
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: 12USC2251]

 
                       TITLE 12--BANKS AND BANKING
 
                     CHAPTER 23--FARM CREDIT SYSTEM
 
          SUBCHAPTER V--FARM CREDIT ADMINISTRATION ORGANIZATION
 
             Part B--Farm Credit Administration Organization
 
Sec. 2251. Quarters and facilities for the Farm Credit 
        Administration
        
    As an alternate to the rental of quarters under section 2249 of this 
title, and without regard to any other provision of law, the banks of 
the System, with the concurrence of two-thirds of the bank boards, are 
hereby authorized--
    (1) To lease or acquire real property in the District of Columbia or 
elsewhere for quarters of the Farm Credit Administration.
    (2) To construct, develop, furnish, and equip such building thereon 
and such facilities appurtenant thereto as in their judgment may be 
appropriate to provide, to the extent the Board may deem advisable, 
suitable, and adequate quarters and facilities for the Farm Credit 
Administration.
    (3) To enlarge, remodel, or reconstruct the same.
    (4) To make or enter into contracts for any of the foregoing.
    (5) To sell or otherwise dispose of any interest in property leased 
or acquired under the foregoing if authorized by the Board.

The Board may require of the respective banks of the System, and they 
shall make to the Farm Credit Administration, such advances of funds for 
the purposes set out in this section as in the sole judgment of the 
Board may from time to time be advisable for the purposes of this 
section. Such advances shall be in addition to and kept in a separate 
fund from the assessments authorized in section 2250 of this title and 
shall be apportioned by the Board among the banks in proportion to the 
total assets of the respective banks, and determined in such manner and 
at such times as the Board may prescribe. The powers of the banks of the 
System and purposes for which obligations may be issued by such banks 
are hereby enlarged to include the purpose of obtaining funds to permit 
the making of advances required by this section. The plans and decisions 
for such building and facilities and for the enlargement, remodeling, or 
reconstruction thereof shall be such as is approved in the sole 
discretion of the Board. In actions undertaken by the banks pursuant to 
the foregoing provisions of this section, the Farm Credit Administration 
may act as agent for the banks.

(Pub. L. 92-181, title V, Sec. 5.16, formerly Sec. 5.17, Dec. 10, 1971, 
85 Stat. 621; Pub. L. 96-592, title V, Sec. 506, Dec. 24, 1980, 94 Stat. 
3449; renumbered Sec. 5.16 and amended Pub. L. 99-205, title II, 
Sec. 201(6), Dec. 23, 1985, 99 Stat. 1690; Pub. L. 100-233, title VIII, 
Sec. 805(y), Jan. 6, 1988, 101 Stat. 1717; Pub. L. 100-399, title IX, 
Sec. 901(l), Aug. 17, 1988, 102 Stat. 1008.)


                            Prior Provisions

    A prior section 5.16 of Pub. L. 92-181 was renumbered section 5.15 
and is classified to section 2250 of this title.


                               Amendments

    1988--Pub. L. 100-399 substituted ``bank boards'' for ``district 
boards'' in introductory provisions.
    Pub. L. 100-233 transferred undesignated provisions following par. 
(4) consisting of four sentences relating to advances of funds for 
purposes set out in this section as in the sole judgment of the Board 
may from time to time be advisable for purposes of this section, to a 
position immediately before last sentence of this section which provides 
for agency status of Administration for the banks.
    1985--Pub. L. 99-205, Sec. 201(6)(A)-(C), made technical amendments 
to the references to sections 2249 and 2250 of this title in first and 
third sentences to reflect the renumbering of the corresponding sections 
of the original act, and struck out ``Federal Farm Credit'' before 
``Board'' in par. (2) of first sentence.
    1980--Pub. L. 96-592 added par. (5) and provisions respecting agency 
status of Administration for the banks.


                    Effective Date of 1988 Amendment

    Amendment by Pub. L. 100-399 effective immediately after amendment 
made by section 401 of Pub. L. 100-233, which was effective 6 months 
after Jan. 6, 1988, see section 1001(b) 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.
