
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: 12USC2151]

 
                       TITLE 12--BANKS AND BANKING
 
                     CHAPTER 23--FARM CREDIT SYSTEM
 
     SUBCHAPTER IV--PROVISIONS APPLICABLE TO TWO OR MORE CLASSES OF 
                       INSTITUTIONS OF THE SYSTEM
 
                             Part A--Funding
 
Sec. 2151. Revolving fund

    The revolving fund established by this section (in effect 
immediately before January 6, 1988) shall be available to the Farm 
Credit Administration and the Assistance Board during the periods, and 
for the purposes, provided for in sections 2278a-13 and 2278a-7 of this 
title, respectively.

(Pub. L. 92-181, title IV, Sec. 4.0, Dec. 10, 1971, 85 Stat. 609; Pub. 
L. 99-205, title I, Sec. 101(1), Dec. 23, 1985, 99 Stat. 1678; Pub. L. 
100-233, title II, Sec. 202, Jan. 6, 1988, 101 Stat. 1605; Pub. L. 100-
399, title II, Sec. 202, Aug. 17, 1988, 102 Stat. 992.)

                       References in Text

    For explanation of the revolving fund established by this section 
(in effect immediately before January 6, 1988), referred to in text, see 
Revolving Funds note below.


                               Amendments

    1988--Pub. L. 100-399 amended section generally. Prior to amendment, 
section read as follows:
    ``(a) Revolving Fund.--The revolving fund established by this 
section (in effect immediately before January 6, 1988) shall be 
available to the Farm Credit Administration during the period, and for 
the purposes provided for, in sections 2278a-7(b) and 2278a-13 of this 
title.
    ``(b) Farm Credit Insurance Fund.--On the date the first premium is 
due and payable under section 2277a-5(c) of this title, any funds 
remaining in the revolving fund shall be transferred to the Farm Credit 
Insurance Fund in accordance with the terms and conditions established 
by the Farm Credit Administration.''
    Pub. L. 100-233 amended section generally. Prior to amendment, 
section read as follows: ``The revolving fund established by Public Law 
87-343, 75 Stat. 758, as amended, and the revolving fund established by 
Public Law 87-494, 76 Stat. 109, as amended, and continued by Public Law 
96-592, shall be merged and shall be available to the Farm Credit 
Administration for the purchase, on behalf of the United States, of 
capital stock of the Capital Corporation. The Farm Credit Administration 
may make such purchases of stock as the Farm Credit Administration 
determines, in its discretion, are necessary to achieve the purposes of 
this chapter.''
    1985--Pub. L. 99-205 substituted provisions relating to revolving 
funds and investments for provisions respecting stock purchased by the 
Governor for the Farm Credit Administration, retirement, and franchise 
tax.


                    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.


                             Revolving Funds

    The revolving fund established by this section (in effect 
immediately before January 6, 1988), referred to in text, means the 
revolving fund created by former provisions of this section, which 
merged the revolving fund established by Public Law 87-343, 75 Stat. 
758, as amended (described below as ``first fund''), with the revolving 
fund established by Public Law 87-494, 76 Stat. 109, as amended 
(described below as ``second fund''), which was regarded as continued by 
Pub. L. 96-592.
    At the time of enactment of former section 2152 of this title (see 
second par. of note under former section 2152 of this title) by Pub. L. 
92-181 funds for temporary investment by the Governor of the Farm Credit 
Administration in the farm credit system were available from two 
revolving funds.
    The first fund, providing moneys for investment in production credit 
associations and intermediate credit banks, was covered by former 
section 1131i of this title. Such fund was itself the result of an 
earlier merger of two revolving funds, the first having been created by 
the Farm Credit Act of 1933 and the second having been created by the 
Federal Farm Mortgage Corporation Act of 1934. These two were combined 
into a single fund pursuant to Pub. L. 87-343, Sec. 2(1), Oct. 3, 1961, 
75 Stat. 758. Each of the statutory steps in the establishment of such 
fund was cast in the form of an amendment to the Farm Credit Act of 
1933. Since such Farm Credit Act of 1933 has been repealed by section 
5.26 of Pub. L. 92-181, section 1131i of this title is carried as 
repealed. Notwithstanding such apparent repeal, statements of 
Congressional intent indicate an intention to retain the fund using as 
its statutory base the law (Pub. L. 87-343) which had effected the 
consolidation in 1961.
    The second fund, providing moneys for investment in banks for 
cooperatives, is covered by section 1141d of this title. Although the 
basic authority for such fund would be the Agricultural Marketing Act of 
1929, a more updated authority for such fund is the Agricultural 
Marketing Act Amendment of 1962, Pub. L. 87-494, June 25, 1962, 76 Stat. 
109, under which the fund was reduced to $150,000,000 and the amount in 
such fund in excess of such figure was returned to the Treasury as 
miscellaneous receipts.
    Pub. L. 96-592, referred to above as continuing the revolving fund 
established by Pub. L. 87-494, is the Farm Credit Act Amendment of 1980, 
Pub. L. 96-592, Dec. 24, 1980, 94 Stat. 3437. For complete 
classification of this Act to the Code, see Short Title of 1980 
Amendment note set out under section 2001 of this title and Tables.

                  Section Referred to in Other Sections

    This section is referred to in sections 2277a-9, 2278a-7, 2278a-13 
of this title.
