§ 1148c. — Consolidation or merger.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1148c]
TITLE 12--BANKS AND BANKING
CHAPTER 7B--REGIONAL AGRICULTURAL CREDIT CORPORATIONS
Sec. 1148c. Consolidation or merger
(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.
(Aug. 19, 1937, ch. 704, Sec. 33, 50 Stat. 717; June 30, 1947, ch. 166,
title II, Sec. 206(s), 61 Stat. 209.)
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 Act June 30, 1947, repealed provisions relating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.
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 sections 1148b, 1148d of this title.
