
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: 12USC2211]

 
                       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 E--Service Organizations
 
Sec. 2211. Establishment

    Any bank of the Farm Credit System, or two or more of such banks 
acting together, may organize a corporation or corporations for the 
purpose of performing functions and services for or on behalf of the 
organizing bank or banks that the bank or banks may perform pursuant to 
this chapter: Provided, That a corporation so organized shall have no 
authority either to extend credit or provide insurance services for 
borrowers from Farm Credit System institutions, nor shall it have any 
greater authority with respect to functions and services than the 
organizing bank or banks possess under this chapter. The organizing bank 
or banks shall apply for a Federal charter for the corporation by 
forwarding to the Farm Credit Administration a statement of the need for 
the corporation and proposed articles specifying in general terms the 
objectives for which the corporation is formed, the powers to be 
exercised by it in carrying out the functions and services, and the 
territory it is to serve. The Farm Credit Administration for good cause 
may deny the charter applied for. Upon the approval of articles by the 
Farm Credit Administration and the issuance of a charter, the 
corporation shall become as of such date a federally chartered body 
corporate and an instrumentality of the United States.

(Pub. L. 92-181, title IV, Sec. 4.25, as added Pub. L. 96-592, title IV, 
Sec. 404, Dec. 24, 1980, 94 Stat. 3447; amended Pub. L. 99-205, title 
II, Sec. 205(f)(8), Dec. 23, 1985, 99 Stat. 1706.)


                               Amendments

    1985--Pub. L. 99-205 struck out ``the Governor of'' before ``the 
Farm Credit Administration'' in second sentence and substituted ``Farm 
Credit Administration'' for ``Governor'' in third and fourth sentences.


                    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.

                  Section Referred to in Other Sections

    This section is referred to in sections 2159, 2160 of this title.
