§2141 — Title 12 Banks and Banking | U.S. Code

Title 12, §2141

Banks and Banking — Source: USLM XML via OLRC

(a)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.

(b)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.

(c)The consolidated bank shall be organized and operated on a cooperative basis.

Notes & Related Subsidiaries

Editorial Notes

References in Text

section 413 of the Agricultural Credit Act of 1987, referred to in subsecs. (a) and (b), is section 413 of Pub. L. 100–233, which is set out as a note under section 2121 of this title.

Amendments

2018—Subsec. (a). Pub. L. 115–334, § 5411(13)(A), struck out “or the United Bank for Cooperatives, as the case may be” after “National Bank for Cooperatives”. Subsec. (b). Pub. L. 115–334, § 5411(13)(B), substituted “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)” for “the district banks for cooperatives and the Central Bank for Cooperatives”. 1988—Subsec. (a). Pub. L. 100–399, § 407(a), struck out “in this section” after “referred to” and inserted “, established under section 413 of the Agricultural Credit Act of 1987,” before “shall”. Subsec. (b). Pub. L. 100–399, § 407(b), inserted “except” before “as otherwise”.

Statutory Notes and Related Subsidiaries

Effective Date

of 1988 AmendmentAmendment by Pub. L. 100–399 effective as if enacted immediately after enactment of Pub. L. 100–233, which was approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100–399, set out as a note under section 2002 of this title.

§2141 Charter, powers, and operation

Summary