§ 2011. Establishment, charters, titles, branches

§ 2011. Establishment, charters, titles, branches

(a) Establishment The banks established pursuant to the merger of each District Federal Intermediate Credit Bank and Federal Land Bank (hereinafter referred to in this subchapter as “Farm Credit Banks”), as provided in section 410 of the Agricultural Credit Act of 1987, shall be Federally chartered instrumentalities of the United States.

(b) Charters The Farm Credit Administration shall, consistent with this chapter, issue charters for, and approve amendments to charters of, the Farm Credit Banks.

(c) Title Each Farm Credit Bank may include in its title the name of the city in which it is located or other geographical designation.

(d) Branches Each Farm Credit Bank may establish such branches or other offices as may be appropriate for the effective operation of its business.

(Pub. L. 92–181, title I, § 1.3, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1622; amended Pub. L. 100–399, title IV, § 401(a), (b), Aug. 17, 1988, 102 Stat. 995.)

Editorial Notes

References in Text

Section 410 of the Agricultural Credit Act of 1987, referred to in subsec. (a), is section 410 of Pub. L. 100–233, which is set out as a note below.

Prior Provisions

A prior section 2011, Pub. L. 92–181, title I, § 1.3, Dec. 10, 1971, 85 Stat. 583; Pub. L. 100–233, title VIII, § 802(a), Jan. 6, 1988, 101 Stat. 1710, related to establishment, title, and branches of Federal land banks prior to the general amendment of this subchapter by Pub. L. 100–233, § 401.

Amendments

1988—Subsec. (a). Pub. L. 100–399, § 401(a), inserted “, as provided in section 410 of the Agricultural Credit Act of 1987,” before “shall”.

Subsec. (b). Pub. L. 100–399, § 401(b), amended subsec. (b) generally. Prior to amendment, subsec. (b) read as follows: “The charters or organization certificates of Farm Credit Banks may be modified from time to time by the Farm Credit Administration Board, not inconsistent with the provisions of this subchapter, as may be necessary or expedient to implement this chapter.”

Statutory Notes and Related Subsidiaries

Effective Date of 1988 Amendment

Amendment by Pub. L. 100–399 effective immediately after amendment made by section 401 of Pub. L. 100–233, which was effective 6 months after Jan. 6, 1988, see section 1001(b) of Pub. L. 100–399, set out as a note under section 2002 of this title.

Effective Date

Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1622, provided that this section is effective 6 months after Jan. 6, 1988.

Long-Term Lending Authority of Farm Credit Bank of Texas With Respect to States of Alabama, Louisiana, and Mississippi

Pub. L. 102–552, title IV, § 401(b), Oct. 28, 1992, 106 Stat. 4128, as amended by Pub. L. 110–234, title V, § 5407(c)(3), May 22, 2008, 122 Stat. 1160; Pub. L. 110–246, § 4(a), title V, § 5407(c)(3), June 18, 2008, 122 Stat. 1664, 1922, provided that: “(1) In general.—Notwithstanding any other provision of law (except section 7.7 of the Farm Credit Act of 1971 [12 U.S.C. 2279c]), the Farm Credit Bank of Texas may act in accordance with the exclusive charter of the bank, as amended by the Farm Credit Administration on February 7, 1989, and effective February 9, 1989 (except to the extent that the charter may be further amended by the Farm Credit Administration in accordance with its general authorities under the Farm Credit Act of 1971 (12 U.S.C. 2001 et seq.). “(2) Effective date.—Paragraph (1) shall take effect as if such paragraph had become law on February 7, 1989.”

Mandatory Merger of System Institutions