§ 1401. — Authorization of loans by Governor of Farm Credit Administration; regulations.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1401]
TITLE 12--BANKS AND BANKING
CHAPTER 10--LOCAL AGRICULTURAL-CREDIT CORPORATIONS, LIVESTOCK-LOAN
COMPANIES AND LIKE ORGANIZATIONS; LOANS TO INDIVIDUALS TO AID IN
FORMATION OR TO INCREASE CAPITAL STOCK
Sec. 1401. Authorization of loans by Governor of Farm Credit
Administration; regulations
The Governor of the Farm Credit Administration is authorized to make
advances or loans to individuals, under such regulations as he may
prescribe, for the purpose of assisting in forming local agricultural-
credit corporations, livestock-loan companies, or like organizations, or
of increasing the capital stock of such corporations, companies, or
organizations qualified to do business with Federal intermediate credit
banks, or to which such privileges may be extended.
(Mar. 3, 1932, ch. 70, Sec. 1, 47 Stat. 60; Ex. Ord. No. 6084, Mar. 27,
1933.)
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.
``Governor of the Farm Credit Administration'' substituted for
``Secretary of Agriculture'' and other changes were effected by Ex. Ord.
No. 6084, which is set out preceding section 2241 of this title.
