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§ 1148b. —  Additional powers of regional agricultural credit corporations. - US § 1148b. —  Additional powers of regional agricultural credit corporations. - 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: 12USC1148b]

 
                       TITLE 12--BANKS AND BANKING
 
          CHAPTER 7B--REGIONAL AGRICULTURAL CREDIT CORPORATIONS
 
Sec. 1148b. Additional powers of regional agricultural credit 
        corporations
        
    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.

(Aug. 19, 1937, ch. 704, Sec. 32, 50 Stat. 716; June 30, 1947, ch. 166, 
title II, Sec. 206(s), 61 Stat. 209.)


                               Amendments

    1947--Subsec. (b). Act June 30, 1947, struck out ``Reconstruction 
Finance Corporation'' after ``credit corporation''.

                          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.

                  Section Referred to in Other Sections

    This section is referred to in section 1148d of this title.




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