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12 USC CHAPTER 7B - REGIONAL AGRICULTURAL CREDIT

CORPORATIONS 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 7B - REGIONAL AGRICULTURAL CREDIT CORPORATIONS

.

-HEAD-

CHAPTER 7B - REGIONAL AGRICULTURAL CREDIT CORPORATIONS

-MISC1-

Sec.

1148. Regional agricultural credit corporations; creation; capital;

management; loans; rediscounts; supervision

1148a to 1148a-3. Repealed.

1148a-4. Security for economic disaster and special livestock

loans.

1148b. Additional powers of regional agricultural credit

corporations.

(a) Places of transacting business.

(b) Borrow money.

(c) Loans.

(d) Sale to or purchase from other like corporations.

1148c. Consolidation or merger.

(a) Power of Farm Credit Administration.

(b) Status of corporations formed by consolidation.

1148d. Rights and powers unaffected by sections 1148b and 1148c.

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12 USC Sec. 1148 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 7B - REGIONAL AGRICULTURAL CREDIT CORPORATIONS

-HEAD-

Sec. 1148. Regional agricultural credit corporations; creation;

capital; management; loans; rediscounts; supervision

-STATUTE-

The Farm Credit Administration is authorized to create in any of

the twelve farm credit districts where it may deem the same to be

desirable a regional agricultural credit corporation with a paid-up

capital of not less than $3,000,000, to be subscribed for by the

Farm Credit Administration and paid for out of the unexpended

balance of the amounts allocated and made available to the

Secretary of Agriculture under section 2 of the Reconstruction

Finance Corporation Act. Such corporations shall be managed by

officers and agents to be appointed by the Farm Credit

Administration under such rules and regulations as it may

prescribe. Such corporations are authorized and empowered to make

loans or advances to farmers and stockmen, the proceeds of which

are to be used for an agricultural purpose (including crop

production), or for the raising, breeding, fattening, or marketing

of livestock, to charge such rates of interest or discount thereon

as in their judgment are fair and equitable, subject to the

approval of the Farm Credit Administration, and to rediscount with

the Farm Credit Administration and the various Federal reserve

banks and Federal intermediate credit banks any paper that they

acquire which is eligible for such purpose. All expenses incurred

in connection with the operation of such corporations shall be

supervised and paid by the Farm Credit Administration under such

rules and regulations as its board of directors may prescribe.

-SOURCE-

(July 21, 1932, ch. 520, Sec. 201(e), 47 Stat. 713; Aug. 19, 1937,

ch. 704, Sec. 5(a), 50 Stat. 704; June 30, 1947, ch. 166, title II,

Sec. 206, 61 Stat. 208.)

-REFTEXT-

REFERENCES IN TEXT

Section 2 of the Reconstruction Finance Corporation Act, referred

to in text, refers to section 2 of the act of Jan. 22, 1932, ch. 8,

47 Stat. 5, wherein the sum of $50,000,000 was made available to

the Secretary of Agriculture for the purpose of making certain

emergency crop loans or advances to farmers. Act June 30, 1947,

ch. 166, title I, Sec. 1, 61 Stat. 202 further amended section 2,

as amended, of the Reconstruction Finance Corporation Act by

eliminating provisions relating to the Secretary of Agriculture and

the emergency crop loans or advances.

-MISC2-

AMENDMENTS

1947 - Act June 30, 1947, substituted ''Farm Credit

Administration'' for ''Reconstruction Finance Corporation''

wherever appearing.

-CHANGE-

CHANGE OF NAME

Act Aug. 19, 1937, substituted ''farm credit districts'' for

''Federal land-bank districts''.

-TRANS-

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.

Ex. Ord. No. 6084 of Mar. 27, 1933, set out preceding section

2241 of this title, transferred to the jurisdiction and control of

the Farm Credit Administration the functions defined in section

5(e) of the Order, as follows: ''The functions of the

Reconstruction Finance Corporation and its Board of Directors

relating to the appointment of officers and agents to manage

regional agricultural credit corporations formed under section

201(e) of the Emergency Relief and Construction Act of 1932 (this

section); relating to the establishment of rules and regulations

for such management; and relating to the approval of loans and

advances made by such corporations and of the terms and conditions

thereof.''

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.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 1148b, 1148c of this

title.

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12 USC Sec. 1148a 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 7B - REGIONAL AGRICULTURAL CREDIT CORPORATIONS

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Sec. 1148a. Repealed. Pub. L. 92-181, title V, Sec. 5.26(a), Dec.

10, 1971, 85 Stat. 624

-MISC1-

Section, acts June 16, 1933, ch. 98, title VIII, Sec. 84, 48

Stat. 273; June 30, 1947, ch. 166, title II, Sec. 206, 61 Stat.

208, provided for reduction of capital of regional agricultural

credit corporations by Farm Credit Administration. See section 2252

of this title.

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12 USC Sec. 1148a-1 to 1148a-3 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 7B - REGIONAL AGRICULTURAL CREDIT CORPORATIONS

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Sec. 1148a-1 to 1148a-3. Repealed. Pub. L. 87-128, title III, Sec.

341(a), Aug. 8, 1961, 75 Stat. 318

-MISC1-

Section 1148a-1, acts Apr. 6, 1949, ch. 49, Sec. 1, 63 Stat. 43;

Aug. 5, 1950, ch. 592, Sec. 1(a), 64 Stat. 414, provided for

transfer of functions of Regional Agricultural Credit Corporation,

Washington, D.C., to Secretary of Agriculture to make disaster

loans, abolished such corporation, provided for transfer of assets,

funds, rights, liabilities, use of revolving, transfer of personnel

and delegation of authority by Secretary of Agriculture.

Section 1148a-2, acts Apr. 6, 1949, ch. 49, Sec. 2, 63 Stat. 44;

July 14, 1953, ch. 192, Sec. 1, 67 Stat. 149; July 7, 1955, ch.

278, Sec. 1, 2, 69 Stat. 263; July 15, 1955, ch. 373, 69 Stat. 366;

July 11, 1958, Pub. L. 85-516, 72 Stat. 357; July 26, 1961, Pub. L.

87-106, 75 Stat. 220, authorized the Secretary of Agriculture to

make loans to farmers and stockmen, prescribed the rates of

interest and terms and conditions of the loans, provided for

economic disaster loans and rates of interest and terms thereof,

special livestock loans, the effective period of such loans,

security, rate of interest, terms and conditions of such loans and

local loan committees, emergency assistance in furnishing feed and

seed, utilization of Agriculture Department agencies, utilization

of revolving fund and transfer of funds into the revolving fund.

Section 1148a-3, act Apr. 6, 1949, ch. 49, Sec. 3(a), 63 Stat.

44, provided that no suit or other judicial proceeding instituted

by or against the Regional Agricultural Credit Corporation shall

abate by reason of sections 1148a-1 and 1148a-2 of this title and

permitted substitution of the Secretary as a party in place of the

Corporation within six months after Apr. 16, 1949.

For subject matter of former sections 1148a-1 to 1148a-3 of this

title see section 1921 et seq. of Title 7, Agriculture.

EFFECTIVE DATE OF REPEAL

Repeal effective one hundred and twenty days after Aug. 8, 1961,

or such earlier date as the provisions of chapter 50 of Title 7,

Agriculture, are made effective by regulations of Secretary of

Agriculture, except that repeal of section 1148a-2(c) of this title

shall not be effective prior to Jan. 1, 1962, see section 341(a) of

Pub. L. 87-128, set out as a note under section 1921 of Title 7.

Repeal effective Oct. 15, 1961, by former section 300.1 of Title

6, Code of Federal Regulations, see Effective Date note set out

under section 1921 of Title 7.

CREDIT EMERGENCY LOANS: TERMINATION DATE

Act Aug. 31, 1954, ch. 1145, 68 Stat. 999, as amended by acts

June 30, 1955, ch. 249, 69 Stat. 223; July 7, 1955, ch. 278, Sec.

3, 69 Stat. 263; Aug. 1, 1956, ch. 829, Sec. 4, 70 Stat. 804, which

authorized the Secretary of Agriculture to make emergency loans for

any agricultural purpose until June 30, 1957, described persons

eligible for such loans and provided for utilization of a revolving

fund of the Farm Credit Administration for loans and administrative

expenses and additions to such fund from liquidation of loans, was

repealed effective one hundred and twenty days after Aug. 8, 1961,

or such earlier date as the provisions of chapter 50 of Title 7,

Agriculture, are made effective by regulations of Secretary of

Agriculture by provisions of section 341(a) of Pub. L. 87-128, set

out as a note under section 1921 of Title 7. See section 1961 et

seq. of Title 7.

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12 USC Sec. 1148a-4 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 7B - REGIONAL AGRICULTURAL CREDIT CORPORATIONS

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Sec. 1148a-4. Security for economic disaster and special livestock

loans

-STATUTE-

Loans under section 1148a-2(b) and (c) (FOOTNOTE 1) of this title

shall be secured by the personal obligation and available security

of the producer or producers, and in the case of loans to

corporations or other business organizations, by the personal

obligation and available security of each person holding as much as

10 per centum of the stock or other interest in the corporation or

organization.

(FOOTNOTE 1) See References in Text note below.

-SOURCE-

(July 14, 1953, ch. 192, Sec. 2, 67 Stat. 150.)

-REFTEXT-

REFERENCES IN TEXT

Section 1148a-2(b) and (c) of this title, referred to in text,

was repealed by Pub. L. 87-128, title III, Sec. 341(a), Aug. 8,

1961, 75 Stat. 318.

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12 USC Sec. 1148b 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 7B - REGIONAL AGRICULTURAL CREDIT CORPORATIONS

-HEAD-

Sec. 1148b. Additional powers of regional agricultural credit

corporations

-STATUTE-

Each regional agricultural credit corporation, created under the

authority of section 1148 of this title, in addition to the powers

granted prior to August 19, 1937, shall have and, upon order or

approval of the Farm Credit Administration, shall exercise the

following rights, powers, and authority:

(a) Places of transacting business

To conduct, transact, and operate its business in any State in

the continental United States, in the District of Columbia, and in

Puerto Rico.

(b) Borrow money

To borrow money (other than by way of discount) from any other

regional agricultural credit corporation, or any Federal

intermediate credit bank, and to give security therefor.

(c) Loans

To lend any of its available funds to any other regional

agricultural credit corporation at such rates of interest and upon

such terms and conditions as may be approved by the Farm Credit

Administration.

(d) Sale to or purchase from other like corporations

To sell to or purchase from any other regional agricultural

credit corporation or any corporation formed by consolidation or

merger as provided in section 1148c of this title, any part of or

all the assets of any such corporation, upon such terms and

conditions as may be approved by the Farm Credit Administration,

including the assumption of the liabilities of any such

corporation, in whole or in part.

-SOURCE-

(Aug. 19, 1937, ch. 704, Sec. 32, 50 Stat. 716; June 30, 1947, ch.

166, title II, Sec. 206(s), 61 Stat. 209.)

-MISC1-

AMENDMENTS

1947 - Subsec. (b). Act June 30, 1947, struck out

''Reconstruction Finance Corporation'' after ''credit

corporation''.

-TRANS-

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.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 1148d of this title.

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12 USC Sec. 1148c 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 7B - REGIONAL AGRICULTURAL CREDIT CORPORATIONS

-HEAD-

Sec. 1148c. Consolidation or merger

-STATUTE-

(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.

-SOURCE-

(Aug. 19, 1937, ch. 704, Sec. 33, 50 Stat. 717; June 30, 1947, ch.

166, title II, Sec. 206(s), 61 Stat. 209.)

-MISC1-

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.

-TRANS-

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.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 1148b, 1148d of this

title.

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12 USC Sec. 1148d 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 7B - REGIONAL AGRICULTURAL CREDIT CORPORATIONS

-HEAD-

Sec. 1148d. Rights and powers unaffected by sections 1148b and

1148c

-STATUTE-

Nothing contained in sections 1148b and 1148c of this title shall

be construed as limiting the rights, powers, and authority granted

prior to August 19, 1937, to the regional agricultural credit

corporations, the Farm Credit Administration, or the Governor

thereof by any Acts of Congress or Executive orders.

-SOURCE-

(Aug. 19, 1937, ch. 704, Sec. 34, 50 Stat. 717.)

-TRANS-

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.

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