12 USC 2071 - Organization and charters

U.S Code last checked for updates: May 02, 2024

§ 2071.

Organization and charters

(a)

Charter

(b)

Organization

(1)

In general

(2)

Articles of association

(3)

Contents of articles

The articles shall specify in general terms the—

(A)

objects for which the association is formed;

(B)

powers to be exercised by the association in carrying out the functions authorized by this part; and

(C)

territory the association proposes to serve.

(4)

Signatures

(5)

Copy to FCA

(6)

Denial of charter

(7)

Approval of articles

(8)

Powers of FCA

The Farm Credit Administration shall have the power, under rules and regulations prescribed by the Farm Credit Administration or by prescribing in the terms of the charter, to—

(A)

provide for the organization of the association;

(B)

provide for the initial amount of stock of the association;

(C)

provide for the territory within which the association’s operations may be carried on; and

(D)

approve amendments to the charter of the association.

(Pub. L. 92–181, title II, § 2.0, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1629; amended Pub. L. 100–399, title IV, § 401(m), Aug. 17, 1988, 102 Stat. 997; Pub. L. 102–237, title V, § 502(b), Dec. 13, 1991, 105 Stat. 1868.)

cite as: 12 USC 2071