1971 ACT AS AMENDED - Farm Credit Administration
1971 ACT AS AMENDED
1
Sec. 1.1 Policy and Objectives
2
Sec. 1.2 The Farm Credit System
3
Title I Farm Credit Banks
3
Sec. 1.3 Establishment, Charters, Titles, Branches
3
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
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Sec. 1.9 Eligibility
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Sec. 1.10 Security; Terms
9
Sec. 1.11 Purposes for Extensions of Credit
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Sec. 1.12 Related Services
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Sec. 1.13 Loans Through Associations or Agents
11
Sec. 1.14 Liens on Stock
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Sec. 1.15 Taxation
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Title II Farm Credit Associations
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Subtitle A Production Credit Associations
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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
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Subtitle B Federal Land Bank Associations
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Sec. 2.10 Organizations; Articles; Charters; Powers of the Farm Credit
Administration
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Sec. 2.11 Board of Directors
19
Sec. 2.12 General Corporate Powers
19
Sec. 2.13 Federal Land Bank Association Capitalization
21
Sec. 2.14 Agreements for Sharing Gains or Losses
21
Sec. 2.15 Liens on Stock
21
Sec. 2.16 Taxation
21
January 2010
Statutes
Title III Banks for Cooperatives
22
Part A Banks for Cooperatives
22
Sec. 3.0 Establishment; Titles; Branches
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Sec. 3.1 Corporate Existence; General Corporate Powers
22
Sec. 3.2 Board of Directors
25
Sec. 3.3 Bank for Cooperatives Stock; Value; Classes of Stock; Voting; Exchange
26
Sec. 3.4 Dividends
26
Sec. 3.5 Retirement of Stock
26
Sec. 3.6 Guaranty Fund Subscriptions in Lieu of Stock
27
Sec. 3.7 Lending Power
27
Sec. 3.8 Eligibility
30
Sec. 3.9 Ownership of Stock by Borrowers
31
Sec. 3.10 Interest Rates; Security; Lien; Cancellation; and Application on Indebtedness
32
Sec. 3.11 Earnings and Reserves; Application of Savings
33
Sec. 3.12 Distribution of Assets and Liquidation or Dissolution
34
Sec. 3.13 Taxation
34
Part B United and National Bank for Cooperatives
34
Sec. 3.20 Charter, Powers, and Operation
35
Sec. 3.21 Board of Directors Provisions
35
Sec. 3.22 Credit Delivery Office
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Sec. 3.23 Consolidation of Functions
37
Sec. 3.24 Exchange of Ownership Interests
37
Sec. 3.25 Capitalization
37
Sec. 3.26 Patronage Pools
37
Sec. 3.27 Transactions to Accomplish Merger
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Sec. 3.28 Lending Limits
38
Sec. 3.29 Reports by Merged Banks For Cooperatives
38
Title IV Provisions Applicable to Two or More Classes of Institutions of the System
38
Part A Funding
38
Sec. 4.0 Revolving Fund
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Sec. 4.1 [Repealed]
38
Sec. 4.2 Power to Borrow; Issuance of Notes, Bonds, Debentures, and Other Obligations
39
Sec. 4.3 Capital Adequacy of Banks and Associations
39
Sec. 4.3A Capitalization of System Institutions
40
Sec. 4.4 Liability of Banks; United States not Liable
43
Sec. 4.5 [Repealed]
45
Sec. 4.6 Bonds as Investments
45
Sec. 4.7 Purchase and Sale by Federal Reserve System
45
Sec. 4.8 Purchase and Sale of Obligations; Additional Powers
45
Sec. 4.9 Federal Farm Credit Banks Funding Corporation
46
Sec. 4.9A Protection of Borrower Stock
48
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Part B Dissolution
49
Sec. 4.12 Dissolution; Voluntary or Involuntary Liquidation; Mergers; Receiverships or Conservators 50
Sec. 4.12A Communications with Stockholders
51
Part C Rights of Borrowers; Loan Restructuring
51
Sec. 4.13 Disclosure
51
Sec. 4.13A Access to Documents and Information
52
Sec. 4.13B Notice of Action on Application
52
Sec. 4.14 Reconsideration of Actions
53
Sec. 4.14A Restructuring Distressed Loans
54
Sec. 4.14B Effect of Restructuring on Borrower Stock
59
Sec. 4.14C Review of Restructuring Denials
59
Sec. 4.14D Protection of Borrowers Who Meet All Loan Obligations
60
Sec. 4.14E Waiver of Mediation Rights by Borrowers
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Part D Activities of Institutions of the System
61
Sec. 4.15 Nomination of Association Directors; Representative Selection of Nominees
61
Sec. 4.16 [Repealed]
61
Sec. 4.17 Interest Rates
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Sec. 4.18 Participation Loans
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Sec. 4.18A Authority of Farm Credit Banks and Direct Lender Associations to
Participate in Loans to Similar Entities for Risk Management Purposes
62
Sec. 4.19 Young, Beginning, and Small Farmers and Ranchers
63
Sec. 4.20 Prohibition Against Use of Signed Ballots
63
Sec. 4.21 Compensation of Bank Directors
64
Part E Service Organizations
64
Sec. 4.25 Establishment
64
Sec. 4.26 Powers of the Farm Credit Administration
65
Sec. 4.27 Regulation and Examination
65
Sec. 4.28 State Laws
65
Sec. 4.28A Definition of Bank
65
Part F Sale of Insurance
65
Sec. 4.29 Lines of Insurance
65
Part G Miscellaneous
67
Sec. 4.35 Limitation on Separate Sale
67
Sec. 4.36 Right of First Refusal
67
Sec. 4.37 Application of Uninsured Accounts
70
Sec. 4.38 Affirmative Action
70
Sec. 4.39 Encouragement of Conservation Practices
70
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Title V Farm Credit Administration Organization
70
Part B Farm Credit Administration Organization
70
Sec. 5.7 The Farm Credit Administration
71
Sec. 5.8 The Farm Credit Administration Board; Appointment; Terms of Office;
Organization and Compensation
71
Sec. 5.9 Powers of the Board
72
Sec. 5.10 Chairman; Responsibilities; Governing Standards
72
Sec. 5.11 Organization of the Farm Credit Administration
73
Sec. 5.12 Advisory Committees
74
Sec. 5.13 Seal
74
Sec. 5.14 Administrative Expenses
75
Sec. 5.15 Farm Credit Administration Operating Expenses Fund
75
Sec. 5.16 Quarters and Facilities for the Farm Credit Administration
76
Sec. 5.17 Enumerated Powers
77
Sec. 5.18 Prior Delegations
82
Sec. 5.19 Examinations
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Sec. 5.20 Conditions of Other Banks and Lending Institutions
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Sec. 5.21 Consent to the Availability of Reports and to Examinations
84
Sec. 5.22 Reports on Conditions of Institutions Receiving Loans or Deposits
84
Sec. 5.22A Uniform Financial Reporting Instructions
84
Sec. 5.23 Jurisdiction
85
Sec. 5.24 State Legislation
85
Part C Enforcement Powers of Farm Credit Administration
85
Sec. 5.25 Cease and Desist Proceedings
85
Sec. 5.26 Temporary Cease and Desist Orders
86
Sec. 5.27 Enforcement of Temporary Cease and Desist Orders
87
Sec. 5.28 Suspension or Removal of Director or Officer
87
Sec. 5.29 Suspension or Removal of Director or Officer Charged with Felony
89
Sec. 5.30 Hearings and Judicial Review
91
Sec. 5.31 Jurisdiction and Enforcement
92
Sec. 5.32 Penalty
92
Sec. 5.33 Further Penalties
93
Sec. 5.34 Replacement of Suspended or Removed Directors
94
Sec. 5.35 Definitions
94
Sec. 5.36 Notice of Service
95
Sec. 5.37 Ancillary Provisions; Subpena Power; Etc.
95
Sec. 5.38 Power to Remove Directors and Officers
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Part D Miscellaneous
96
Sec. 5.40 Repeal
96
Sec. 5.41 Amendments to Other Laws
97
Sec. 5.42 Separability
97
Sec. 5.43 Reserve Right to Amend or Repeal
97
Sec. 5.44 General Accounting Office Audit; Report to Congress
97
Sec. 5.45 Transition Rules Relating to Amendment of Certain FCA Approval Authorities
98
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Part E Farm Credit System Insurance Corporation
98
Sec. 5.51 Definitions
98
Sec. 5.52 Establishment of Farm Credit System Insurance Corporation
99
Sec. 5.53 Board of Directors
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Sec. 5.54 Commencement of Insurance
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Sec. 5.55 Premiums
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Sec. 5.56 Certification of Premiums
104
Sec. 5.57 Overpayment and Underpayment of Premiums; Remedies
105
Sec. 5.58 General Corporate Powers
106
Sec. 5.59 Conduct of Corporate Affairs; Examination of System Institutions
108
Sec. 5.60 Insurance Fund
109
Sec. 5.61 Powers of Corporation with Respect to Troubled Insured System Banks
110
Sec. 5.61A Oversight Actions by the Corporation
113
Sec. 5.61B Authority to Regulate Golden Parachute and Indemnification Payments
114
Sec. 5.62 Investment of Funds
116
Sec. 5.63 Exemption from Taxation
117
Sec. 5.64 Reports
117
Sec. 5.65 Prohibitions
117
Title VI Assistance to Farm Credit System
118
Subtitle A Assistance Board
118
Sec. 6.0 Establishment of Board
118
Sec. 6.1 Purposes
119
Sec. 6.2 Board of Directors
119
Sec. 6.3 Corporate Powers
120
Sec. 6.4 Certification of Eligibility to Issue Preferred Stock
121
Sec. 6.5 Assistance
122
Sec. 6.6 Special Powers
123
Sec. 6.7 Administration
125
Sec. 6.8 Limitation of Powers
125
Sec. 6.9 Succession
126
Sec. 6.10 Effect of Regulations; Audits
130
Sec. 6.11 Exemption from Taxation
130
Sec. 6.12 Termination
130
Sec. 6.13 Transitional Provisions
130
Subtitle B Financial Assistance Corporation
131
Sec. 6.20 Sec. 6.21 Sec. 6.22 Sec. 6.23 Sec. 6.24 Sec. 6.25 Sec. 6.26 Sec. 6.27
Establishment of Corporation Purpose Board of Directors Stock Corporate Powers Accounts Debt Obligations Preferred Stock
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131
131
131
132
132
133
134
144
Statutes
Sec. 6.28 Payments
145
Sec. 6.29 One-Time Stock Purchase
145
Sec. 6.30 Exemption from Taxation
147
Sec. 6.31 Termination
147
Title VII Restructuring of System Institutions
148
Subtitle A Merger of Banks Within a District
148
Sec. 7.0 Power to Merge
148
Sec. 7.1 Board of Directors
148
Sec. 7.2 Powers of Merged Banks
148
Sec. 7.3 Capitalization
148
Subtitle B Mergers, Transfers of Assets, and Powers of Associations Within a District
149
Chapter 1 Transfers by Federal Land Banks to Federal Land Bank Associations
149
Sec. 7.6 Transfer of Lending Authority
149
Sec. 7.7 Equalization of Loan-Making Powers of Certain District Associations
150
Chapter 2 Merger of Like and Unlike Associations
151
Sec. 7.8 Merger of Associations
151
Chapter 3 Reconsideration
151
Sec. 7.9 Reconsideration
151
Chapter 4 Termination and Dissolution of Institutions
154
Sec. 7.10 Termination of System Institution Status
154
Subtitle C Approval of Disclosure Information and Issuance of Charters by the
Farm Credit Administration Board
155
Sec. 7.11 Approval of Disclosure Information and Issuance of Charters
155
Subtitle D Mergers of Like Entities
155
Sec. 7.12 Merger of Similar Banks
155
Sec. 7.13 Merger of Similar Associations
156
Subtitle E Taxation of Merger Transactions
156
Sec. 7.14 Transactions to Accomplish Mergers Exempt from Certain State Taxes
157
Title VIII Agricultural Mortgage Secondary Market
157
Sec. 8.0 Definitions
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Statutes
157
Subtitle A Establishment and Activities of Federal Agricultural Mortgage Corporation
159
Sec. 8.1 Federal Agricultural Mortgage Corporation
159
Sec. 8.2 Board of Directors
159
Sec. 8.3 Powers and Duties of Corporation and Board
163
Sec. 8.4 Stock Issuance
164
Sec. 8.5 Certification of Agricultural Mortgage Marketing Facilities
166
Sec. 8.6 Guarantee of Qualified Loans
168
Sec. 8.7 [Repealed]
171
Sec. 8.8 Standards for Qualified Loans
171
Sec. 8.9 Exemption from Restructuring and Borrowers Rights Provisions for Pooled
Loans
172
Sec. 8.10 Funding for Guarantee; Reserves of Corporation
173
Sec. 8.11 Supervision, Examination, and Report of Condition
174
Sec. 8.12 Securities in Credit Enhanced Pools
175
Sec. 8.13 Authority to Issue Obligations to Cover Guarantee Losses of Corporation
177
Sec. 8.14 Federal Jurisdiction
178
Subtitle B Regulation of Financial Safety and Soundness of Federal Agricultural
179
Mortgage Corporation
Sec. 8.31 Definitions
179
Sec. 8.32 Risk-Based Capital Levels
180
Sec. 8.33 Minimum Capital Level
182
Sec. 8.34 Critical Capital Level
183
Sec. 8.35 Enforcement Levels
183
Sec. 8.36 Mandatory Actions Applicable to Level II
185
Sec. 8.37 Supervisory Actions Applicable to Level III
185
Sec. 8.38 Recapitalization of the Corporation
186
Subtitle C Receivership, Conservatorship, and Liquidation of the Federal
Agricultural Mortgage Corporation
187
Sec. 8.41 Conservatorship; Liquidation; Receivership
187
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Statutes
AGRICULTURE, RURAL DEVELOPMENT, FOOD AND DRUG ADMINISTRATION, AND
RELATED AGENCIES APPROPRIATIONS ACT, 2010
191
Title VI Related Agencies and Food and Drug Administration
191
Independent Agencies
191
Farm Credit Administration
191
Limitation on Administrative Expenses
191
OMNIBUS APPROPRIATIONS ACT, 2009
191
Title VI Related Agencies and Food and Drug Administration
191
Independent Agency
191
Farm Credit Administration
191
Limitation on Administrative Expenses
191
CONSOLIDATED APPROPRIATIONS ACT, 2008
192
Title VI Related Agencies and Food and Drug Administration
192
Independent Agencies
192
Farm Credit Administration
192
Limitation on Administrative Expenses
192
FOOD, CONSERVATION, AND ENERGY ACT OF 2008
192
Title V Credit
192
Subtitle E Farm Credit
192
Sec. 5407 Equalization of Loan-Making Powers of Certain District Associations
193
January 2010
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Statutes
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