United States Code (Last Updated: May 24, 2014) |
Title 12. BANKS AND BANKING |
Chapter 23. FARM CREDIT SYSTEM |
§ 2002. Farm Credit System
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(a) Composition The Farm Credit System shall include the the Farm Credit Banks, the Federal land bank associations, the production credit associations, the banks for cooperatives, and such other institutions as may be made a part of the System, all of which shall be chartered by and subject to regulation by the Farm Credit Administration.
(b) Farm credit districts There shall be not more than twelve farm credit districts in the United States, which may be designated by number, one of which districts shall include the Commonwealth of Puerto Rico and one of which districts may, if authorized by the Farm Credit Administration, include the Virgin Islands of the United States: Provided, That the extension of credit and other services authorized by this chapter in the Virgin Islands of the United States shall be undertaken only if determined to be feasible under regulations of the Farm Credit Administration. The boundaries of the twelve farm credit districts existing on
December 10, 1971 , may be readjusted from time to time by the Farm Credit Administration, with the concurrence of the boards of the banks in each district involved. Two or more districts may be merged as provided in section 2252(a)(2) of this title.
Codification
Pub. L. 100–399, § 901(r), transferred section 5.0 of Pub. L. 92–181, which was classified to section 2221 of this title, to subsec. (b) of this section.
Amendments
1988—Subsec. (a). Pub. L. 100–399, § 901(s), designated existing provisions as subsec. (a), inserted heading, and substituted “regulation” for “the regulation”.
Pub. L. 100–233, § 434, amended provisions generally. Prior to amendment, provisions read as follows: “The Farm Credit System shall include the Federal land banks, the Federal land bank associations, the Federal intermediate credit banks, the production credit associations, the banks for cooperatives, and such other institutions as may be made a part of the System, all of which shall be chartered by and subject to regulation by the Farm Credit Administration.”
Pub. L. 100–233, § 805(a), substituted “subject to regulation” for “subject to the regulation”.
Subsec. (b). Pub. L. 100–399, § 901(q), (r), designated section 2221 of this title as subsec. (b), inserted heading, and substituted “boards of the banks in each district” for “district boards”.
Pub. L. 100–233, § 805(v), substituted “section 2252(a)(2) of this title” for “section 2252(2) of this title”.
1985—Subsec. (a). Pub. L. 99–205, § 205(c), substituted “regulation by” for “supervision of”.
Subsec. (b). Pub. L. 99–205, § 205(g)(1), substituted “Farm Credit Administration” for “Federal Farm Credit Board” in first and second sentences, and made a technical amendment to reference to section 2252(2) of this title to reflect the renumbering of the corresponding section of the original act.
1980—Subsec. (b). Pub. L. 96–592 inserted provisions relating to Virgin Islands of the United States.
Effective Date Of Amendment
Pub. L. 100–399, title X, § 1001,
Pub. L. 100–233, title IV, § 434,
Amendment by Pub. L. 99–205 effective thirty days after
Miscellaneous
Pub. L. 100–233, title IV, § 412,
[For termination, effective
Pub. L. 86–168, title II, § 203(b),