12 U.S.C. § 2279c
Subject to paragraph (2), any association that owns a Federal land bank association authorized as of January 1, 2007, to make long-term loans under subchapter I in its chartered territory within the geographic area described in subsection (b) may make short- and intermediate-term loans and otherwise operate as a production credit association under subchapter II within that same chartered territory.
Subject to paragraph (2), any association that under its charter has subchapter I lending authority and that owns a production credit association authorized as of January 1, 2007, to make short- and intermediate-term loans under subchapter II in the geographic area described in subsection (b) may make long-term loans and otherwise operate, directly or through a subsidiary association, as a Federal land bank association or Federal land credit association under subchapter I in the geographic area.
Notwithstanding section 2252(a) of this title, the Farm Credit Bank with which any association had a written financing agreement as of January 1, 2007, may make loans and extend other comparable financial assistance with respect to, and may purchase, any loans made under the new authority provided under subparagraph (A) or (B) by an association exercising such authority.
An association may exercise the additional authority provided for in paragraph (1) only after the exercise of the authority is approved by-
This section applies only to associations the chartered territory of which was within the geographic area served by the Federal intermediate credit bank immediately prior to its merger with a Farm Credit Bank under section 410(e)(1) of the Agricultural Credit Act of 1987 ( 12 U.S.C. 2011 note; Public Law 100-233).
12 U.S.C. § 2279c
EDITORIAL NOTES
CODIFICATION Pub. L. 110-234 and Pub. L. 110-246 enacted identical sections. Pub. L. 110-234 was repealed by section 4(a) of Pub. L. 110-246.
PRIOR PROVISIONSA prior section 2279c, Pub. L. 92-181, title VII, §7.7, as added Pub. L. 100-233, title IV, §416, Jan. 6, 1988, 101 Stat. 1647; amended Pub. L. 100-399, title IV, §408(i), (j), Aug. 17, 1988, 102 Stat. 1002, related to mergers of unlike associations, prior to renumbering as section 7.6(d) of Pub. L. 92-181 and transfer to section 2279b(d) of this title.
STATUTORY NOTES AND RELATED SUBSIDIARIES
EFFECTIVE DATEEnactment of this section and repeal of Pub. L. 110-234 by Pub. L. 110-246 effective May 22, 2008, the date of enactment of Pub. L. 110-234 except as otherwise provided, see section 4 of Pub. L. 110-246 set out as a note under section 8701 of Title 7, Agriculture.Section effective Jan. 1, 2010, see section 5407(d) of Pub. L. 110-246 set out as an Effective Date of 2008 Amendment note under section 2252 of this title.
- 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.
- person
- The term "person" means an individual, partnership, company, corporation, association (incorporated or unincorporated), trust, estate, cooperative organization, or other entity.