§ 1148b. — Additional powers of regional agricultural credit corporations.
[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.
