
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 12USC2141]

 
                       TITLE 12--BANKS AND BANKING
 
                     CHAPTER 23--FARM CREDIT SYSTEM
 
                 SUBCHAPTER III--BANKS FOR COOPERATIVES
 
           Part B--United and National Banks for Cooperatives
 
Sec. 2141. Charter, powers, and operation


(a) Charter

    The National Bank for Cooperatives or the United Bank for 
Cooperatives, as the case may be (hereinafter in this part referred to 
as the ``consolidated bank''), established under section 413 of the 
Agricultural Credit Act of 1987, shall be a federally chartered 
instrumentality of the United States and an institution of the Farm 
Credit System.

(b) Powers

    The consolidated bank and the board of directors of such bank shall 
have all of the powers, rights, responsibilities, and obligations of the 
district banks for cooperatives and the Central Bank for Cooperatives 
and the boards of directors of such banks, except as otherwise provided 
for in this chapter.

(c) Operation

    The consolidated bank shall be organized and operated on a 
cooperative basis.

(Pub. L. 92-181, title III, Sec. 3.20, as added Pub. L. 100-233, title 
IV, Sec. 415(2), Jan. 6, 1988, 101 Stat. 1642; amended Pub. L. 100-399, 
title IV, Sec. 407(a), (b), Aug. 17, 1988, 102 Stat. 1000.)

                       References in Text

    Section 413 of the Agricultural Credit Act of 1987, referred to in 
subsec. (a), is section 413 of Pub. L. 100-233, as amended, which is set 
out as a note under section 2121 of this title.


                               Amendments

    1988--Subsec. (a). Pub. L. 100-399, Sec. 407(a), struck out ``in 
this section'' after ``referred to'' and inserted ``, established under 
section 413 of the Agricultural Credit Act of 1987,'' before ``shall''.
    Subsec. (b). Pub. L. 100-399, Sec. 407(b), inserted ``except'' 
before ``as otherwise''.


                    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.
