12 U.S.C. § 2141 — Charter, powers, and operation
submitted 38 years ago by Pub. L. 92-181 to r/title-12-BANKS-AND-BANKING · 123 words · no verdicts yet
The National Bank for Cooperatives is a federally chartered United States instrumentality and part of the Farm Credit System. It and its directors have the powers and duties of the constituent banks and their directors, and the bank operates cooperatively.
(a) Charter. The National Bank for Cooperatives, established under section 413 of the Agricultural Credit* Act of 1987 and called the “consolidated bank” in this part, is a federally chartered instrumentality of the United States and an institution of the Farm Credit System.
(b) Powers. Unless this chapter provides otherwise, the consolidated bank and its board of directors have all powers, rights, responsibilities, and obligations of the constituent banks described in section 413(b) of the Agricultural Credit Act of 1987 (12 U.S.C. 2121 note; Public Law 100–233) and of those banks’ boards of directors.
(c) Operation. The consolidated bank must be organized and operated on a cooperative basis.
The National Bank for Cooperatives (hereinafter in this part referred to as the “consolidated bank”), established under section 413 of the Agricultural Credit* Act of 1987, shall be a federally chartered instrumentality of the United States and an institution of the Farm Credit System.
The consolidated bank and the board of directors of such bank shall have all of the powers, rights, responsibilities, and obligations of the constituent banks described in section 413(b) of the Agricultural Credit Act of 1987 (12 U.S.C. 2121 note; Public Law 100–233) and the boards of directors of such banks, except as otherwise provided for in this chapter.
The consolidated bank shall be organized and operated on a cooperative basis.
Source credit: (Pub. L. 92–181, title III, § 3.20, as added Pub. L. 100–233, title IV, § 415(2), Jan. 6, 1988, 101 Stat. 1642; amended Pub. L. 100–399, title IV, § 407(a), (b), Aug. 17, 1988, 102 Stat. 1000; Pub. L. 115–334, title V, § 5411(13), Dec. 20, 2018, 132 Stat. 4680.)
- 1988Enacted · Pub. L. 92-181 · 101 Stat. 1642
- 1988Amended · Pub. L. 100-399 · 102 Stat. 1000
- 2018Amended · Pub. L. 115-334 · 132 Stat. 4680
A history note hasn’t been published yet. The record shows enactment by Pub. L. 92-181 on 1988-01-06.
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