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§ 2002. —  Farm Credit System. - US § 2002. —  Farm Credit System. - 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: 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.
---------------------------------------------------------------------------
    \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.




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