Each bank for cooperatives shall be a body corporate and, subject to regulation by the Farm Credit Administration, shall have power to-
12 U.S.C. § 2122
EDITORIAL NOTES
AMENDMENTS2002-Par. (11)(B)(iii), (iv). Pub. L. 107-171 redesignated cl. (iv) as (iii) and struck out former cl. (iii) which read as follows: "With respect to similar entities that are eligible to borrow from a Farm Credit Bank or association under subchapter I or II of this chapter, the authority of a bank for cooperatives to participate in loans to the entities under this subparagraph shall be subject to the prior approval of the Farm Credit Bank or Banks in whose chartered territory the entity is eligible to borrow. The approval may be granted on an annual basis and under such terms and conditions as may be agreed on between the bank for cooperatives and the Farm Credit Bank or Banks that serve the territory."1994-Par. (11)(B)(i)(I)(bb). Pub. L. 103-376, §6, substituted "other Farm Credit System institutions" for "the other banks for cooperatives under this subparagraph" and "all Farm Credit System institutions" for "all banks for cooperatives".Par. (11)(B)(iv). Pub. L. 103-376, §2, added cl. (iv). 1992-Par. (11). Pub. L. 102-552 designated existing provisions as subpar. (A) and added subpar. (B). 1988-Par. (12). Pub. L. 100-399 substituted "(within the meaning of section 1813 of this title)" for "as defined in section 1812 of this title."Pars. (12), (13)(B), (C), (17), (18). Pub. L. 100-233 struck out "and approved by the Farm Credit Administration" after "board of directors".1985- Pub. L. 99-205 substituted "regulation" for "supervision" in provision preceding par. (1). Par. (13)(A). Pub. L. 99-205 inserted "under regulations issued" after "authorized".Pars. (16) to (19). Pub. L. 99-205 struck out par. (16) respecting power of bank for cooperatives to perform any function delegated to it by the Farm Credit Administration, and redesignated pars. (17) to (19) as (16) to (18), respectively.1980-Par. (11). Pub. L. 96-592, §301(1), inserted provisions respecting participation with one or more other Farm Credit System institutions in loans. Par. (12). Pub. L. 96-592, §301(2), inserted applicability to any insured State nonmember bank and to other domestic or foreign financial organizations.Par. (13). Pub. L. 96-592, §301(3), designated existing provisions as subpar. (A) and added subpars. (B) and (C). Pars. (18), (19). Pub. L. 96-592, §301(4), added pars. (18) and (19).
STATUTORY NOTES AND RELATED SUBSIDIARIES
EFFECTIVE DATE OF 1988 AMENDMENT Amendment by Pub. L. 100-399 effective as if enacted immediately after enactment of Pub. L. 100-233 which was approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100-399 set out as a note under section 2002 of this title.
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.
- State
- The term "State" means any State, territory, or possession of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, Guam, American Samoa, or the United States Virgin Islands or any federally recognized Indian tribe, as defined by the Secretary of the Interior under section 5131(a) of title 25.
- credit
- The term "credit" means the right granted by a person to a consumer to defer payment of a debt, incur debt and defer its payment, or purchase property or services and defer payment for such purchase.