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Farm Credit Act and Other Statutes (PDF)

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Farm Credit Act and Other Statutes (PDF) The Farm Credit Act and other statutes governing the Farm Credit System and the Farm Credit Administration Contents Farm Credit Act of 1971, as amended .............................................................................................................................. 1 Introduction .................................................................................................................................................................. 2 Title I—Farm Credit Banks ......................................................................................................................................... 3 Sec. 1.1. Policy and Objectives.— .................................................................................................................... 3 Sec. 1.2. The Farm Credit System.— ............................................................................................................... 3 Sec. 1.3. Establishment, Charters, Titles, Branches. ......................................................................................... 4 Sec. 1.4. Board of Directors. ............................................................................................................................. 4 Sec. 1.5. General Corporate Powers. ................................................................................................................ 4 Sec. 1.6. Farm Credit Bank Capitalization. ....................................................................................................... 6 Sec. 1.7. Lending Authority. ............................................................................................................................. 6 Sec. 1.8. Interest rates and Other Charges. ....................................................................................................... 8 Sec. 1.9. Eligibility.9 Sec. 1.10. Security; Terms. ............................................................................................................................... 9 Sec. 1.11. Purposes for Extensions of Credit. ................................................................................................. 10 Sec. 1.12. Related Services. ............................................................................................................................ 11 Sec. 1.13. Loans through Associations or Agents. .......................................................................................... 11 Sec. 1.14. Liens on Stock. ............................................................................................................................... 11 Sec. 1.15. Taxation.11 Title II—Farm Credit Associations ............................................................................................................................ 12 Subtitle A—Production Credit Associations .......................................................................................................... 12 Sec. 2.0. Organization and Charters. ............................................................................................................... 12 Sec. 2.1. Board of Directors. ........................................................................................................................... 13 Sec. 2.2. General Corporate Powers. .............................................................................................................. 13 Sec. 2.3. Production Credit Association Capitalization. ................................................................................. 15 Sec. 2.4. Short- and Intermediate-Term Loans; Participation; Other Financial Assistance; Terms; Conditions; Interest; Security.......................................................................................................................... 15 Sec. 2.5. Other Services. ................................................................................................................................. 17 Sec. 2.6. Liens on Stock. ................................................................................................................................. 17 Sec. 2.7. Taxation.17 Subtitle B—Federal Land Bank Associations ......................................................................................................... 17 Sec. 2.10. Organizations; Articles; Charters; Powers of the Farm Credit Administration. ............................. 17 Sec. 2.11. Board of Directors. ......................................................................................................................... 18 Sec. 2.12. General Corporate Powers.............................................................................................................. 18 Sec. 2.13. Federal Land Bank Association Capitalization. ............................................................................. 20 Sec. 2.14. Agreements for Sharing Gains or Losses. ...................................................................................... 20 Sec. 2.15. Liens on Stock. ............................................................................................................................... 21 Sec. 2.16. Taxation.21 Title III—Banks for Cooperatives ............................................................................................................................. 22 i Part A—Banks for Cooperatives............................................................................................................................. 22 Sec. 3.0. Establishment; Titles; Branches. ...................................................................................................... 22 Sec. 3.1. Corporate Existence; General Corporate Powers. ............................................................................ 22 Sec. 3.2. Board of Directors. ........................................................................................................................... 25 Sec. 3.3. Bank for Coopertives Stock; Value; Classes of Stock; Voting; Exchange. ...................................... 25 Sec. 3.4. Dividends.26 Sec. 3.5. Retirement of Stock. ......................................................................................................................... 26 Sec. 3.6. Guaranty Fund Subscriptions In Lieu of Stock. ............................................................................... 26 Sec. 3.7. Lending Power. ................................................................................................................................ 26 Sec. 3.8. Eligibility.29 Sec. 3.9. Ownership of Stock by Borrowers. .................................................................................................. 31 Sec. 3.10. Interest Rates; Security; Lien; Cancellation; and Application on Indebtedness. ............................ 31 Sec. 3.11. Earnings and Reserves; Application of Savings. ............................................................................ 32 Sec. 3.12. Distribution of Assets on Liquidation or Dissolution. .................................................................... 32 Sec. 3.13. Taxation.33 Part B—National Banks for Cooperatives .............................................................................................................. 33 Sec. 3.20. Charter, Powers, and Operation. .................................................................................................... 33 Sec. 3.21. [Repealed] ...................................................................................................................................... 33 Sec. 3.22. Credit Delivery Office. ................................................................................................................... 33 Sec. 3.23. Consolidation of Functions. ........................................................................................................... 34 Sec. 3.24. Exchange of Ownership Interests. .................................................................................................. 34 Sec. 3.25. Capitalization. ................................................................................................................................ 34 Sec. 3.26. Patronage Pools. ............................................................................................................................. 34 Sec. 3.27. Transactions to Accomplish Merger. ............................................................................................. 34 Sec. 3.28. Lending Limits. .............................................................................................................................. 34 Sec. 3.29. [Repealed] ...................................................................................................................................... 35 Title IV—Provisions Applicable to Two or More Classes of Institutions of the System .......................................... 36 Introduction ............................................................................................................................................................. 36 Part A. Funding ....................................................................................................................................................... 36 Sec. 4.1. [Repealed]36 Sec. 4.2. Power to Borrow; Issuance of Notes, Bonds, Debentures, and Other Obligations. ......................... 36 Sec. 4.3. Capital Adequacy of Banks and Associations. ................................................................................. 37 Sec. 4.3A. Capitalization
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