assets,
    funds, rights, liabilities, use of revolving, transfer of personnel
    and delegation of authority by Secretary of Agriculture.
      Section 1148a-2, acts Apr. 6, 1949, ch. 49, Sec. 2, 63 Stat. 44;
    July 14, 1953, ch. 192, Sec. 1, 67 Stat. 149; July 7, 1955, ch.
    278, Sec. 1, 2, 69 Stat. 263; July 15, 1955, ch. 373, 69 Stat. 366;
    July 11, 1958, Pub. L. 85-516, 72 Stat. 357; July 26, 1961, Pub. L.
    87-106, 75 Stat. 220, authorized the Secretary of Agriculture to
    make loans to farmers and stockmen, prescribed the rates of
    interest and terms and conditions of the loans, provided for
    economic disaster loans and rates of interest and terms thereof,
    special livestock loans, the effective period of such loans,
    security, rate of interest, terms and conditions of such loans and
    local loan committees, emergency assistance in furnishing feed and
    seed, utilization of Agriculture Department agencies, utilization
    of revolving fund and transfer of funds into the revolving fund.
      Section 1148a-3, act Apr. 6, 1949, ch. 49, Sec. 3(a), 63 Stat.
    44, provided that no suit or other judicial proceeding instituted
    by or against the Regional Agricultural Credit Corporation shall
    abate by reason of sections 1148a-1 and 1148a-2 of this title and
    permitted substitution of the Secretary as a party in place of the
    Corporation within six months after Apr. 16, 1949.
      For subject matter of former sections 1148a-1 to 1148a-3 of this
    title see section 1921 et seq. of Title 7, Agriculture.
                          EFFECTIVE DATE OF REPEAL
      Repeal effective one hundred and twenty days after Aug. 8, 1961,
    or such earlier date as the provisions of chapter 50 of Title 7,
    Agriculture, are made effective by regulations of Secretary of
    Agriculture, except that repeal of section 1148a-2(c) of this title
    shall not be effective prior to Jan. 1, 1962, see section 341(a) of
    Pub. L. 87-128, set out as a note under section 1921 of Title 7.
      Repeal effective Oct. 15, 1961, by former section 300.1 of Title
    6, Code of Federal Regulations, see Effective Date note set out
    under section 1921 of Title 7.
                  CREDIT EMERGENCY LOANS: TERMINATION DATE
      Act Aug. 31, 1954, ch. 1145, 68 Stat. 999, as amended by acts
    June 30, 1955, ch. 249, 69 Stat. 223; July 7, 1955, ch. 278, Sec.
    3, 69 Stat. 263; Aug. 1, 1956, ch. 829, Sec. 4, 70 Stat. 804, which
    authorized the Secretary of Agriculture to make emergency loans for
    any agricultural purpose until June 30, 1957, described persons
    eligible for such loans and provided for utilization of a revolving
    fund of the Farm Credit Administration for loans and administrative
    expenses and additions to such fund from liquidation of loans, was
    repealed effective one hundred and twenty days after Aug. 8, 1961,
    or such earlier date as the provisions of chapter 50 of Title 7,
    Agriculture, are made effective by regulations of Secretary of
    Agriculture by provisions of section 341(a) of Pub. L. 87-128, set
    out as a note under section 1921 of Title 7. See section 1961 et
    seq. of Title 7.
 
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    12 USC Sec. 1148a-4                                          01/23/00
 
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    TITLE 12 - BANKS AND BANKING
    CHAPTER 7B - REGIONAL AGRICULTURAL CREDIT CORPORATIONS
 
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    Sec. 1148a-4. Security for economic disaster and special livestock
        loans
 
-STATUTE-
      Loans under section 1148a-2(b) and (c) (FOOTNOTE 1) of this title
    shall be secured by the personal obligation and available security
    of the producer or producers, and in the case of loans to
    corporations or other business organizations, by the personal
    obligation and available security of each person holding as much as
    10 per centum of the stock or other interest in the corporation or
    organization.
       (FOOTNOTE 1) See References in Text note below.
 
-SOURCE-
    (July 14, 1953, ch. 192, Sec. 2, 67 Stat. 150.)
 
-REFTEXT-
                             REFERENCES IN TEXT
      Section 1148a-2(b) and (c) of this title, referred to in text,
    was repealed by Pub. L. 87-128, title III, Sec. 341(a), Aug. 8,
    1961, 75 Stat. 318.
 
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    12 USC Sec. 1148b                                            01/23/00
 
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    TITLE 12 - BANKS AND BANKING
    CHAPTER 7B - REGIONAL AGRICULTURAL CREDIT CORPORATIONS
 
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    Sec. 1148b. Additional powers of regional agricultural credit
        corporations
 
-STATUTE-
      Each regional agricultural credit corporation, created under the
    authority of section 1148 of this title, in addition to the powers
    granted prior to August 19, 1937, shall have and, upon order or
    approval of the Farm Credit Administration, shall exercise the
    following rights, powers, and authority:
    (a) Places of transacting business
      To conduct, transact, and operate its business in any State in
    the continental United States, in the District of Columbia, and in
    Puerto Rico.
    (b) Borrow money
      To borrow money (other than by way of discount) from any other
    regional agricultural credit corporation, or any Federal
    intermediate credit bank, and to give security therefor.
    (c) Loans
      To lend any of its available funds to any other regional
    agricultural credit corporation at such rates of interest and upon
    such terms and conditions as may be approved by the Farm Credit
    Administration.
    (d) Sale to or purchase from other like corporations
      To sell to or purchase from any other regional agricultural
    credit corporation or any corporation formed by consolidation or
    merger as provided in section 1148c of this title, any part of or
    all the assets of any such corporation, upon such terms and
    conditions as may be approved by the Farm Credit Administration,
    including the assumption of the liabilities of any such
    corporation, in whole or in part.
 
-SOURCE-
    (Aug. 19, 1937, ch. 704, Sec. 32, 50 Stat. 716; June 30, 1947, ch.
    166, title II, Sec. 206(s), 61 Stat. 209.)
 
-MISC1-
                                 AMENDMENTS
      1947 - Subsec. (b). Act June 30, 1947, struck out
    ''Reconstruction Finance Corporation'' after ''credit
    corporation''.
 
-TRANS-
                           TRANSFER OF FUNCTIONS
      Establishment of Farm Credit Administration as an independent
    agency, composition of Farm Credit Administration, appointment of
    Governor of Farm Credit Administration, and duties thereof,
    including duty to perform functions, etc., of Farm Credit
    Administration, see section 2241 et seq. of this title.
                   EXCEPTIONS FROM TRANSFER OF FUNCTIONS
      Functions of Farm Credit Administration or any agency, officer,
    or entity of, under, or subject to supervision of said
    Administration excepted from functions of officers, agencies, and
    employees transferred to Secretary of Agriculture by Reorg. Plan
    No. 2 of 1953, Sec. 1, eff.  June 4, 1953, 18 F.R. 3219, 67 Stat.
    633, set out in the Appendix to Title 5, Government Organization
    and Employees.
 
-SECREF-
                   SECTION REFERRED TO IN OTHER SECTIONS
      This section is referred to in section 1148d of this title.
 
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    12 USC Sec. 1148c                                            01/23/00
 
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    TITLE 12 - BANKS AND BANKING
    CHAPTER 7B - REGIONAL AGRICULTURAL CREDIT CORPORATIONS
 
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    Sec. 1148c. Consolidation or merger
 
-STATUTE-
    (a) Power of Farm Credit Administration
      The Farm Credit Administration shall have the power and authority
    to order and effect the consolidation or merger of two or more
    regional agricultural credit corporations, on such terms and
    conditions as it shall direct.
    (b) Status of corporations formed by consolidation
      The Farm Credit Administration is authorized to grant charters
    to, prescribe bylaws for, and fix the capital of, regional
    agricultural credit corporations which may be formed by the
    consolidation of two or more regional agricultural credit
    corporations, and to approve or prescribe such amendments to the
    charter and bylaws of any regional agricultural credit corporation
    as it may from time to time deem necessary.  Corporations formed by
    the consolidation of two or more regional agricultural credit
    corporations, as herein provided, shall have all the rights,
    powers, authority, and exemptions and shall be subject to the same
    supervision and control in the same manner as provided by law in
    respect to regional agricultural credit corporations organized
    under section 1148 of this title.
 
-SOURCE-
    (Aug. 19, 1937, ch. 704, Sec. 33, 50 Stat. 717; June 30, 1947, ch.
    166, title II, Sec. 206(s), 61 Stat. 209.)
 
-MISC1-
                                 AMENDMENTS
      1947 - Subsec. (b). Act June 30, 1947, repealed provisions
    relating to the payment of the expenses of corporations formed by
    the consolidation of two or more regional agricultural credit
    corporations.
 
-TRANS-
                           TRANSFER OF FUNCTIONS
      Establishment of Farm Credit Administration as an independent
    agency, composition of Farm Credit Administration, appointment of
    Governor of Farm Credit Administration, and duties thereof,
    including duty to perform functions, etc., of Farm Credit
    Administration, see section 2241 et seq. of this title.
                   EXCEPTIONS FROM TRANSFER OF FUNCTIONS
      Functions of Farm Credit Administration or any agency, officer,
    or entity of, under, or subject to supervision of said
    Administration excepted from functions of officers, agencies, and
    employees transferred to Secretary of Agriculture by Reorg. Plan
    No. 2 of 1953, Sec. 1, eff.  June 4, 1953, 18 F.R. 3219, 67 Stat.
    633, set out in the Appendix to Title 5, Government Organization
    and Employees.
 
-SECREF-
                   SECTION REFERRED TO IN OTHER SECTIONS
      This section is referred to in sections 1148b, 1148d of this
    title.
 
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    12 USC Sec. 1148d                                            01/23/00
 
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    TITLE 12 - BANKS AND BANKING
    CHAPTER 7B - REGIONAL AGRICULTURAL CREDIT CORPORATIONS
 
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    Sec. 1148d. Rights and powers unaffected by sections 1148b and
        1148c
 
-STATUTE-
      Nothing contained in sections 1148b and 1148c of this title shall
    be construed as limiting the rights, powers, and authority granted
    prior to August 19, 1937, to the regional agricultural credit
    corporations, the Farm Credit Administration, or the Governor
    thereof by any Acts of Congress or Executive orders.
 
-SOURCE-
    (Aug. 19, 1937, ch. 704, Sec. 34, 50 Stat. 717.)
 
-TRANS-
                           TRANSFER OF FUNCTIONS
      Establishment of Farm Credit Administration as an independent
    agency, composition of Farm Credit Administration, appointment of
    Governor of Farm Credit Administration, and duties thereof,
    including duty to perform functions, etc., of Farm Credit
    Administration, see section 2241 et seq. of this title.
                   EXCEPTIONS FROM TRANSFER OF FUNCTIONS
      Functions of Farm Credit Administration or any agency, officer,
    or entity of, under, or subject to supervision of said
    Administration excepted from functions of officers, agencies, and
    employees transferred to Secretary of Agriculture by Reorg. Plan
    No. 2 of 1953, Sec. 1, eff.  June 4, 1953, 18 F.R. 3219, 67 Stat.
    633, set out in the Appendix to Title 5, Government Organization
    and Employees.


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