§ 2002. — Farm Credit System.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC2002]
TITLE 12--BANKS AND BANKING
CHAPTER 23--FARM CREDIT SYSTEM
Sec. 2002. Farm Credit System
(a) Composition
The Farm Credit System shall include the the \1\ Farm Credit Banks,
the Federal land bank associations, the production credit associations,
the banks for cooperatives, and such other institutions as may be made a
part of the System, all of which shall be chartered by and subject to
regulation by the Farm Credit Administration.
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\1\ So in original.
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(b) Farm credit districts
There shall be not more than twelve farm credit districts in the
United States, which may be designated by number, one of which districts
shall include the Commonwealth of Puerto Rico and one of which districts
may, if authorized by the Farm Credit Administration, include the Virgin
Islands of the United States: Provided, That the extension of credit and
other services authorized by this chapter in the Virgin Islands of the
United States shall be undertaken only if determined to be feasible
under regulations of the Farm Credit Administration. The boundaries of
the twelve farm credit districts existing on December 10, 1971, may be
readjusted from time to time by the Farm Credit Administration, with the
concurrence of the boards of the banks in each district involved. Two or
more districts may be merged as provided in section 2252(a)(2) of this
title.
(Pub. L. 92-181, Sec. 1.2, formerly Secs. 1.2, 5.0, Dec. 10, 1971, 85
Stat. 583, 614; Pub. L. 96-592, title V, Sec. 501, Dec. 24, 1980, 94
Stat. 3448; Pub. L. 99-205, title II, Sec. 205(c), (g)(1), Dec. 23,
1985, 99 Stat. 1703, 1706; Pub. L. 100-233, title IV, Sec. 434, title
VIII, Sec. 805(a), (v), Jan. 6, 1988, 101 Stat. 1662, 1715, 1716; Pub.
L. 100-399, title IX, Sec. 901(q)-(s), Aug. 17, 1988, 102 Stat. 1008.)
Codification
Pub. L. 100-399, Sec. 901(r), transferred section 5.0 of Pub. L. 92-
181, which was classified to section 2221 of this title, to subsec. (b)
of this section.
Amendments
1988--Subsec. (a). Pub. L. 100-399, Sec. 901(s), designated existing
provisions as subsec. (a), inserted heading, and substituted
``regulation'' for ``the regulation''.
Pub. L. 100-233, Sec. 434, amended provisions generally. Prior to
amendment, provisions read as follows: ``The Farm Credit System shall
include the Federal land banks, the Federal land bank associations, the
Federal intermediate credit banks, the production credit associations,
the banks for cooperatives, and such other institutions as may be made a
part of the System, all of which shall be chartered by and subject to
regulation by the Farm Credit Administration.''
Pub. L. 100-233, Sec. 805(a), substituted ``subject to regulation''
for ``subject to the regulation''.
Subsec. (b). Pub. L. 100-399, Sec. 901(q), (r), designated section
2221 of this title as subsec. (b), inserted heading, and substituted
``boards of the banks in each district'' for ``district boards''.
Pub. L. 100-233, Sec. 805(v), substituted ``section 2252(a)(2) of
this title'' for ``section 2252(2) of this title''.
1985--Subsec. (a). Pub. L. 99-205, Sec. 205(c), substituted
``regulation by'' for ``supervision of''.
Subsec. (b). Pub. L. 99-205, Sec. 205(g)(1), substituted ``Farm
Credit Administration'' for ``Federal Farm Credit Board'' in first and
second sentences, and made a technical amendment to reference to section
2252(2) of this title to reflect the renumbering of the corresponding
section of the original act.
1980--Subsec. (b). Pub. L. 96-592 inserted provisions relating to
Virgin Islands of the United States.
Effective Date of 1988 Amendments
Section 1001 of Pub. L. 100-399 provided that:
``(a) General Rule.--Except as provided in subsection (b), the
amendments made by this Act [see Tables for classification] shall take
effect as if enacted immediately after the enactment of the 1987 Act
[Pub. L. 100-233, which was enacted Jan. 6, 1988].
``(b) Exceptions.--The amendments made by sections 102(b), 102(f),
102(g), 102(h), 201(q), 302(c), 302(d), 302(e), 401, 402(b), 409(d),
411, 414, and 901 (other than by subsections (a), (b), (c), (e), (f),
and (g) thereof) of this Act [see Tables for classification] shall take
effect immediately after the amendment made by section 401 of the 1987
Act takes effect [section 401 of Pub. L. 100-233, effective 6 months
after Jan. 6, 1988].''
Section 434 of Pub. L. 100-233 provided in part that the amendment
of this section by section 434 of Pub. L. 100-233 is effective 6 months
after Jan. 6, 1988.
Effective Date of 1985 Amendment
Amendment by Pub. L. 99-205 effective thirty days after Dec. 23,
1985, see section 401 of Pub. L. 99-205, set out as a note under section
2001 of this title.
Consolidation of District Farm Credit Banks
Section 412 of Pub. L. 100-233, as amended by Pub. L. 100-399, title
IV, Sec. 404, Aug. 17, 1988, 102 Stat. 999, provided that:
``(a) Submission of Proposal.--
``(1) Special committee.--
``(A) In general.--Not later than 6 months after the date of
the enactment of this section [Jan. 6, 1988], a special
committee shall be selected pursuant to regulations of the Farm
Credit Administration for the purpose of developing a proposal
for the consolidation of Farm Credit System districts.
``(B) Composition.--The special committee selected under
subparagraph (A) shall be composed of one representative from
each Farm Credit Bank board and the members of the Board of
Directors of the Assistance Board.
``(2) Development of proposal.--Not later than 6 months after
the formation of the special committee, the committee shall develop
a proposal to consolidate the Farm Credit Banks into no less than
six financially viable Farm Credit Banks through inter-district
mergers.
``(3) Report.--Not later than the end of each calendar quarter
beginning at least 6 months after the selection of the special
committee, such committee shall prepare and submit, to the Committee
on Agriculture of the House of Representatives, and the Committee on
Agriculture, Nutrition, and Forestry of the Senate, a report on the
progress of the committee in developing a proposal under this
subsection.
``(b) Prerequisites to Consolidation.--
``(1) FCA review of proposal.--Prior to the submission of the
proposal developed under subsection (a)(2) to the stockholders under
paragraph (3), the proposal together with all information to be
presented to the stockholders, shall be submitted to the Farm Credit
Administration for approval.
``(2) Prerequisites.--The proposal developed under subsection
(a)(2) shall not be submitted to stockholders under paragraph (3)
unless the proposal is approved by--
``(A) a majority of the members of the Board of Directors of
the Assistance Board; and
``(B) the members of the special committee that represent
the districts affected by the terms of the proposal.
``(3) Submission to stockholders.--Not later than the end of the
18-month period after the date of enactment of this Act [Jan. 6,
1988], each Farm Credit Bank involved, in consultation with the
special committee, shall submit the proposed merger affecting such
bank to the voting stockholders of each such bank.
``(4) Stockholder vote.--Each association shall be entitled to
cast a number of votes equal to the number of voting stockholders of
such association.''
[For termination, effective May 15, 2000, of reporting provisions in
section 412(a)(3) of Pub. L. 100-233, set out above, see section 3003 of
Pub. L. 104-66, as amended, set out as a note under section 1113 of
Title 31, Money and Finance, and page 166 of House Document No. 103-7.]
Applicability of Laws Enacted After January 1, 1960
Pub. L. 86-168, title II, Sec. 203(b), Aug. 18, 1959, 73 Stat. 390,
provided that: ``Any Act of Congress enacted after the effective date of
this title [Jan. 1, 1960] and which states that it shall be applicable
to agencies or instrumentalities of the United States or to corporations
controlled or owned, in whole or in part, by the United States, or to
officers and employees of the United States or such agencies or
instrumentalities or corporations, shall not be applicable to a Federal
land bank, Federal intermediate credit bank, or bank for cooperatives,
or to its directors, officers, or employees unless such Act specifically
so provides by naming such banks.''
Section Referred to in Other Sections
This section is referred to in section 2271 of this title; title 7
section 2009cc-9.