
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: 12USC2241]

 
                       TITLE 12--BANKS AND BANKING
 
                     CHAPTER 23--FARM CREDIT SYSTEM
 
          SUBCHAPTER V--FARM CREDIT ADMINISTRATION ORGANIZATION
 
             Part B--Farm Credit Administration Organization
 
Sec. 2241. Farm Credit Administration

    The Farm Credit Administration shall be an independent agency in the 
executive branch of the Government. It shall be composed of the Farm 
Credit Administration Board and such other personnel as are employed in 
carrying out the functions, powers, and duties vested in the Farm Credit 
Administration by this chapter.

(Pub. L. 92-181, title V, Sec. 5.7, Dec. 10, 1971, 85 Stat. 617; Pub. L. 
99-205, title II, Sec. 201(1), Dec. 23, 1985, 99 Stat. 1688.)


                               Amendments

    1985--Pub. L. 99-205 amended section generally, substituting ``Farm 
Credit Administration Board and such other personnel'' for ``Federal 
Farm Credit Board, the Governor of the Farm Credit Administration, and 
such other personnel''.


                    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.


                Interim Implementation of 1985 Amendment

    Section 402 of Pub. L. 99-205 provided that:
    ``(a) Until the Chairman of the Farm Credit Administration Board 
provided for under the amendment made by section 201(1) of this Act [see 
section 2242 of this title] is appointed by the President and confirmed 
by the Senate, the Governor of the Farm Credit Administration, under the 
Farm Credit Act of 1971 [this chapter] as in effect on the day before 
the date of enactment of this Act [Dec. 23, 1985], shall perform the 
functions of the Chairman prescribed for the Chairman by this Act [Pub. 
L. 99-205, see Short Title of 1985 Amendment note set out under section 
2001 of this title].
    ``(b)(1) Except as provided in paragraph (2), until at least two 
members of the Farm Credit Administration Board provided under the 
amendment made by section 201(1) of this Act [see section 2242 of this 
title] are appointed by the President and confirmed by the Senate, the 
Governor of the Farm Credit Administration, under the Farm Credit Act of 
1971 [this chapter] as in effect on the day before the date of enactment 
of this Act [Dec. 23, 1985], shall perform the functions of the Farm 
Credit Administration Board prescribed for such Board by this Act [Pub. 
L. 99-205, see Short Title of 1985 Amendment note set out under section 
2001 of this title].
    ``(2) When the Chairman of such Board is so appointed and confirmed, 
the Chairman shall assume any responsibilities and powers of the Board 
being exercised by the Governor under this subsection.
    ``(c) In carrying out the duties and functions specified in 
subsections (a) and (b), the Governor of the Farm Credit Administration 
shall serve at the pleasure of the President.
    ``(d) All regulations of the Farm Credit Administration or the 
institutions of the System, and all charters, bylaws, resolutions, stock 
classifications, and policy directives issued or approved by the Farm 
Credit Administration, and all elections held and appointments made 
under the Farm Credit Act of 1971 [this chapter], before the date of 
enactment of this Act [Dec. 23, 1985], shall be continuing and remain 
valid until superseded, modified, or replaced under the authority of 
this Act [Pub. L. 99-205, see Short Title of 1985 Amendment note set out 
under section 2001 of this title].''
