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§ 1148c. —  Consolidation or merger. - US § 1148c. —  Consolidation or merger. - 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: 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 Act June 30, 1947, repealed provisions relating 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.




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