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§ 1148. —  Regional agricultural credit corporations; creation; capital; management; loans; rediscounts; supervision - US § 1148. —  Regional agricultural credit corporations; creation; capital; management; loans; rediscounts; supervision - US Code : CHAN ROBLES VIRTUAL LAW LIBRARY

[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
  January 24, 2002 and December 19, 2002]
[CITE: 12USC1148]

 
                       TITLE 12--BANKS AND BANKING
 
          CHAPTER 7B--REGIONAL AGRICULTURAL CREDIT CORPORATIONS
 
Sec. 1148. Regional agricultural credit corporations; creation; 
        capital; management; loans; rediscounts; supervision
        
    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.

(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.)

                       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.


                               Amendments

    1947--Act June 30, 1947, substituted ``Farm Credit Administration'' 
for ``Reconstruction Finance Corporation'' wherever appearing.

                         Change of Name

    Act Aug. 19, 1937, substituted ``farm credit districts'' for 
``Federal land-bank districts''.

                          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.

                  Section Referred to in Other Sections

    This section is referred to in sections 1148b, 1148c of this title.




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