§ 1148. — Regional agricultural credit corporations; creation; capital; management; loans; rediscounts; supervision
[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.
